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Globalization And Its Impact Of Globalisation

1297 Words6 Pages

Globalization, a phenomenon that evolved in the 1960s has caused riveting discussions and debates worldwide amongst economists, politicians and multinational corporations regarding its impacts and effects on the different economies in the world. From decoding the meaning of globalisation to demystifying its impact, the concept of globalisation has spurred a lot of academic literature. Simply put, globalisation is the process or system of integration and interconnection of national economies with the end and intent to encourage trade, increase economic growth and development, increase capital flows, reduce poverty, enhance competitive advantage of nations and optimize allocation of resources. However, the dynamics of globalisation and realities of global interdependencies are complex and have not achieved the desired results. Globalisation as a concept is beneficial to countries, however, the present form of capitalist globalisation has adversely affected the developing countries and is detrimental to the interests of the poor nations. The reduced costs of transportation and communication, revolution in technology and growth of multinational corporations have played an enormous role in globalising the world. The present form of globalisation today is driven by neoliberalism policies. Neoliberalism is a body of economic theory and a policy stance. Neoliberalism is based on the premise that government cannot create economic growth or provide social welfare; instead, it is

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