Topics: World Bank, International trade, Globalization Pages: 3 (864 words) Published: November 5, 2007
Globalisation is one of the most debated issues of the day. It is everywhere on TV, on websites, learning journals, labour meeting rooms and in organization's boardrooms. Remarkably, for so widely a used term, there does not appear to have a precisely agreed definition. One of the frequently used definitions is that globalisation refers to the growing integration of societies across the world, it has taken many forms and it is difficult to discuss it in a general way. However most of the times the term is used is to refer to the economic integration of the world markets. Therefore our main discussion will be on the economic integration of the world and what negative effects of globalisation are, especially the negative effects Palast (2002) argues that globalisation impoverishes the world's poor, enriching the rich and devastating the environment, while few supporters see it as a fast way to universal peace and prosperity. Many developed countries started to liberalise in the 1980's following the imposition of World Bank and IMF structural adjustment policies. Advocates would argue that this liberalisation would help economic growth, which will reduce poverty and that countries with more open markets will have experienced higher growth rates that those with protectionist policies [Ades &Glaeser 1999]. However Manenji (1998) argues that unregulated free trade, driven solely by market forces, in that while it has raised standards of living for many people, especially in developed countries, it has not done so for the poorest. After 20 years of trade liberalisation, poverty in many countries has not fallen. For example in agriculture where the poorest make most of their living, food imports are partly responsible for destruction of small farmers, for example Malawi which produces rice which it sold in most South African countries now has to contend with rice which is sold at much cheaper rates, which is imported from Asia. International trade in foodstuffs is...

Bibliography: Ades, A and Glaeser, E (1999) Evidence on Growth, Increasing Returns and the extent of the Market, Quarterly Journal of Economics: 114(3), pp.1025-1046
De George, R (1978) Ethics, free enterprise and Public policy, Oxford: Oxford University Press.
Palast, G (2002) The best democracy money can buy, London: Pluto Press.
Manenji, F (1998) the effects of globalization on culture in Africa in the eyes of an African woman,
Mohamad, M (2002) Globalization and Developing Countries,
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