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Globalization In The Third World

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Globalization is a process of interaction and integration of different people, culture and nations as a result of trade, politics, migration, investments and communications and is aided by information technology. The process has made the whole world into a global village whereby people can now do business with who ever they want to regardless of boarders. It was a process which began a long time ago but it speed up in the 19th and 20th century. Globalization has brought a lot of changes in the world as more and more information is now being shared without delays and or without barriers. This has improved the well being of the human race especially to the third world countries.

Globalization is a topic that have interested me in that l used …show more content…

In 1944, the United Nation convened a meeting in Bretton Woods in United States of America and formed the World Bank and The International Monetary Fund. These institutes were formed with the sole goal of improving the wellbeing of humanity and being the lender of last resort. Although they where formed with one goal, they differ in their operations in the World Bank offer long term loans and IMF offers short term loans. According to a source from Badson, by Balaji Viswanathan, MBA, the World Bank supports growth of nations and development of both poor and rich countries whilst IMF concentrates on the balancing the international finance system of rich and poor countries. The World Bank is a bank that borrows money from investors and lend it to poor governments whilst the IMF is a fund with pool of money that is given to it by its 182 member countries. All these Bretton Woods institutes are as a result of globalization and this make the topic a very interesting topic for it touches everything from politics, trade, migration, communication , finance and a whole lot of

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