...Globalization Has Increased Poverty Although the concept of globalization is very recent, it has existed throughout the history. Globalization began to take greater height from the Industrial Revolution 200 years ago in England which was the most developed countries in the world. Technological and political changes have changed the meaning of globalization. Today, the term globalization is defined as “the process enabling financial and investment markets to operate internationally, largely as a result of deregulation and improved communications. It is the social, political and economic integration that comes with the increased flow of trade, people, capital, and ideas” (Steger). The purpose of this essay is to show how globalization has increased poverty and affected some countries and people’s lives. While many people argue that globalization has reduced poverty; others, has disagree because there are facts that show clearly how the rate of poverty has increased. According to Sachs, Professor of Health Policy and Management at Columbia University, poverty is the result of “low productivity per worker, which reflects poor health, lack of job-market skills, patchiness of infrastructure (roads, power plants, utility lines, shipping ports), and chronic malnutrition” (Sachs). In many countries, the economic situation is going from bad to worse. Poverty has been rising steadily “from 21% in 1984 to 40% in 2002” (Nissanke). Sachs said that every day more than 20 000 die of dire...
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...Economic globalization benefits worldwide poverty reduction By Hao Fan 02/20/2016 Globalization, the integration of economic networks that span multiple countries, influenced people in many aspects. If you go to a supermarket and able to buy French wines African coffee beans as well as Germany sausages, you are enjoying the convenience of globalization. According to Reem Heakal who wrote What Is International Trade?, he said “International trade allows us to expand our markets for both goods and services that otherwise may not have been available to us. It is the reason why you can pick between a Japanese, German or American car. As a result of international trade, the market contains greater competition and therefore more competitive prices, which brings a cheaper product home to the consumer.” As it does more than this, the economic globalization largely benefits the world wide poverty reduction. The first reason that globalization helps reduce poverty is based on one of the most essential economics concept-comparative advantage. Basically it means when countries are trading with others, they are allowed to specialize in the areas they good at and therefore allocate the resources more efficiently which will result in more benefits for every party involved in trades. Take China and United States as an example, given that china has relatively low cost of labor and the US is more sophisticated at advanced technology, it is natural or beneficial for Apple company to choose design...
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...Globalization has transformed the world into one unified system through advancements in technology and communication systems. According to the IMF work by Masson (2001), globalisation can be defined as the increased integration of economies, reflected by increases in trade, capital, investment and migration flows. This phenomenon has brought about high economic growth (Dreher, 2003) and improved standard of living. It is thus deduced that globalisation will be able to serve as an effective tool to reduce poverty (Nissanke, Thorbecke, 2005). However, heated debate has arise concerning the unequal outcomes in economic gains created by globalization. Despite a decreasing amount of people living in poverty in China, poverty in areas outside China has increased (Stiglitz, 2006). Along with economic effects, it is also suggested that globalisation has resulted in a global identity where local cultures are homogenized and no longer unique (Friedman, 2007). This essay thus compares and contrasts both favourable and pernicious views on the effects of globalisation from two aspects: economic outcomes and cultures, and concludes that globalisation is more favourable than pernicious. Economists generally have a positive outlook on the effects of globalisation on economy since deregulation and openness to trade will create more jobs for the people. Friedman’s article on the globalized world (2007) supported this perspective as it showed how developing countries such as India have benefited...
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...MANAGEMENT SEMESTER 2, 2015/2016 ESSAY – Individual Assignment “Globalization brings more benefit than harm and should therefore be encouraged”. Discuss the statement. Submitted to: Prof. Dr. Mohd Nazari Ismail Prepared by: TAN WAN TENG, CGA150015 Date: 5th April 2016 TAN WAN TENG (CGA150015) CSGB 6314 International Business Management Globalization is not a new thing. Long time ago, people have been selling to and buying from each other places at far distances, for example, the Silk Road across Central Asia which was connected China and Europe during the Middle Ages. The globalization has been developing since 1980 and today it is easier for people and firms to communicate with other countries in the world. Globalization is the development of worldwide economy in which resources and products move fairly across national borders. It is also a process of integration among people, companies, and governments of different countries, which is usually driven by international trade, investment and supported by information technology. Both developing and developed countries are taking part actively in globalization process but both countries reacted differently in globalization. This process has the positive and negative effects on employment, culture, education and knowledge, market competition, economic, wealth and human physical well-being around the world. Employment and Poverty The outsourcing of services and manufacturing to developing countries...
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...Causes of Globalization While it is truethat state ventures (or adventures) have at times driven the process, e.g. the colonial conquests, the globalization process has largely reflected market forces, specifically, the exploitation by large and smaller businesses in the world of benefits from trade in commodities, goods, services, capital, and even labor, and of opportunities for new investments and markets. The process of global economic integration was perpetrated at the behest of World War II, when the leaders of Britain and the US helped establishing the World Bank and International Monetary Fund in 1944 to promote a liberal, capitalist world to counter the shadows of Socialism and Marxism. The loans are granted by IMF and WB on the condition that the borrowing country will reduce the state's role in the economy, lower barriers to imports, remove restrictions on foreign investment, eliminate subsidies for local industries, reduce spending for social welfare, cut wages, devalue the currency, and emphasize production for export rather than for local consumption. Such conditions imposed laid the basic foundation to open economies to steer the mechanism of economic integration giving birth to the World Trade Organization. By mid 1950s Pakistan had become a favorite candidate for receiving the benefits pledged by President Truman, having joined the network of international defense treaties with the United States. It marked the beginning of...
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...Globalization and Religion Abstract In this paper I will explain how globalization is very beneficial from an economic and business point of view. Globalization can be argued as a tool for economic growth, advancement and prosperity through co-operation between the developed and developing countries. The pro-globalization critics argue that the benefits that globalization brings to developing nations surpasses or outcasts the negative impacts caused by globalization and may even go a step further to state that it is the only source of hope for developing nations to prosper and stand out. However, the real question to be asked is as to what extent are the positives argued upon without taking into account the negative aspects of globalization towards developing countries. There are many developing countries benefiting or even prospering from globalization Therefore, my paper will dispute that the growth and advancement provided by globalization to developing countries is beneficial in short-term, but in the long-run, it will only bring upon negative impacts and challenges due to the obstacles involved such as exploitation of labor and resources, higher increase in poverty, and effects of multi-national corporations on local businesses and the economy, and to an extent the effects on the developing country itself. One of many negative effects that comes with globalization on developing countries is exploitation of labor. With a competitive global market, inflation, and cheaper...
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...ABSTRACT This paper is intended to provide critical responses to the weaknesses of globalization and corruption in the world that we are currently living based on the mixed economic worldview which is my personal economic worldview which threatens to undermine the stability of economic and political development on both a national and global scale, and which requires both immediate and wide-ranging policy interventions. The recent concern with corruption is attributable, not to any substantive increase in corrupt practices, but rather, to the re-framing of corruption in light of broader shifts and transformations within the global economy. The historical context of globalization covers centuries. This paper reviews the types, forms as well as the consequences of corruption. The paper also reviews the issues associated with globalization and the effect it has on the lives of various individuals. It questions the view that, under certain conditions, corruption may enhance efficiency and argues that though corruption may benefit powerful individuals it will indubitably lead to greater inefficiency and a waste of resources at a macro-economic level. Table of Contents ABSTRACT i INTRODUCTION iii BACKGROUND iv Forms of Corruption vi 1.1 Bribery vi 1.2 Theft and fraud vi 1.3 Embezzlement vi 1.4 Nepotism vi 1.5 Conflict of Interest vi 1.6 Favouritism vii Types of Corruption vii 2.1. Grand corruption vii 2.2 Political corruption vii 2.3 Corporate corruption...
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...CHAPTER ONE: ANSWERS TO REVIEW QUESTIONS AND PROBLEMS 1. Globalization refers to the openness and the free exchange of goods, services, resources, technologies, capital, and ideas around the world. Globalization is important because it increases efficiency; it is inevitable because international competition requires it. The anti-globalization movement blames globalization for increased world poverty and income inequalities, child labor, environmental pollution and many other problems. 2. Nations usually impose restrictions on the free international flow of goods, services and factors. Differences in language, customs and laws also hamper these international flows. In addition, international flows of goods, services and resources may involve receipts and payments in different currencies, which may change in value in relation to one another through time. International relations are to be contrasted with the interregional relations, which face no such restrictions as tariffs and are conducted in terms of the same currency, usually in the same language, and under basically the same set of customs and laws. 3. A rough measure of the degree of economic interdependence of a nation with the rest of the world is given by the ratio or percentage of its exports to its gross domestic product (GDP). For small, developed nations, such as the Netherlands and Belgium, the ratio can reach as high as 60 to 90. For large nations, such as Germany, England, France and Italy, the ratio...
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...Term Paper On GLOBALIZATION AND ITS IMPACTS ON BANGLADESH [pic] Prepared for: Dr. Nurul Islam Supervisor Department of Management Govt. Titumir College, Dhaka Prepared by: Mafia Bhuiyan Class Roll No : 547 Exam Roll No : 9613176 Registration No : 1632581 Session : 2009-2010 Department of Management Govt. Titumir College, Dhaka Date of Submission: March 7, 2013 Letter of Transmittal Dr. Nurul Islam Supervisor Department of Management Govt. Titumir College, Dhaka Subject: Submission of Term Paper. Dear Sir, We have the pleasure to present the report on “Globalization and its Impacts in Bangladesh.” This report is done to find out the concept of globalization and its effects on different sectors of Bangladesh and on its peoples’ life. It is conducted by our group under your supervisory advises. We offer you thank to allow us to do such job. To prepare this report, we have tried to devote our best effort and conducted extensive literature review to find out the study relevant materials. We sincerely hope and believe that our report will secure your approval and serve its purpose. During the process of preparation due to various constrains there may be some mistakes. However, we apologize for all those and beg your kind consideration in this regard. Finally, we hope that you would be kind enough to receive this report and bless us hearty. Thank you Sincerely Yours, …………………… Mafia Bhuiyan Class Roll...
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...The world has experienced rapid globalization in the last few decades. Both developed and developing countries are increasingly participating in globalization and becoming part of the global village. The world economy has increased significantly and countries all over the world, whether developed or developing, have seen the size of their national economies grow. Even though globalization has been beneficial for the world economy, it has led to the emergence of certain problems in different parts of the world and in both developed and developing countries. Globalization has had a tremendous positive impact on poverty reduction. The increasing integration of developing countries to the world economy has led to a reduction in extreme poverty. According to the World Bank, 52 per cent of people living in developing countries lived in extreme poverty in 1981. By 2011, this has decreased to only 17 percent. Large developing countries like India and China experienced rapid decreases in extreme poverty. While China experienced rapid economic growth due to globalization, it lifted 680 million people out of extreme poverty between 1981 and 2001. The significant reduction in poverty in the developing world shows the beneficial effect of globalization on poverty reduction. Globalization opened up developing countries to the world economy. Developing countries experienced substantial inflow of foreign direct investment, technological inflow and the opportunity to serve a substantial customer...
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...[Type the company name] Senior-Economics National Development of Third World Countries [Type the company name] Senior-Economics National Development of Third World Countries In this world, the average person in some countries earns more than $40,000/year. In this same rich world, 28 billion people live on less than $700 a year. As a result, 33 thousand children are dying every day in developing countries. Each minute, more than one woman dies during child birth. Hundred million children, most of them girls, are out of school due to poverty. The term ‘Third world’ is a label that describes the states that are considered to have under-developed standards concerning their economy, standards of living, health, education, globalization, or other factors of improvement. They have major common characteristics that are: their capita incomes are low, this poverty leads to shorter life expectancies, higher rates of infant mortality, lower levels of education, and higher levels of population that are engaged in agriculture. Moreover, their exports are from the primary sector and they have low growth rate of income and low levels of productivity. They also have high levels of population growth rate. In addition to one common political situation; most of the third world countries were colonies of the former powers of Europe and Asia. Most of the newly independent countries aimed for two objectives: Development and Independence. In general, development means the enhancement...
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...Globalization and Bangladesh According to Oxford Dictionary “Globalization is the fact that different cultures and economic systems around the world are becoming connected and similar to each other because, of the influence of large multinational companies and of improved communication”. According to Wikipedia (an web encyclopedia) Globalization refers to increasing global connectivity, integration and interdependence in the economic, social, technological, cultural, political, and ecological spheres. Shahzaman Mozumdar (IT Professional and Freedom Figher) says, "Globalization evokes different feelings to different people. Some look at globalization as "the panacea,"-the elixir that will eradicate all poverty, remove disparity, and enable the global citizens to enjoy a decent lifestyle-the lure of globalization. Others view globalization as "the evil" that will further enslave them to the rich” In the broadest sense, Globalization implies integration of economies and societies across the globe through flows of technology, trade and capital. Integration of production, accelerated cross-border investments and more trade are the logical outcomes of this process. It is a phenomenon of 21st century. When I think of globalization in the context of Bangladesh, I think of a person like Hosne Ara Begum, a 40-year-old garments worker at Dekko Apparels Ltd. Hosne Ara, living with her unemployed husband and two children, was driven out of her village in Comilla because...
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...Globalization Tonya Waters Issues in Behavioral Science David Ouellette May 18, 2014 Globalization is the process of erasing national boundaries for economic purposes in order to create one global economy. This process is driven by free trade and the mobility of capital in order to trade goods, human labor, natural resources and investments. Globalization increases competition, creates jobs and increases economic growth. There is much debate however regarding the implications of globalization. While some welcome the integration as an opportunity to grow economically, others view globalization as the disintegration of their culture and values. India and Cambodia are examples of cultures affected both positively and negatively by globalization. Cambodia has been experiencing rapid economic growth, largely supported by increased tourism and the exportation of farm products. Globalization has brought improved healthcare, education, nutrition and raised the standard of living for the Cambodian people. Life expectancy has increased and infant mortality has declined substantially. However, Cambodia’s strong economic growth is not without cost. The jungles of Cambodia are being destroyed for the purposes of planting industrial size agriculture crops. "The government of Cambodia has full control over what companies are permitted access to various land and fishing concessions in Cambodia. Many of the concessions are given without regard to how they will impact people's...
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...Globalization of Markets: Global Market and its impacts on developing countries – the case of tourism industry in Vietnam Introduction Globalization is more and more concerned by people all around the world. As globalization is inevitable, In fact, globalization is not a new phenomenon in human history. In the academic field, the term “global This paper is aimed at providing Vietnamese marketing personnel a practically good source of analysis and theoretical base to help them survive in the increasingly competitive global market. Discussions of findings 1. Literature review The so-called global market is, in fact, not new in the world history. As examined by Giovanni (1999), global market has developed through 3 stages. The first stage was under the British hegemony which came into existence in the second half of the nineteenth century through the extension of the industrial revolution to long-distance transport and communication. Thirty years after the industrial revolution began; the rapid development of railways and steamships was forming the world into a single interacting economy as never before. The most remote parts of the world began to be linked together by means of communication which had no precedent for regularity, for the capacity to transport vast quantities of goods and numbers of people, and above all, for speed (Hobsbawm, 1979 cited in Giovanni, 1999). With this advanced system of transportation and communication, world trade expanded at unprecedented...
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...Globalization impact on healthcare Faculty Advisor; Prof. Peter Carrillo Student; Mohamed Osman National University 03/31/2013 Table of Contents Abstract 3 Problem Statement 4 Globalization and Poverty 5 Globalization and Climate Change 7 Globalization and Immigration / Emigration 8 Globalization and Communicable / Non-Communicable Diseases 9 Conclusion 12 References 13 Globalization impact on healthcare Globalization is the process of promotion of economic integration, communication exchange, cultural diffusion and travel, which facilitate the exchange and connection between nations, commerce and individuals. The effect of globalization on healthcare and individuals is complex. The globalization of healthcare has provided opportunities for many organizations to rapidly develop their products and to expand their network of customers also global transportation and the communications revolution enabled rapid response to epidemics and catastrophes. On the flip side, the rapid mobility of people across borders, the spread of infectious diseases is a great threat to everyone, particularly in poor developing countries. “Today, no microbe in the world is more than 24 hours away from the gateways of every industrialized country, and what incubates today in the tropical rain forest can emerge tomorrow in a temperate suburb.” --Nils Daulaire (Kelley, 2005) The link between globalization and global warming and environmental...
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