Could Developing Countries Take the Benefit of Globalisation?

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SUMMARY OF THE JOURNAL ARTICLE

This journal article is discussed about the impact and benefit of globalisation on developing nations. The impact of globalisation for developing countries is many. Globalisation has intensified interdependence and competition between economies of the nations in the world market. This is reflected in regard to trading in goods and services and in kineticism of capital labour and employment environment. Globalisation also thrown up new challenges to developing countries like volatility in financial market, abuse of labour and environmental degradations.

Predicated on author findings, the impact and benefit of globalisation are trade and industry, labour and employment, intellectual property right and environment. Firstly, the impact of globalisation on developing nations is trade and industry. Many developing countries have impuissant economic, licit, and political institutions, making them vulnerably susceptible to high levels of corruption, insecurity, and conflict. Trade liberalisation can induce technological innovation, undermine elite privilege, and thus contribute to general economic magnification.

The second impact is labour and employment. The government of developing countries start to compete each other to deregulate their policy to attract FDI’s, MNC’s, a competition described by some as a “race to bottom” as regime dismantle regulatory structures ascertaining that wages and taxes and remain low. The developing countries labours, who were probably already on low wages by any standards, lack of amalgamation representative and licit protections and coerced to take the jobs that exploit them. Child labour and the gross labour abuses by global companies operating in developing countries are also other issues. Globalisation make the barrier among nations is increasingly becoming extraneous, highly skilled workers, professionals and capital owners in developing countries are now free to move with their resources...
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