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The Effects Of Globalization In Economic Development

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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 seen within last 5 decades. There is no country in the world that is exempted from the effects of globalization. Many academics have expressed contrasting opinions on whether globalization has positive or negative effects on the world. According to Brahm, the effects of globalization are mainly negative (Brahm, 2014). While there are some aspects of globalization that are deemed negative, globalization as a whole cannot be said to have negative effects. Globalization has strengthened good governance and improved economies of developing nations in the latter …show more content…

A lot of developing countries are dependent on bilateral trade for economic progression. Moreover, cooperation and collaboration in an international level, helps in things such as skills development, access to markets and finding potential business partners. The Republic of Maldives is a very good 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 capita 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, the whole tourism industry is part of the globalization …show more content…

Fast paced process of globalization has aided the developing countries to grow, with negligible amount of drawbacks. Not only the economy of developing nations, but the world economy has evolved dramatically because of globalization. Good governance and democratic values are also being reinforced because of the check and balance systems made available as a result of globalization. For people living in the developing world, globalization means new opportunities. It has opened new doors, paving way for endless

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