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"Globalisation And Its Impact On Both Developed And Underdeveloped Countries"

3439 words - 14 pages

This paper examines the concept of 'Globalisation' and its impact on both developed and underdeveloped countries. The opponents to globalisation view growing international trade as detrimental to the interests of developing countries. However, there is no doubt globalisation has the ability to reduce poverty and economic inequality throughout the world. The issue remains whether the aid provided to underdeveloped countries gets to those who need it the most. The presence of corruption and political instability are detrimental to globalisation and make it unachievable. Also, developed countries play a role, as it seems apparent that they are in fact holding back underdeveloped countries with ...view middle of the document...

Throughout this examination the Sub-Saharan Africa region will be analysed and in particular the country Uganda. The question to be answered is, does globalisation facilitate underdeveloped countries in increasing their economic growth and thereby reduce poverty and economic inequality?II. GLOBALISATION AND COMPARATIVE ADVANTAGEThe concept of 'Globalisation' has achieved varying support from different groups in regard to its ability to aid the struggle of underdeveloped countries to reduce economic inequality. Viewed mostly in economic terms, globalisation is usually taken to mean the recent massive increase in global trade and internationalisation of production and distribution strategies along with the unprecedented mobility of global finance capital pushed forward by the dazzling advances in information technology (Manardo, 2000). For the purpose of this paper it is appropriate to identify a more specific type of globalisation, in 'Economic Globalisation', defined by Fischer (2003) as, "the ongoing process of greater economic interdependence among countries, reflected in the increasing amount of cross-border trade in goods and services, the increasing volume of international financial flows, and increasing flows of labour". Economic globalisation refers to economic integration and market deregulation (Linder-Hess, 2003). Economic integration is the lowering of national barriers to trade and investment, where goods, services and money move freely throughout the world. Just as important to economic globalisation is market deregulation (economic liberalisation), which involves reducing the role of the government in regulating economic activity. The perception economists hold on 'Globalisation' and its effect on developed and underdeveloped countries is one that continues to spark debate all over the world.No country that has closed itself off from world trade and investment has grown for long or reduced its poverty. Globalisation leads to growth, and growth reduces poverty (Heilemann, 2004). It is often alleged that free trade exploits developing countries. However, many economists believe that trade and investment are the best poverty 'alleviators' around. Therefore hindering free trade and investment hinders the development prospects for a country. The neoclassical and orthodox economists (Krugman 1994, Bhagwati 1994) argue that liberalisation of markets promotes perfection in economic organisation and management which, in turn, pushes forward growth and human welfare. Despite these views from respected economists, many still put forward arguments against globalisation including (Macharzina (1999), Nuruzzaman, 2000), whose literature has been summarised in the five arguments presented below:- Increases joblessness, inequality and poverty in developing countries by reducing work forces, destroying small farms and businesses, and raising the cost of food, fuel, healthcare and education.- Lowers wages and degrades working conditions, via cut...

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