The Importance Of Globalization

Globalization has become a big topic in today’s world with huge impacts, in social, economic, political and cultural aspects. Globalization, different people have a different notion about the term, according to the different place and situations. People have their own definition of globalization, according to their interest and perspective. I believe that globalization comes with a lot of economic advantages and opportunities, it creates an opportunity for developing countries such as Lapen, to be financially stable. It creates an open door to the market and eventually escalates the interaction and communication between and across the economic hierarchy. The economically developed or more developed countries (MDCs) might not interact much with those countries that are not as developed if it was not for globalization.

However, Lapen has been facing two overarching problems, exploitation and environmental degradation. I fear that people of Lapen have been exploited for a long time. It is good that the business is brought to the places where the unemployment rate is unprecedented, desperately in need of jobs and economic incentives, however, certain issues have arisen, which has not been talked about much in our country. Multinational companies, the importance and the value of these companies has touched the sky high, it has also developed because of the changing global capitalism. Most of the activities, production of goods and such are not done in the countries who own the certain translational companies, they are doing across the borders in developing countries, why? Because of the cheap labors (many developing countries have high rates of unemployment, they will never say no to any kind of labors to earn their living), low cost...

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...he World Bank. In the meantime, the police and the bureaucracy are becoming more and more corrupt and debated. Whether the IMF and the World Bank should provide the aid or not? It is a big question with certainly not one simple answer.

I think the IMF and The World Bank, more largely, countries with high incomes are responsible for encouraging the course of globalization and the process. Additional to that, they are also responsible for being the reason behind reforming the policies along and under the influences of the IMF and the World Bank. No escape for developing countries like Lapen, had to implement the policies as a part of their fundamental adjustment programs. Many developing nations are struggling with their already existing poverty and the other hand, debts, partly due to the policies and procedures of institution like the IMF and The World Bank.