Does the process of Globalisation help or hinder wealth creation in developing countries?

Globalisation – the procedure of creating an integrated global economy, polity, and society – is an inevitable subject of much of today’s academic literature. It’s a term used in all fields, ranging from economics, sociology, and politics. Scholars address questions of what globalisation is, how it is occurring and who benefits and who loses out (Mold, A. 2007: 67). Some argue that it has helped the world, and more specifically, developing countries. On the other hand, others argue it has held back economic growth and wealth creation in developing countries. This essay will compare between these two arguments; and of course, resulting in my answer in the conclusion. But first, the causes will be described briefly, and consequences of globalisation will be examined in greater detail. After looking at the general impact it has made, it will specify on developing countries. To show evidence, case studies will be used, such as in Argentina, China, India, Morocco and sub-Saharan Africa as a whole; perceptibly linking to the explosion of globalisation that has shrunk the world.

It was not until the 1960s that the term – globalisation - started to be widely used by economists and other social scientists. The phrase has since then attained general use in the mainstream press by the later half of the 1980s. Since its initiation, the concept of globalisation has stimulated frequent competing definitions and explanations. In development studies the examination and classification of diverse regions or groups of countries such as the richer countries of Central and Eastern Europe, and the poorer countries of Africa and Asia has been central, with the aim of getting the poorer regions to ‘modernise’ or catch up to the living standards and development levels of the richer ones (Lynch,