• 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 ?"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. There are four key concepts of globalization, Stretched social relations, Rationalisation, Intensification and Interpenetration. ...

    Culture is a crucial component of globalization because it is through culture that common understandings are developed. Culture flows between countries is increasing fast possibly due to the ownership rates of televisions with cable and satellite increasing. Globalizers focus on structures and argue that with the growth of global culture comes the demise of national cultures.

  2. Causes to Slow Economic Development in Less Developing Countries.

    This further lowers adult literacy since people have less chance to go into higher education. Thirdly, high fertility is harmful to the health of mothers and children. It increases the risks of giving birth. Moreover, close spaced births have shown to reduce birth weight and increase child mortality rates.

  1. disability essay

    While this body of research has identified obstacles to work-family balance, (Duxbury, Higgins & Lee 1994, Home 1997a) it has virtually ignored mothers in atypical family situations, who are "mothering at the margins" (Garcia Coll, Surrey & Weingarten, 1998). The few studies of mothers caring for children with disabilities found

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

    Early years workers should make sure that children in there care are seen as being individual and special Equal opportunities policy Equal opportunity enabling people to have an equal chance of participating in life to the best of their abilities, whatever their gender, race, religion, disability or social background.

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

    Organisation of the Petroleum Exporting Countries 'The OPEC is a permanent intergovernmental organisation with headquarters in Vienna consisting of currently twelve member countries (Algeria, Angola, Ecuador, Libya, Iran, Iraq, Kuwait, Nigeria, Qatar, Saudi Arabia and United Arab Emirates, Venezuela)'

  2. Environmental protection pollution

    Sec (2006) 218 edn. Brussels: Defra, UK - Environmental Protection - Pollution Prevention and Control (PPC) - Environment Agency - Publications. Available: http://www.defra.gov.uk/environment/ppc/envagency/pubs/index.htm [29/10/2008]. Economic Policy towards the environment, (1990), Oxford Review of Economic Policy, vol. 6, no. 1, pp.

  1. Mighty Chalkdust, has sung ah want me grandfather back pay. Support Chalkdusts call for ...

    This has led to years of psychosis in which many Caribbean people have developed a self-hatred or are ashamed of indigenous culture. Not only has this led to a stifling in the Afrocentric Culture as an whole, it has led to a dilapidation of this culture as it has been

  2. The process of globalization and its impact on agriculture in Africa.

    These new technologies were further supported with more competitive transportation systems based on a combination of canals, railways and merchant shipping. This first round of globalisation was an extended period of rapid economic expansion for the colonial powers, a time when nations built empires and families amassed fortunes.

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