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Gloablisation And Its Affect On Business In Industries In Developing Countries

1526 words - 7 pages

Globalisation

In this essay I would be examining how globalisation has affected business influence on industries in developing nations and what impact does is have on our environment.
I will begin by briefly reintroducing you to what globalisation is and what changes in brings. Then I will move on to answering the first part of the question referring to a few resources and examples, during this discussion I will also state my opinion on this matter. The second part of the question will be answered in the same manner as the first one. After the main body of my argument I will summarize and conclude.

Globalisation is the process by which the world is becoming increasingly interconnected as a result of massively increased trade and cultural exchange. Globalisation brings many benefits such as freer movement of capital, goods, and services; bigger companies are now able to operate in more than one country and because of that there are more jobs in less economically developed countries (LEDC’s). Of course there are a few disadvantages such as an intense competition and widening gap between rich and poor countries.

First, I will examine if globalisation actually has strengthened and benefited industries in developing nations.

One of the major advantages of globalisation to LEDC’s is that trade barriers are significantly lowered or removed completely. This promotes and encourages exports to new countries because before LEDC’s simply could not afford to export their goods to major countries such as USA or UK due to high import taxes they have set, so it was simply not worth it. But with free access to new markets LEDC’s have access to a much greater customer base and that should, in theory, significantly boost economic growth. Empirical evidence suggests that globalisation has significantly boosted economic growth in East Asian economies such as Hong Kong, the Republic of Korea, and Singapore. (Information from www.worldbank.com). From this evidence we see that globalisation should work and it does in some countries, but, in fact, most countries are quite slow to integrate with the world economy.

Another questionable benefit that globalisation brings is higher employment rates in LEDC’s. By setting up new factories and offices in new, less economically developed countries, corporations can save a lot of money because building a factory in India is much cheaper that building one in USA. Same concept goes for labour. Wages are significantly lower as well as workers’ demands. This is super beneficial for big corporations that are trying to cut their cost and it is, supposedly, good for LEDC because new jobs are created and therefore employment rate goes up but there are huge issues with working conditions but I will cover all the issues regarding this topic further on in my essay when I will be discussing detriments that globalisation has caused to developing countries.

From a different perspective globalisation is not always beneficial for...

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