• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Evaluate the view that increasingly global nature of culture and economic forces will benefit the rich industrialised nations of the world more than it will benefit developing countries.

Extracts from this document...

Introduction

Evaluate the view that increasingly global nature of culture and economic forces will benefit the rich industrialised nations of the world more than it will benefit developing countries. According to Walters, globalisation is a 'social process in which the constraints of geography on social and cultural arrangements recede and in which people become increasingly aware that they are receding.' However, globalisation has very different consequences for rich industrialised nations and developing countries. Globalisation has not only made the world smaller, it has also made it interdependent. An investment decision made in London can spell unemployment for thousands in Indonesia, while a business decision taken in Tokyo can create thousands of new jobs for workers in northeast England. This is known as the 'Global Village.' ...read more.

Middle

Even though TNC's can create some employment, the work is often badly paid. Trade in each of the major commodities is dominated by a handful of multinational companies that have the power to dictate prices to small producers. The global market strongly favours the rich, as they are the ones who control it. Rich countries force poor countries to sell them cash crops rather than manufactured good, and subsequently very little financial benefit flows from the rich to poor countries. Prices for primary commodities (excluding oil) have fallen by 50% in real terms over the past 20 years, and the trend is set to continue. For countries dependent on these commodities, globalisation is directly responsible for their economic decline. The Modernisation Theory would disagree with this assessment, as they would point out the possible benefits developing countries can gain. ...read more.

Conclusion

However, it is clear that though there are some benefits for developing countries, they are far outweighed by the benefits reaped by the more developed world. Also, countries such as the UK have been able to maintain their developed status due to extracting resources directly from developing countries. For example, the UK recruits teachers and nurses from developing countries and brings them over to work in the UK. Therefore, developing countries are unable to develop, as their skilled and educated members are leaving for more developed countries, where they can be guaranteed employment and higher wages. This is extremely unfair, as the developing countries then remain dependent on the economically developed countries for aid, as they are prohibited from developing their own societies. Overall, it can be seen that though globalisation does bring about some benefits for the developing countries, there is a prevailing sense that the rich industrialised nations gain much more than the developing countries. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level UK, European & Global Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level UK, European & Global Economics essays

  1. Has globalisation widened or narrowed the gulf between rich and poor countries

    the conditions in which productive engagement in the world economy is possible.3 So this supports the idea that globalisation does not do harm because far too many countries are not a part of the process. Therefore for this reason it can be argued that globalisation does not increase the gap between rich and poor countries.

  2. To what extent is a globalised world of economic benefit?

    The increase in global sourcing can have a considerable effect on more developed countries especially those in Western Europe and the USA. Take the UK, over the last 30 years the employment in the service sector has risen by around 7 million.

  1. This investigation will try to test the level of external debt and measure its ...

    This is considered adequate in the current stage of development; nevertheless, these same countries have had a pronounced growth in their external indebtedness. While these financial transactions imply debt and no donations, there will be necessary obligations that will affect the payment pattern and the currency income in the future.

  2. To what extent has globalisation been benefical to China's economic growth?

    imports and exports of goods, where exports exceeded the total of imports, China's services sectors imports grew faster than services exports, which was contributing to a gradual increase in China's deficit in services trade. This suggests that China remained a net importer of services (appex 1)

  1. Given the fact that Third World countries are underdeveloped (or developing); the causes that ...

    and the periphery ( the LDCs)". 2 This imbalance between capitalist systems of rich countries and poor countries can be, as the neocolonial dependence model claims; either because of exploitation of poor countries by rich countries, or it can be as a result of unintended neglect of rich states regarding poor ones.

  2. Why is there a Global North-South economic divide in world politics today?

    For a long time many countries in the North held colonies in the South as assests and prevented them from developing so that their power was retained. A good example is Zambia, which only gained independence in 1954. Up until then, Zambia was suppresed since over 70% of profits from

  1. Evaluate the view that 'unfair terms of trade' are the primary cause of poverty ...

    These services include financial services, such as banking and insurance, or could be in the form of tourism and international transport. Invisible trading accounts for more than a quarter of the total value of world trade. The countries in the North are the ones that benefit from this the most.

  2. Where does the World Trade Organisation fit in the overall scheme of international public ...

    d) Interaction between tracks: complementarity of unilateral and multilateral tracks As mentioned earlier, unilateral liberalisation should be pursued on its own merits when and where politically feasible. However, most developed and developing countries lack the domestic political requisites to undertake and sustain unilateral trade reforms.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work