Topics: World Bank, Poverty, Developing country Pages: 3 (708 words) Published: January 17, 2013

Globalisation is a controversial issue. It has generated large protests around the world, by people who feel that it benefits only the rich. Yet there are others who claim that it offers real solutions to global poverty. There are arguments for both sides. In practice, globalisation has the potential to do both good and harm.

The World Bank defines it as „the growing integration of economies and societis around the world“. It sounds simple but processes of globalisation involve changes to many different aspects of society: from communications, to travel, to economics, to government.

Globalisation represents a particular economic theory based on the belief that a liberalised, free market is desirable. Supporters of a free market economy believe that this approach promotes healthy competition. Countries can specialise in producing the goods they make most efficiently and export therese goods to other countries without restrictions. Only those who produce goods efficiently and at a competitive price will survive.

Globalisation impacts virtually very aspect of life including religion, culture, diet and family life. One of the most striking impacts of globalisation is the increasing connection of economies and cultures, making the world seem smaller. A decision made in Japan can employ thousands in another country, or render them jobless. A flu virus in Asia can affect tourism and business worldwide.

Economic and technological change are the major forces driving globalisation. Worldwide, trade is increasing as global markets become more closely linked through improved communication technologies like the internet. These same technologies are bringing distant communities together, and making it easier for corporations to move their operations to areas where costs are low. Cheaper air travel because of technological improvements means more people are travelling for business or pleasure, making workers more mobile.

The integration of...
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