![]() Homegrown industries see trade barriers fall and have access to a much wider international market. This is one of its largest benefits to developing nations. Access to New Markets Globalization leads to freer trade between countries. If the money is used only selectively, however, not all citizens will participate in the benefits. When these funds are used on infrastructure including roads, health care, education, and social services, the standard of living in the country increases. Increased Standard of Living Economic globalization gives governments of developing nations access to foreign lending. 2 This paper assesses the positive and negative impact of globalization on developing countries in the following dimensions Economic. ![]() But globalization has also thrown up new challenges like growing inequality across and within nations, volatility in financial markets and environmental deteriorations. Greater access to developed country markets and technology transfer hold out promise, improved productivity and higher living standards. These trends are associated with both positive and negative impacts on human well-being, the use and conservation of the environment, equity within countries and between developing and developed countries, participation and democratic decision-making, food security, poverty alleviation and others. Globalization is recognized through a number of trends such as growing economic integration and liberalization trade regulation convergence of macroeconomic policies modification of the role and concept of nation state proliferation of supranational agreements and regulatory bodies and globalization of information systems.
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