elocution on the effects of globalisation .
800 to 1500 words
Answers
Answer:
Explanation:
Globalization is truly a complex phenomenon ‘which encompasses a great variety of tendencies and trends in the economic, social and cultural spheres’ . It is dynamic and unpredictable, although not entirely disordered. Four major factors have been identified to be the driving forces pushing forward worldwide interdependence. They include entrepreneurship, liberalization of trade and investment, technological innovation, and global social networks .
Although it is believed in many quarters that the two major forces behind globalization are entrepreneurship and technological innovation, these two alone cannot give an explanation of the process of improved economic integration. Through the elaboration and adoption of market-oriented policies and regulations at both the international and local levels, the national governments have played a very vital role in allowing greater interdependence and economic integration of specific activities.
Positive impact of globalization on developing countries is an increase in standard of living. One of the aims of globalization of economies is to reduce poverty, and this aim is being achieved by the increased access to foreign funding from industrialized nations to developing countries. And the spending of these funds on improving the education, health, social, and transport infrastructure of the developing nations aids in improving the standard of living of the people.
But as much as globalization holds a lot of opportunities, it has a lot of negative effects which several sceptics have used to criticize the concept and its “so-called benefits”, especially to developing nations. As stated earlier, globalization is somewhat partial as industrialized nations benefit more from it than developing countries. This uneven impact is well demonstrated by the rise of India and China ‘which reveals highly uneven distribution of the benefits of globalization among countries’
Although the exact impact of globalization on poverty is very difficult to assess, research estimates show that poverty has increased by 82 million, 14 million, and 8 million in sub-Saharan Africa, Europe and Central Asia, and Latin America and the Caribbean respectively. Several African economies initially benefited from globalization as there was a transient economic growth, over the years, they have become heavily dependent on the wealth of well developed nations.
Globalization itself should not be hindered. But the extent and pace of its progress should be made to reflect the nation’s situation and presenting economic dispensation so that in the long run, the developing country itself would be able to strongly compete in the wider confluence of globalization.