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

Does globalization hinder or help wealth creation in development countries?

Extracts from this document...

Introduction

Does the process of Globalization help or hinder wealth creation in developing countries? ________________ Globalization is one of the most discussed topics in today`s world, and there are different opinions whether it helps or hinder wealth creation in developing countries. First, this essay will engage with defining the term globalization. After that, the essay will focus on the positive and negative effects of globalization on developing countries, such as employment, economic recession, migration, domestic economy, available capital and financial sector development. After that, the essay will try to represent a case, which will reinforce that at large, globalization has helped the wealth creation in developing countries. To understand the effects of globalization on developing countries, it is important to define first globalization. The term contains many different aspects, features and qualities. This term is generally used to define a mixture of cultural, social, economic and political changes that have created the world over the past few decades (Guttal, 2007). According to Rosenau (1997, p360) globalization is a â"a label that is presently in vogue to account for peoples, activities, norms, ideas, goods, services, and currencies that are decreasingly confined to a particular geographic space and its local and established practices". ...read more.

Middle

International Migration and Emigration are seen in different ways by developed and developing countries. Due to fast population growth and growing unemployment, people from developing countries encourage more liberal migration policy. Because of industrialization, the number of skilled people requested by developed countries has grown up significantly, so people from developing ones prefer to move overseas for the hope of a better life. For example, at the 90s, over 300.000 Latin American and Caribbean professionals and technicians were living outside of their birth origin countries, mostly in the United States, where 12% of (Villa and Martinez, 2000) of those who hold a degree in science or engineering are foreigners, with a majority from developing countries (Pellegrino, 2000). However, in a long term run, immigration and emigration globalization can be seen as positive impact on developing countries because there is a potential opportunity that those skilled workers who left their countries will return home, therefore they will transfer their skills and knowledge back to the developing country. According to Vitez, one of the biggest positive effects of globalization on developing countries is free trade, where they are able to export and import without any governmental intervention. ...read more.

Conclusion

Importantly, by diversifying across more stocks you reduce the specific of holding individual stock and become more exposed to the market and economic. However, other writers also found evidence that shows how globalization is relevant to financial sector development. For example, Woochan and Wei (2000) identify that Brazil and the Philippines are countries who experienced higher returns because of stock market liberalization. Globalization facilitates international market The argument in the process of globalization go extra miles indicating that the effect of globalization on developing countries since it facilitate free trade and international markets. Brittan (1998) indicated the extent globalization led to the marginal increase of the world developed nations and the same time powered reduction in the developing countries, by citing Asian countries. For example, China has joined the globalised system much more enthusiastically, even though they joined it later than Japan, its trade in 2004 was equal to 70% of its GDP, and received $60.6 billions of foreign direct investment in that year, while Japan received only $20.1 billions. (Overholt, 2005). In conclusion, the essay had an overlook at the positive and negative effects of globalization on developing countries. In my opinion, the advantages of globalization, such as free trade, economic boost far outweighs the disadvantages. On the large scale, globalization has done more to improve wealth creation in developing countries than hinder it. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our University Degree Human & Social Geography 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 University Degree Human & Social Geography essays

  1. Petroleum and Politics. The report aims to analyse the evolution of oil over ...

    (OPEC, 2009). Historically there has been a huge controversy to define the OPEC as a cartel or as an oligopoly. According to Liefman (1977, p.7) cartels are 'voluntary agreements between associations of independent enterprises of similar type to secure a monopoly of the cartel'.

  2. to what extent did the lack of development contribute to the 2004 asian tsunami?

    As because of the lack of development of technology and infrastructure, the land that the buildings are built on may not be stable enough to carry the load of structures. The material of the infrastructure may not be of high quality, resulting in total collapse when a tsunami of such high magnitude like the Asian Tsunami occurs.

  1. disability essay

    Underlying this ambivalence is implicit expectation that these women's maternal roles can be mobilized at any time, which is at odds with norms in a production-oriented society that the job must come first (Kagan et al, 1999; Roeher Institute, 2000; Shearn & Todd, 2000).

  2. Child Development essay

    Consequently, such signs show that although the abuse may be physical, it can have an effect on different areas of child development. There can be long-term effects on a child's health if they are infected by a sexually transmitted disease.

  1. Human Development. There are many aspects to take into consideration when discussing countries ...

    all add to emotional growth and understanding of ones own strengths and weaknesses while other things such as playing recreational sports or belonging to clubs in school lead to physical and social growth. It is in the best interest of the people to vote for a government that will conduct the best services to install a solid foundation.

  2. Child Development Journal

    The teacher says "Don't shout out C". Child C completes the exercise in time for break but with lots of fidgeting and talking out loud. Activity 1 Measuring Capacity The children were shown a litre carton of drink and a litre bottle of drink; they were then asked which one they thought had the most liquid in.

  1. human life span development

    Emotional development: Infancy Infants are attached to their parents and carers very much. They start to create and build up a trust in them as they get used to the daily things there parents or carers do for them. For example feeding them, bathing them, changing their nappies and clothes and playing with them.

  2. Explain the effects of discriminatory practice, within an early years setting.

    proof to be unreliable, and did not follow the principle of the setting. Attitudes and values We are not born with a set of values and attitude; we start to develop values mainly from our parents. Building relationships with children, parents and co- workers in work place is an important part of an early year workers role.

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