Globalization and Developing Countries

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Globalization, aided by Internet development and ease of travel, has permanently changed the world for both better and worse (Friedman, 2008). For this write up, we look at the relative dangers and advantages of globalization for developing countries and how they can capitalize on the advantages and avoid the dangers of Globalization.

What is Globalization?There is a wealth of literature on Globalization. Most authors have defined Globalization as the increased economic interdependence amongst countries. Friedman (2008) defines Globalization as globalized trade, political forces, Supply chaining and outsourcing. Palmer (2004) defines Globalization as a complex global system in which state-enforced restrictions are eliminated. Developing countries have been characterised by state-led economic development which has not been sustainable and has resulted in heavy indebtedness due to poorly managed state borrowing. Hurst (2005) demonstrates from records how developing countries have failed to manage borrowed funds to support economic growth. Thus equity investment and capital inflows fro...

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