Impact of Globalization on Developing Countries

Table Page

1 Guyana unemployment rate ------------------------------------------------------------ 14

LIST OF FIGURES
Figure Page

1 China’s energy consumption -------------------------------------------------------------------- 9

2 Guyana’s competitive rankings ----------------------------------------------------------------- 12

INTRODUCTION
The origins of globalisation are debatable. Though many scholars place the origins in the modern era, others trace it back to the European Age of Discovery and voyages to the new world. The debate, however, does not negate the fact that the term "globalization" is commonly used to describe the interaction and integration of people, businesses, and governments all over the world. The procedure has resulted in growth in international trade and exchange of ideas, belief and culture.
The International Monetary Fund and World Bank are global organizations tasked with regulating global financial markets, fostering global monetary corporations, and facilitating international trade, have identified four key aspects of globalization. They are trade and transactions, capital and investment movements, migration and people movement, and knowledge and people dissemination.
Manfred Steger, professor of global studies and academic literature, categorizes globalization as economics, culture, ecology, and politics, owing to the fact that it affects and is affected by business, economics, sociocultural resources, and the natural environment..

One of the most important aspects of globalisation is the creation of a global market through free trade. It allows for the reduction of various barriers, such as tariffs, as well as the promotion of global economic growth and the ability for countries to create some agreements, such as South Korea's Korus or NAFA (Collins, 2015). Additionally, as the global market expands access to more goods and services at a lower price is evitable (Osland).

According to studies, globalization may also contribute to income disparities.