Globalization generally entails an increasing integration and interdependence across Nations, its people, Governments and the existence of the private sectors. Developed and developing countries economic status, social, technological level, cultural aspects and political dimensions is as a result of globalization. This retrospect paper seeks to agree and disagree on the promotion of globalization in developing countries.
The promotion of Globalization in developing countries has been of benefits. Debt relief is attributed due to globalization whereby through Heavily Indebted Poor Countries (HIPC) global initiatives are freed from debts so that such countries can invest growth and sustainable growth (Nihal, 2013). Based on international trade, developing countries are benefiting from World Trade Organizations (WTO’s) through mode four of General Agreement on Trades and Services (GATS) in free movement of workers, goods and services across countries (United Nations Developing Program, 2013). As such, findings indicate that globalization has a caused a decline in in collective poverty. In the pacific and east Asia, the portion of residents living on less than $1.25 a day decreased, surprisingly from 77% (Guanghua 2014). Finding indicate that proportion of South Asians living in total poverty lessened between 1981 and 2008 that is attributed in accordance with the relative comparative advantage theory by taking advantage of the overflow of labor in developing countries thus, initiate a tendency of specialization in home labor concentrated activities and thus include an increase in regional employment (Beauclair, 2013)
The globalized world showcase improved democracy and governance across many developing countries (Faguet, 2015). Globalizations affects the political, legal and civil society institutions across continent through democracy and implementation of policies that spearhead the development of countries such as freedom of speech and association, transparency, accountability, adhering to rule of law, access to political assets and gender empowerment. The aspects are achieved through global summit such as World Development Movements and European Union Africa summit (Walle, 2014).
It can be argued that globalization is a challenging factor in developing countries. Globalizations increases the competitive environment for the developing countries putting such countries into pressure to adopt the international rules and regulations, hence vulnerable to external shocks (). Additionally, developing countries are not homogenous hence challenged in engaging overall architecture in globalization. As such, developing nations are unable to effectively sustain the national policies to spearhead developments that only seems to favor the already developed countries. In the process, globalization inequality is observed between developing and developed countries making it difficult for growing nations to attain the economic growth and sustainable human development.
Arguably, characteristics ascribed to globalization basically concerns the already developed countries. The argument is based on deep integration observed through Europe and North America countries many years of engagement in policy coordination and negotiations. Though developing countries seems to embrace the approach, such countries are only representing the exceptions rather than the rule.
Conclusively, globalization pose both the good and the bad side in the developing countries. As such, to outweigh the bad side of globalization considerations through policy choices and policy coherence will contribute towards the good side of globalization in least developing nations.
Beauclair, A. (2013) Shape and be Shaped: The future Dynamics of Regional Development. Regional Studies Association.
Radelet, S. (2015) The Rise of the World’s Poorest Countries. Journal of Democracy, 4(26), pp. 11-13.
Guanghua, W. (2014) Poverty in Asia and the Pacific: An update. ADB Economics Working Paper Series, Asian Development Banks.
Nihal, B. (2013). Post-HIPC Growth Dynamics in Sub-Saharan Africa. Journal of African Development, 2(15), p. 64.
United Nations Developing Program. (2013) Globalization and the least Developing Countries. The Least Developed Countries Report: Developing Productive Capacities. New York and Geneva.
Walle, N. (2014) Economic Globalization and Political Stability in Developing Countries. Project on World Security. Avenue of the Americas, New York.