In this paper the author will provide an analysis on the mechanisms through which globalization has played a key role in increasing foreign trade. The paper will also reveal foreign trade and its high interdependence and increased capital flows that has resulted in affecting the development of the third world countries. The introduction in the dissertation will depict the major changes that have been adopted due to the globalization of markets. Thereafter, the target is shifted towards the predicament faced by the third world countries in their pace to strive to seek economic development. The author will reiterate the significance of globalization and its negative impact in terms of the many difficulties that the third world countries are prone to encounter. However, the positive impact from Globalization is that it may open up opportunities for these struggling third world countries. The advantages and opportunities are tremendous for the third world countries ranging from high commercial relations and links between nations and the creation and adoption of a variety of development policies across countries. Therefore, the author will discuss and discern the key steps that a country has to follow in order to promote economic growth and ensure sustainable development. Since a few decades, the world has moved at an alarming rate by implementing the great trend of globalization. The pace of change across all areas has moved faster than expected due to technological advancements in transportation services, broader and wider means of communication and innovative scientific technologies. Globalization has created an era wherein, the developing countries have chosen to increase their investment abroad and have opened up to foreign trade and direct investment. For the first time, less-developed countries have been able to exploit the potential of their abundant labor to break into global markets for manufactured goods and services.
[...] We notice that most of the countries welcoming the relocation are dictatorships where human rights are broken. In fact, many denunciations have been made against large firms operating in less developed countries. This is the case of Nike in China; a report has been made by the China Labor Watch it covers the period from January 1999 to October 2002. The investigation states that Nike as Adidas or Reebok suppliers are in constant violation of Chinese law and do not respect their own code of conduct. [...]
[...] Nevertheless, how have they reached such level of development? Let's take the example of South Korea to analyse their economic success. Since the end of the Korean War in 1953, South Korea has been one of the world's fastest growing economies. Exporting accounted for 42 percent of its 1999 GDP of $407 billion. To promote economic development, Korea has relied on tight cooperation between the government and 30 or so large, privately owned, and family-centered conglomerates that dominate the Korean economy. [...]
[...] Countries in need must receive funds and education to put in place programs of development. Organizations such as the WTO should be given the mandate, support and resources to cooperate with the other organizations and together they would carry out their tasks more effectively. Biblography Rotecting arkets www.hm-treasury.gov.uk/media/ 17B/51/17B516C8-BCDC-D4B3- 1ECDD463A154CD89.pdf Fafowora, O.O. (1998). “Management Imperatives of Globalisation”, Management in Nigeria: Evans, Peter (1979): Dependent Development, Princeton, Princeton University Press. Gordon D. Spicker P. (2000), The international glossary on poverty, London- New York, Zed Books. [...]
[...] One major reason of erecting tariffs is that it raises revenue for the national governments. As the figure below shows, tariff revenues account for a significant portion of government revenues of developing countries such as the Lesotho and Ghana. Such countries depend heavily on subsistence agriculture and so they find it difficult to collect significant revenues from domestic sources. Moreover, developed countries have raised high protectionism measures against foreign agriculture; we can quote the European Union that subsidizes its farmers. [...]
[...] The industrial countries must open their markets for the products of developing countries and this automatically will lead to positive results for the economy of the developing countries. Do you think the effect of globalization of markets is helping third world countries to develop themselves? It will help the developing countries ONLY if the industrial countries must open their markets for the products of developing countries. Questionnaire answered by Mr.Eddy Verveer, CEO of Germana Motors the 27th of February 2006. The Germana Industrial Group Co is a Group of Companies established in Thailand with offices in Bangkok, China and The Netherlands. [...]
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