Who do you think are the WINNERS and LOSERS of globalization?
The train of globalization has shown no signs of slowing down as information, people, goods and services flow more freely across international borders than ever before. We should recognize that it is unlikely that all parties will benefit equally from this exchange as there is bound to be “winners” and “losers” in every trade. THE “WINNERS” OF GLOBALIZATION
In my opinion, ostensibly, the greatest winners in globalization would be the businesses in developed countries, namely the likes of the G8. Besides having an enormous world market to sell their produce to, these countries are able to enjoy cheap labour in the developing countries for a fraction of the cost of doing so back home. Multinational companies like, Nike, in particular, is a flag-bearer of such a trend. Thus, businesses tend to profit more as such practices allow them to be more cost efficient. There is greater potential to make more money, allowing them to be more powerful. India and China are also experiencing growth in capital inflows as foreign direct investment is made possible with globalization. This helped in deepening the domestic capital markets and brought in greater wealth to these countries. In fact, China is already exporting capital, technology and labour to Africa and South-east Asia. These countries benefit from freer market and free trade policies as there is a wider market for countries and emerging markets to tap on. In fact, India who was previously thought of as a definite “loser” is now riding the wave of globalization. India’s green revolution, with its increased reliance on GMO agriculture has been the direct result of American non-resident Indians (NRIs) exporting such technologies to India. With globalization, there is increased sharing of knowledge and skills to benefit Indians which in turn contributes to the economy. The western media is another winner of globalization, so much so that...
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