Globalisation
WEEK 1 DQ
NAME: RAJI TAOFIK KOLAWOLE
Globalisation according to the sung Levin institute (2006?) is a process of interaction and integration among the people, companies and governments of different nations, a process driven by international trade, investment and aided by information technology. Part of the advantages of globalisation as been said comprise of the following stated below: 1. More chances to consumers 2. Lower prices of goods 3. More career chances and opportunities 4. Increased growth in GDP 5. Increased gross per capital income 6. Increased employment and standard of living
Developing countries have not been able to achieve these benefits of globalisation since its inception. According to Ray bush (2008) only five countries in Africa had an average GDP growth rate of 7% between 1998 – 2006. While also 45% of the populous in the continent live on a dollar per day. For a continent that produces more than half of the world’s diamond, platinium and cobalt. Why have developed countries suffered even with increased trade in the region. One of the major reasons has been on integration of the developing countries with the developed or third world countries. Must Developing countries lack behind in areas such as; education, infrastructure, political instability and good and proper economic policies. All this factors can be said to have generated from developing countries having weak institutions to support the growth of this areas, which lead to capitalist venture/exploitation of developing countries by the western world.
Globalisation as it’s on dangers, as was experienced during the global financial crises that started from the mortgage crises in the United States. Developing countries suffered greatly from the crises which affected export, remittances, foreign direct investment and equity flows. These factors had a corresponding impact on the economy of developing countries were companies went bankrupt, there was decline
NAME: RAJI TAOFIK KOLAWOLE
Globalisation according to the sung Levin institute (2006?) is a process of interaction and integration among the people, companies and governments of different nations, a process driven by international trade, investment and aided by information technology. Part of the advantages of globalisation as been said comprise of the following stated below: 1. More chances to consumers 2. Lower prices of goods 3. More career chances and opportunities 4. Increased growth in GDP 5. Increased gross per capital income 6. Increased employment and standard of living
Developing countries have not been able to achieve these benefits of globalisation since its inception. According to Ray bush (2008) only five countries in Africa had an average GDP growth rate of 7% between 1998 – 2006. While also 45% of the populous in the continent live on a dollar per day. For a continent that produces more than half of the world’s diamond, platinium and cobalt. Why have developed countries suffered even with increased trade in the region. One of the major reasons has been on integration of the developing countries with the developed or third world countries. Must Developing countries lack behind in areas such as; education, infrastructure, political instability and good and proper economic policies. All this factors can be said to have generated from developing countries having weak institutions to support the growth of this areas, which lead to capitalist venture/exploitation of developing countries by the western world.
Globalisation as it’s on dangers, as was experienced during the global financial crises that started from the mortgage crises in the United States. Developing countries suffered greatly from the crises which affected export, remittances, foreign direct investment and equity flows. These factors had a corresponding impact on the economy of developing countries were companies went bankrupt, there was decline
References: 1. Sung Levin Institute (2006)? What is Globalisation (Online) Available from http://www.globalization101.org/what-is-globalization/ ( assessed on the 3rd May, 2013) 2. Ray B, (2008) Africa and Globalization. (Online) issue 39, pg 32 -43. 12p. Available online from http://www.liv.ac.uk/library/ohecampus/ref.htm (Assessed on the 3rd May, 2013) 3. Arne B, etal (2003) Globalisation and policy effects in africa. World Economy (online), Vol 26, Issue 8 P119 18p. Available online from http://www.liv.ac.uk/library/ohecampus/ref.htm (Assessed on the 3rd May, 2013) 4. Melchior A, (2002) Global income inequality: Beliefs, issues and unresolved issues, world economics 3,2, 87 - 110