GLOBALISATION

Globalisation

Globalisation

Controversy surrounding the concept of globalization is as old as the concept itself. There are a section of people and nations around the world who think that globalization provides the best of the means to the world economic development in coming years and in the context of the ultimate objective of equality among human being, it is an inevitable process. The idea is not short of opponents as well. There is second group of people who consider it with antagonism and fear. Such people are quite convinced that it induces inequality within and between nations itself rather than eliminating the poverty, Puts employment in certain countries at stake and hinders social progress. In this dissertation, we will have a look at the up and down sides of the issues and will try to identify the gains that might be achieved from the process as well as the real negative points that may cause harmful impacts on the world economy. (Globalization: Threat or Opportunity?).

It is important to note that globalization has immense potential to ensure worldwide economic development but it is still not progressing evenly in all parts of the world. There are countries who have opted to integrate completely into the concept of globalization of world economy and are thus experiencing rapid growth and subsequently reduced poverty scale. The outward-oriented policies associated with the concept of globalization have generated dynamic economies in regions like East Asia, which used to be one of the poorest regions in the world in 1960's and before. With the elevation of the living standards of the people, other ingredients of truly vibrant and progressive societies like democracy also saw phenomenal growth in the region.

On the other side of the issue are those countries in Latin America and Africa that opted to continue the conventional inward-oriented policies in 1970s and 1980s. The results over the years have shown that in fact the sustenance of these policies had made these economies declining all the time with ever increasing poverty and subsequently decreasing living standards. As soon as these countries changed gears, the conditions began to turn around. In that sense, it can be said that in case of developing countries, globalization is the best way to ensure growth, development and poverty alleviation. (Globalization: Threat or Opportunity?

Economic globalization refers to the flourishing integration of world economies through mutual trade and capital flow among the countries. It further involves ...