Taming the Critics of Globalization

Our world is ever more interconnected than ever, and there is no escape from the fact that no economy can progress in isolation. Every economy, may it be fast developing nations or the better part of the world, everyone needs support to grow, sustain and retain the quality of life. Whether you believe it or not, but no nation can ever become 100 percent self-sufficient.

Some are dependent on others for sharing of resources, some need foreign inflows to grow faster, but the most important one remains the fact that globalized nations tend to sort out problems together, thus they can deal with uncertainty more efficiently than taking the burden alone. Globalization process has picked-up pace in the last few decades as technological progress has made it convenient for people to communicate, travel, and trade internationally.

Is Globalization any good for Developing Nations?

Globalization takes place when there is investment of funds beyond the realm of domestic and national markets to an international arena. When trade relations develop among different countries it connotes to globalization. When a developing country opens up its economy and trade relations are established internationally, this helps the nation to reach to the level of industrialized nations at a very fast pace. There is expansion of employment opportunities and major technological progress takes place. Asian nations are biggest examples of success of globalization.

Critics of concept of globalization propose that globalization deteriorates national sovereignty. It also facilities developed nations to transfer domestic jobs to other nations, where cost of labor is relatively less.  The definition of globalization actually depends on your individual perspective. This ever-growing flow of cross-border interchange in terms of information, money, people and expertise is actually inevitable.

Many critics view globalization as a classic example of rich get richer at the same time the poor get poorer. Even though global level of living has risen to a great extent as industrialization had led to development of third world countries, it has led to fall in quality of life in developed nations. In the present day, the distance between poor and rich countries is growing, akin to the gap between poor and rich living in these countries. So, despite the fact that globalization does lead to link as well as exchange between varied cultures and economies, it also makes them more akin to each other.

At market level, connected international financial markets push local concerns into international tribulations, for instance the tremors of recent recession were felt globally, and now with Europe on the brink of a recession with countries such as Greek, Portugal and Spain facing mounting debt burdens, the world has taken a cautious stance.

What’s Accelerating the pace of Globalization?

The key driving forces towards globalization are development in telecommunication infrastructure as well as the rise of internet. In broad-spectrum, as economies get linked with each other, not only opportunity but also competition escalates. Some people are of opinion that competition is a good thing as it propels everyone to perform better. When economies open up the level of efficiency as well as competence expands. This spells overall growth for system as a whole.

So, globalization should not be blamed for creating a rich and poor divide as it is by no mean a profiteering endeavor by developed nations. It is progress on global level and not laundering of resources from poor nations to already rich and successful nations. It might just be your way of looking at it, so its time to open up your horizons and view things in a bigger perspective.

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