The Impact Of Globalization On Developing Countries

Globalization is a difficult word to define, simply because it means many different things to many different people. In general, however, globalization refers to the fact that world economies and cultures have become increasingly integrated over the past two or three decades. More specifically, the world has seen a significant increase in the flow of goods through international trade, access to foreign financial capital, movement of human capital across borders, and the transfer of technology, information, and cultural symbols. Developing countries, ones in which the majority of people lives on far less money and with far fewer basic public services than the population in highly industrialized ones, have become much more integrated in to the world economy as a result of this complex process. In what follows, this paper will first provide a brief overview of globalization. Subsequently, it will examine both the theoretical and actual effects of globalization on developing countries. T he primary areas of focus will be financial integration and access to global capital, trade openness and GDP, the effects of foreign direct investment and government ideologies on income inequality, and emigration. I argue that although economic theory and research suggest that increased access to foreign capital and trade openness may be beneficial to the overall economic growth of developing countries, the effects of globalization at the level of human capital and well-being, such as onShow MoreRelatedGlobalization And Its Impact On Developing Countries872 Words   |  4 PagesGlobalization can be defined as an intensive form of worldwide interconnectedness that facilitates the flow of capital, humans, commodities, technology, information, symbols and values due to the advancement worldwide systems of transport and communication. 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