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The Future Of Globalization

In countries as varied as South Korea, China and Mauritius, however, assembly work has been the crucible of wider development. General Motors took a Korean textile company called Daewoo and helped shape it into a conglomerate making cars, electronic goods, ships and dozens of other products. Daewoo calls itself »a locomotive for national economic development since its founding in 1967.» And despite the company’s recent troubles, it’s true — because Korea made it true.

Thus, it is amply clear that, if taken in the right spirit, the concept & practices of Globalization will help us in improving our lives and productivity. We can still keep our nation back by harping upon the outdated ideologies that have become obsolete even in the regions where invented. Or, we can equip ourselves to take maximum advantage of opportunities thrown open by Globalization and help our country to realize its true potential. The world today is more united and concerned about common globalisation problems being faced by the people- be it global warming, terrorism, or malnutrition etc. natural disasters faced or atrocities encountered at any part of the world attract immediate attention all over. Celtic Tiger refers to the country of Ireland during its economic boom years between 1995 and around 2007.

But Globalization has also generated significant international opposition over concerns that it has increased inequality and environmental degradation. There is a need to study the impact of globalization on developing countries from the viewpoint of inward foreign direct investment. Attention should also be focused on the role which some developing countries, particularly from parts of Asia and Latin America, are playing as initiators of globalization through their own MNCs.

However, many feminist philosophers argue that supra-national institutions have had limited success in protecting the world’s most vulnerable people. Most global institutions privilege Western and corporate interests over those of vulnerable and marginalized people, and few have been successful in challenging the structural inequalities that give rise to gendered harms, such as deprivation, discrimination, and violence. The growing flow of capital from the developed to the developing world is creating more working opportunities, jobs which involve labor.

globalisation problems

A report by the World Bank said that poverty in India and Indonesia was cut in half because of globalization. The report also said that people in poorer nations are living longer and better because they were making more money. Others, like Thomas Friedman, believe that globalization can bring people together and make everyone richer without getting rid of local cultures. People who support globalization also believe that it makes war less likely because it is bad for business. Francis Fukuyama also argued that globalization would eventually lead to a system of world governance which would cause wars to end.

Throughout this paper, there is an underlying focus on the impact of LPG on Indian economy. For a quarter century after World War II, most developing countries in Africa, Asia and Latin America insulated their economies from the rest of the world. For instance, between 1980 and 2000, trade in goods and services expanded from 23 to 46 percent of gross domestic product in China and from 19 to 30 percent in India. Such changes have caused many hardships for the poor in developing countries but have also created opportunities that some nations utilize and others do not, largely depending on their domestic political and economic institutions.

  • Going forward, countries will need trade rules and rule adjustments that allow them to also pursue other national objectives – labor and environmental standards, urgent health needs, and gains for job-creating, green, and socially beneficial producers.
  • It is a strategy that makes perfect sense given Mexico’s proximity to the world’s largest market, and it has given rise to the maquila industry, which uses Mexican labor to assemble foreign parts and then re-export the finished products.
  • NGO projects are often shaped by the agendas of their corporate funders, to the detriment of the expressed needs of the women they serve.
  • It also refers to the fact that we’re now able to travel between nations with increasing ease.
  • The availability of infrastructures as well as skill levels in the host economy and other resources must take into account too follow by other aspects like political, trade policies and macroeconomic stability.
  • Many of the recent developments in the feminist literature on globalization can be understood as a response to this theoretical failure.

Globalization is bad in the sense that it creates competency in businesses, you have to take new risks and uncertainties brought about by the high degree of integration of domestic and local markets. Globalization is a network of different countries that collaborate with each other that results in an expansion of cultural, economic, and political activities. It is not just the people, but the wealthy areas will also benefit from globalization. They get more abundant under the guise that they are producing more for the rest of the world.

Despite 40 years here, the auto industry has not created much local business or know-how. VW makes the point that it buys 60 percent of its parts in Mexico, but the »local» suppliers are virtually all foreign-owned and import most of the materials they use. »In spite of the fact that Mexico has been host to many car plants, we don’t know how to build a car,» says Huberto Juárez, an economist at the Autonomous University of Puebla. The architects of globalization are right that international economic integration is not only good for the poor; it is essential.

Volkswagen Mexico is the epitome of the strategy Mexico has chosen for globalization — assembly of imported parts. It is a strategy that makes perfect sense given Mexico’s proximity to the world’s largest market, and it has given rise to the maquila industry, which uses Mexican labor to assemble foreign parts and then re-export the finished products. Although the economic slowdown in the United States is hurting the maquila industry, it still employs a million people and brings the country $10 billion a year in foreign exchange. The factories have turned Mexico into one of the developing world’s biggest exporters of medium- and high-technology products.

But the maquila sector remains an island and has failed to stimulate Mexican industries — one reason Mexico’s globalization has brought disappointing growth, averaging only 3 percent a year during the 1990’s. For the rest of Latin America, and most of the developing world except China , globalization as practiced today is failing, and it is failing because it has not produced growth. Excluding China, the growth rate of poor countries was 2 percent a year lower in the 1990’s than in the 1970’s, when closed economies were the norm and the world was in a recession brought on in part by oil-price shocks. Latin American economies in the 1990’s grew at an average annual rate of 2.9 percent — about half the rate of the 1960’s. By the end of the 1990’s, 11 million more Latin Americans lived in poverty than at the beginning of the decade.

Countries are consuming more finite resources, such as oil, and many corporations cut costs by taking advantage of lax pollution laws in developing countries. This evolution of economic systems has increased industrialization and financial opportunities in many nations. Governments now focus on removing barriers to trade and promoting international commerce.

But although the poorest are not, on the whole, getting poorer, no one has yet convincingly demonstrated that improvements in their condition are mainly the result of globalization. In fact, a substantial part of the decline in poverty had already happened by the mid-1980s, before the big strides in foreign trade or investment. Of the more than 400 million Chinese lifted above the international poverty line between 1981 and 2001, three fourths got there by 1987. Individual IFI governance and G20 governance fragmented across finance, health, education, migration, and anti-terrorism channels are no longer sufficient, as we are seeing in the global COVID-19 vaccination failure. This doesn’t mean eliminating IFI boards or downgrading the G20 finance channel. Rather it means building new workable governance structures that bring together all the actors needed to effectively address the different GPG challenges.

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