Prince George’s Community College Globalization Economics Paper

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– what is globalisation- how did globalisation come about and what was it’s main purpose- the characteristics of globalisation and how it functions (mechanism)-The effects of globalisation on developing countries and the threats- how can developing countries benefit from globalisation and minimize the negative effects. APA 7th edition reference style citation. make sure to include your in text citation. Use the template attached below as a guide .

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1)Brief Introduction
Globalisation is the process by which there is a permanently develop and flows of ideas, people,
goods (capital and consumer), services, capital, information, which in the final result leads to
the integration of economies and societies and brings prosperity and benefits to countries
participating directly in it (Vladimír ,2003). Globalization has accelerated since the 18th century
due to advances in transportation and communication technology. This increase in global
interactions has caused a growth in international trade and the exchange of ideas, beliefs, and
culture.
Economically, globalization involves goods, services, data, technology, and the
economic resources of capital (Albrow et al,1990).
Free trade has made the formation of global markets more feasible. Advances in transportation,
like the steamship, jet engine, and container ships, and developments in telecommunication
infrastructure, like the telegraph, Internet, and mobile phones, have been major factors in
globalization and have generated further interdependence of economic and cultural activities
around the globe(Wolf,2014)
The term globalization first appeared in the early 20th century but came into popular use in the
1990s (james et al,2014).
the aim of globalisation is to secure socio- economic integration and development of all the
people of the world through a free flow of goods, services, information, knowledge and people
across all boundaries so that the world can become a global village. It therefore assist countries
to foster growth,increase their savings,increase investment as well as be able to make used of
foreign technology .It should be noted that there are different types pf globalization amongs
which are; economic,political and cultural globalization.In 2000, the International Monetary
Fund (IMF)
identified
four
basic
aspects
of
globalization:
trade
and transactions, capital and investment movements, migration and movement of people, and
the dissemination of knowledge.
2)Natures of globalization.
globalization is not an action of a specific organization/country, but a natural process of
mankind reaching the maximum development. In a globalized economy, countries specialize in
the products and services they have a competitive advantage in. This generally means what they
can produce and provide most efficiently, with the least amount of resources, at a lower cost
than competing nations. If all countries are specializing in what they do best, production should
be more efficient worldwide, prices should be lower, economic growth widespread and all
countries should benefit (Ben,2019 ).
globalization takes five principal forms: (1) international trade; (2) foreign direct investment;
(3) capital market flows; (4) migration (movement of labor); and (5) diffusion of
technology(knowledge)(Stiglitz, 2009).The global economy therefore provides linkages
between the regions and nations of the world in a system of economic relationships. These
relationships involve the exchange of goods and services, financial flows across borders,
exchanging different nations’ currencies, movement of people in search of better standards of
living.
3)characteristics of globalization
Free trade
Increase collaboration
Economic reforms
Sharing of ideas
Boost living standards
4)Threats of globalization in developing countries
The developing countries face special risks that globalization and the market reforms that
reflect and reinforce their integration into the global economy,exacerbate inequality, and raise
the political costs of inequality and the social tensions associated with it. According to
(Watkins, 2011), globalization is a threat in developing countries in the following ways
increase competition. Local businesses in the domestic country may struggle as powerful
foreign companies start to sell products at a cheaper price to enter the market, and gain market
share.
destruction of local cultures. Globalization forces customers to conform to a standard culture
where standardized products and services are offered. Therefore, this may lead to a loss of
individual culture in the developing countries.
environmental damage. Globalization leads to introduction of new industries caused by
increased demand for goods and services. These industries cause pollution to the society which
is harmful to the environment.
Exchange rate fluctuations and price instability. Exchange rate fluctuations may cause
changes in the price of raw materials as well as goods and services.
Higher unemployment. Stronger firm may send out weaker firms out of business leading to
unemployment. This is particularly true in developing countries as they are not strong enough
to compete with stronger foreign firms due to globalization.
REFERENCES
Stiglitz .S.(2009) .Globalization & Inequalities. Complexity and Contested Modernities. SAGE,
London
Watkins.M. (2011). Global inequality: Beyond the bottom billion. A rapid review of income
distribution in 141 countries. UNICEF Social and Economic Policy Working Paper. April. New
York.
Albrow, Martin; King, Elizabeth (1990). Globalization, Knowledge and Society. London:
Sage. ISBN 0-8039-8323-9. OCLC 22593547
Wolf, Martin (2014). “Shaping Globalization” . Finance & Development. International
Monetary Fund. 51 (3): 22–25.
James, Paul; Steger, Manfred B. (2014). “A Genealogy of globalization: The career of a
concept”. Globalizations. 11 (4): 417–34.
Ben .L(2009).What is globalization?globalization explain-tech target
“Globalization: Threat or Opportunity?”. International Monetary Fund. 12 April
2000. Archived from the original on 18 August 2017. Retrieved 28 November 2019.
Vladimír Mokrý(2003); The nature of globalisation processes in the economy. Economic focus.
pp 19-20

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