Impact of Globalization on Developing Countries
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Task one Critique the statement by Lord Robertson “Globalization will make our societies more creative and prosperous, but also more vulnerable”. The advent of globalisation can be traced back to the 18th century, which was facilitated through advances in transportation and communication technology. The integration and interconnectedness of people, governments and economies has generated tremendous benefits which is apparent in our societies. Globalisation creates the free trade, capital market liberalization, deregulation of the market, tax reform, etc. (Barnett, Held, Henderson, & Casper 2013). While we can magnify the countless advantages that come with the process, there are some disadvantages to it. Lord Roberstson alludes to this when remarked that “Globalization will make our societies more creative and prosperous, but also more vulnerable”.
The increasing demand of products increases the finite resources’ use, and the pollution level due to the fossil fuel (Bran, 2015). Environmentalists have stressed that globalization negatively affects the environment like global warming, pollution, deforestation, biodiversity reduction and oceans’ degradation (Osland, 2003). However, political authorities created policies to reduce ecological threats like tax polluters, the promotion of environmentally friendly technologies, and the regulations’ use to control the pollution amount generated by business (Hamilton, & Webster, 2015). Inequality is experienced with globalisation since all globalised countries do not enjoy the same economic benefits. Even though various organizations had been created to regulate the globalization such as the WTO (World Trade Organisation), the UN (United Nations), World Bank and International Monetary Fund (Hill & Hernández-Requejo, 2012), Poorer countries are vulnerable to exploitation thus widening the gap between developed and developing economies (UNDP, 1999). Globalization has facilitated and increased the spread of infectious disease. According to the Institute of Medicine (US) Forum on Microbial Threats & Institute of Medicine (2006), transcontinental trade and the movement of people has allowed the spread of infectious disease in a parallel course which is the epitome of globalisation. Recently the coronavirus disease, which began in 2019 in Wuhan China has since spread worldwide leading to an ongoing pandemic. The interdependency and connectedness that create such opportunities for the global spread of pathogens also offers mechanisms for innovative, multinational efforts to address the threat. The World Health Organisation (WHO) which is responsible for international public health and coordinating responses to health emergencies. Additionally the World Bank Group is taking swift and broad action to assist developing countries in strengthening their pandemic response, increasing disease surveillance, and improving public health interventions. Globalization makes our societies vulnerable and unsecured. Transworld connections have facilitated the emergence of criminal organizations and illegal economies, and the increase in criminal violence’s increase (Bran, 2015). Globalization has created a context for criminal activities such as the internet for fraudsters and the global finance for money laundering. Common occurrence of internet fraud is identity theft, where someone can obtain your personal information and use it to open new accounts or initiate transactions in your name. Recently a few Guyanese became victims of internet fraud through unauthorised online transactions. In a stabroek news article dated May, 9th 2021, Republic Bank said that they were forced to reimburse monies to its customers due to unauthorised online transactions that resulted from the compromising of their international VISA debit cards in recent years. However, globalization also helps to create new agencies and opportunities to combat crime such as Interpol (Scholte, 2005). Interpol is an International Criminal Police Organization that provides investigative support, expertise and training to law enforcement worldwide. Through criminal databases and communication networks, it also facilitates cooperation among national law enforcement institutions. Download 144.48 Kb. Share with your friends:
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