Effects Of Globalization

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The process of globalization is not a new phenomenon. In fact the world has been going under this process as early as the 15th century. However, a rapid increase in globalization could be observed within last 5 decades. There is no country in the world that is exempted from the effects of globalization There have been various scholarly debates with contrasting opinion with regard to globalization. While some view it as positive, others view it as extremely negative. According to Brahm, the effects of globalization are primarily negative (Brahm, 2014). While there are some aspects of globalization that are deemed negative, globalization entirely cannot be said to have negative effects. Globalization has strengthened good governance and improved…show more content…
An appreciable amount of developing countries are dependent on bilateral trade for economic progression. Moreover, cooperation and collaboration in an international level, helps in skills development, access to markets and finding potential business partners. The Republic of Maldives is a nice example in this regard. In the early 70s Maldives was among the least developed countries of the world. However with the introduction of tourism industry, which opened up the country to the outside world resulted in immense economic progression. From one of the lease developed countries, today Maldives enjoys the highest GDP per head in the region and has a stable economy. It is also considered as one of the most exclusive and expensive brands in the world of tourism. So, for Maldives to reach where it is today, globalization has played a direct role. From getting foreign investors to developing professionals for the field, globalization was a key aspect. In fact, fast paced globalization process in the early 80s was significant in the growth of Maldivian tourism…show more content…
Also that, developing countries do not gain from international trade as much as the developed countries. In terms of monetary values, developing countries might gain less in some cases. However, developing countries will gain relatively more than the developed country which it is engaged in trade with. For example, designer brands like Nike, Adidas, and Calvin Klein manufacture their products in countries such as Bangladesh and Pakistan. They generate millions by selling the final products in Europe. The manufacturers earn relatively less compared to that. However, the industry provides employment opportunities and engage them in various economic activities. This improves the total economy of the
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