Globalization has impacted almost every aspect of today’s life. In recent years, the term has gathered mass attention. It has been extensively used in media and academics. Due to globalization, the markets have been integrated into the global economy. The world moved towards the integration of economics, finance, trading and communication. This international integration resulted due to interchanging of world views, ideas, thoughts, cultures etc. Now there is a great demand for globalized policies and standards in every business and industry. Globalization has made standardized process throughout the world. Globalization has resulted due to increase in technologies specially the communication and transport, services, mass migration, industrial combination, international trade agreements etc. It provides a great amount of profits to the economies with improved life standards, cultures and values and businesses. The economic impacts of globalization can be known after reading this post.
Economic Impacts of Globalization
Globalization is a catalyst of growth and development. It also invites challenges for economies. The economic impacts of globalization have also been criticized globally. It is a fact that the economic impacts of globalization have given rise to economic integration. The economic integration is a situation when the economies lower their barriers of import traffics. Thus, these economies then find space to trade with other economies of the world. The economic pundits claim that the economic impacts of globalization have adversely affected the emerging economies in comparison to the developed ones. It has caused great economic disturbances leading to massive disruptions. It has failed to create economic benefits. While it is also acclaimed that the economic impacts of globalization can improve the economic situation of emerging counties such as China, India, and Brazil etc. With increase in the global trade, there have increased many social, financial and cultural challenges. These challenges have to overcome to make more profit. The international community should focus on meeting out these challenges profitably. It should seek economic profit that is in the favour of developing countries. Many economists say that globalization is a rapid process. It’s like a fast train which doesn’t stop effectively. So counties have to equip themselves with better strategies. These countries should focus on building a platform through which they can climb this fast running train without any risk of damage. The foundation of this platform should be laid on better health and education, better infrastructure, right and rules of law etc. Once the counties are equipped with proper strategies to pace with the global changes in the markets, economic impacts of globalization can bring benefit for them. Though the governments are doing their best in supporting their economies according to the global norms and conditions. Still there are many countries in the world which are lacking behind. With effective strategies, many counties such as USA, UK, and Germany etc have been able to hone the maximum economic impacts of globalization. The World Bank and many NGOs are working and supporting those countries for economic upliftment. While many African countries didn’t perform well in the globalization, globalization couldn’t produce significant result in those countries. Weak economic policies, corrupt governments, poor infrastructure, lack of proper health and life standards etc have resulted to poor growth in these counties.
Economic Impacts of Globalization on Emerging Economies
China: China took the great advantage from economic impacts of globalization. There were many reforms including the poverty reduction. This led to a great drop of poverty from 60% to a significant 16% during the period of 1990 and 2005.
India: India is seen as one of the most rapidly emerging nation in the world. With huge foreign investment and economic advantages, the country is increasing its global trades. The country has reduced it poverty rate in half during the past two decades.
Uganda: Uganda made great economic growth during the economic downturns. It recorded a 7% growth in 2008. The overall poverty reduced to 40%.
Vietnam: Due to the economic impacts of globalization, the country improved a lot with improved life and health conditions. According to the IMF reports, the country’s GDP hit $138 USD with per capita GDP of $ 1, 527 in 2012.
Benefits of Economic Impacts of Globalization
With a robust increase in globalization, many countries have taken greater advantages. Due to globalization, many countries experienced industrialization and modernization. Thus economic impacts of globalization have improved the economic conditions of the countries. It has resulted into new opportunities for both the developed and developing countries. Developing countries are seen as largely impacted by globalization. These countries are attracting the foreign investors. As economists say that globalization has both the negative and positive impacts on the developing countries, there is still a question in their mind that can economic impacts of globalization promote growth in the developing countries? Globalization has resulted in greater trade with greater movement of labour. It has given rise to many multinational companies in developing countries. This has resulted in greater foreign trade. It has reduced the barriers between countries and increased and improved communication and transport. Globalization, up to some extent, has been able to develop financial stability in the countries. The economic impacts of globalization benefit the developing countries in several ways, such as:
- Free Trade: Globalization has increased free trading where countries freely exchange goods. With international free trades policies, governments no more restrict the trade, i.e. import or export. With free trade, there will be greater consumer choice with lower prices and competition.
- Better Living Standards: Globalization has increased foreign lending. Many countries give money to other countries. This money is utilized for growth development. Such as better infrastructure (roads, hospitals, academic institutions), better health care and educational policies, social development etc. It will also improve help in reducing the poverty. It also leads to increased wealth.
- Rise in Political Philosophies: Globalization has given rise to free marketing. This means the natural market flow in democratic and capitalistic philosophies. Economic impacts of globalization lead to better job opportunities, technological development and increased political stability.
- Free Movement of Labour: Freedom of movement for workers is a policy of European Union. This helps in reduction of geographical inequality. If any country notices unemployment, the workers can migrate to other countries for work.
- Increase in Investment: One of the most important economic impacts of globalization is increase in the investment. Due to globalization, the developing countries are attracting developed countries for foreign investment and other related policies (FDI). The rise of multinational companies in developing countries can help in the social and economic development of developing countries.
- Access to New Markets: The free trade between the countries has resulted in the access to newer markets. It has added a great benefit to the developing countries. Now the local business can take advantage of new global markets which earlier were restricted within the local economy.
- Reduced Employment: with free global trade, there are increased rate of new jobs. With better job opportunities due to entry of many foreign multinational companies, the job sectors have grown. It has also increased more business opportunities.
- Global Development: Globalization has connected countries with each other by means of communication, transport and businesses. The technological development in one country can benefit the others. Industrialization is another factor for social development which is a growth driver. Developments in the field of automation, manufacturing, agriculture etc have increased the social and economical conditions of the countries.
The world has experienced huge potential benefit in globalization. One of the major advantages of globalization is to reduce the macroeconomic volatility. With improved health and wealth conditions, the countries are now emerging rapidly on global scale. But it has created many risks and challenges as well. Many global economic thinkers have theorized many economic risks. Such risks can be noticed in the service market. Many developed countries have started to outsource their servicing sectors to other countries. Many firms of USA have started outsourcing their white collar jobs especially in the customer service area to other countries like India, China, and Philippines etc. These third world countries have low labour cost with a huge English speaking population. This population is given the Low Pay (which is the one fifth of the total in developed countries). This has resulted in greater economic imbalance with dissatisfaction among the population.
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