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Globalization activity doesn't only reduce trade boundary but it lot more effects like one country come closer to the economy of other country, it help in mixture of culture, it helps in transfer information and technology, increase group of buyer and seller of products and services etc. this are only few advantages of globalizations.
Due to globalization trade is getting more interdependent and to protect interest of every nation W.T.O keep a close look over the trade of every nation. Due globalization many environmental threats are evolved every country is moving toward industrialization which increase global warming and it is needed to be checked. Social problem are also occurred like exploitation of labour, increase in child labour in developing nations, lack of powerful labour union etc this social problem are needed to taken care of and proper law should be made to avoid such kind of problems.
As every things as has some advantages, it also has some disadvantages also.
New market for product.
Helps in growth of economy.
Increase in infrastructure.
Free flow of technology and information.
Reduction in poverty.
Increases in employments.
International body governs trade through its law, so interest of every country should be protected.
Disadvantages are as follows:
It brings competitions because of which small scale industries suffer in under develop countries.
Globalization lead to growth in infrastructure but on other hand it bring harm to environment due to industrialization, reduction in forest areas.
Due to globalization environment, labour, resource of under develop countries are exploited by develop countries.
Poor trade union.
Lack of control over country economy by its governments.
There are three perspective of globalization. Which are as :
The Hyper globalist perspective: This says that economies are becoming Denationalized due to this government will lose it influence over the trade within its border. It will have both good and bad effects.
The Skeptical perspective: it is kind based on myth that globalization will not help the under develop country as they do not perform a greater role in flow of trade and services in the global economy. The skeptical perspective criticized the globalizations
The Transformation list perspective: This perspective is pretty neutral on the matter of globalization.
Well as far as my view is concerned I support the hyper globalist perspective because I think that globalization is playing a vital role in growth of under developed countries. And because of globalization under develop counties has better chance to grow faster than the normal pace. Though some negative it affects, but it can be compromised or could be reduced with extra efforts.
Effect of globalization on developing countries or third world countries
The thinking of first world, second world and third world countries are given by U.S.A which place itself as the first world nation, European countries as second world nations and as far as third world country are concerned under develop and developing countries come under this categories. The third world countries are further classified as under developed countries and developing countries.
In under developed, countries like Afghanistan, Nepal, Bangladesh, Nigeria, Bhutan, Pakistan etc comes this are the growing nations but as far as development of economy is concerned they are far behind. In developing countries, countries like China, India, South Africa, Brazil etc are included because this are among fastest growing nation after globalization has taken place
But under develop countries are not much benefited because of this globalization process. Rather than getting benefit they are exploited. In a sense, due to cheap labour these countries manpower is exploited and it natural resource is been taken away as we can take the example of china, china is investing a lot in African nation and on exchange of this it is utilizing its natural resources.
Here are the names of some developing countries in general: China, India, Brazil, Kazakhstan, Russia, Nigeria, Brazil, Bolivia, Pakistan, Bhutan etc.
Here is some development index of these developing nations:
The countries like china and India has grown tremendously after globalization.
Before globalizations export of china was not very high but now it is one the global leader in exports and as far as India is concerned before India was accounted only for o.6 % of world export and now it is accounted for 1 % of world exports. Brazil has also show huge growth its per capita income has also increased. Countries like Bhutan, Malaysia, Indonesia etc has tremendous growth in GDP in past five years. Outsourcing has increased in these nations.
Now India earns 51% of GDP from service sectors and its service sector is growing tremendously because of it excellence in IT sectors and this boosted up after globalizations. Now china earns major part of it GDP from export which increased after globalization. As far as Latin America is concerned Brazil has show tremendous growth in export, technology and manufacturing sectors. And now it is among top five of developing nations.
Effect of globalization on developed countries
Due to globalization the develop countries are moving towards underdeveloped countries like India, China, Indonesia etc for outsourcing their job to these countries because of cheap labour. Nowadays develop nation are coming to under develop nation for setting up manufacturing plants in these nation because of its availability of cheap and skilled labours.
Due to globalization develop countries are facing intense competition from underdeveloped countries, competition in sense employment, exports, technology etc. Due to globalization developed countries are also exploit resources like natural resource, manpower, and environment etc. of underdeveloped nations.
Due to globalization the dominance of developed nation is also reducing. The people of developed nation are facing intense competition for job from people growing nation like china, India, Thailand etc. now for FDI in developed nation are reducing due increase in the FDI in developing countries like china, Brazil, India etc
Due to globalization developed countries got new market for their products and services, and new place for their business expansions.
Development of "Regional economic" will truly help India to build viable economic future for its citizens.
Due to globalization various effect and development has take place which help india to build viable economic future for its citizens.
Due Globalization to this the infrastructure of India has developed a lot because of which transportation, sanitary, hygiene, sports complex and stadium has developed a lot and still developing which will give better environment for future generation.
Foreign education institutes are coming to india which has increased the level of education.
Export of india is increasing with each quarter which help to reduce the fiscal deficit and increase the GDP of the nation.
Nowadays more and more manufacturing industries are established because of which more employment is created and hence improving per capita income of the nation.
Due globalization India is more concerned about the global warming and planning its growth in such a way that it could reduce it contribution in global. And it will be helpful for future citizens.
Regional economies help to reduce domination of developed economies on the developing economies.
Developments in regional economy will strength the self reliability of the nation which will help to reduction in the dependence on other nation.
Development of regional economy will lead to increase in GDP, Standard of living, Per capita income of the nation.
If India wants to emerge as supper power it has to develop it regional because it is the stepping stone toward it.
Development of regional economy will lead to reduce in inequalities of distribution of wealth.
Development of regional economy will lead to increase in metropolitan culture.
Development of regional economy will lead increase the contributions of every state in Indian GDP.
Development of regional economy will lead to reduction of poverty, unemployment and illiteracy