There have been a lot of debates on the impact of globalization on developing countries. Many people have drawn their concerns on its true effects to peoples lives, and especially those living in underdeveloped countries. There are different pluses and minuses that come with globalization. In addition, scholars have found out that people living in different parts of the world tend to share certain beliefs, values and ideas.

Globalization has always been seen as a source of hope and trepidation since it hit its peak in the start of 20 th century. The degree towards which countries have adapted to globalization phenomenon varies greatly. Those in developed countries fear the fact that availability of cheap labor in developing countries will render them jobless, whereas those in developing countries wonder what impact this global village possess.

Despite the many benefits expected from globalization, developing countries have always lagged behind and the gap between these parties has been widening. Many reasons for this kind of disparity have been put forward. Interestingly, globalization impacts development in developing countries in many ways. В Through growth of trade, many developing countries have improved wellbeing of the people. В Trade is a great channel when it comes to globalization and it holds many prospects for underdeveloped countries.

It has affected local markets in most of these countries as the prices of capital goods have increased or decreased. Industrial policies have also been distorted as most of the developed countries want to trade what they come across at cheap rates. This has also increased competition and local traders have lost faith in their businesses.В Globalization has also lead to increased varieties of capital flows. This great flow of capital has been seen as a source of instability in these countries.

Financial capability has led to increased annual economy growth, but these high growth rates have reduced likelihood of developing countries to rely on the available resources, but seek capital or equity from other exploitive sources. Delayed integration is costly and many countries have been forced to defer financial and regulatory change which can aid in resources allocation. It then prevents access to foreign resources that are vital for investment in these countries.

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Globalization has also pushed many people in these countries to migrate to other destinations due to the huge capital movements. In a sense, migration has led to decline in labor market and loss of cultural routes. Nevertheless, it is also advantageous as migrants send back huge remittances; individuals also gain skills by working industrialized countries and have become part of the international production networks.

Globalization also acts as a linkage to computerization and worldwide web and its impact on trade, technology and information transfer is matchless. Traders in developing countries can access cheap and convenient information on securing contracts, market demand and how to increase efficiency of sales and payment procedures. Essentially, for many developing countries, internet helps lowers entry of barriers for small and medium sized companies when it comes to competing with larger companies.

All in all, developing countries have to engage in active and open negotiation to integrate with the international economy. With many trade opportunities, it is wise to embrace technology and reach a wider market. Good domestic policies and openness in the local economies offer a great chance for developing countries to embrace the global village. Hence, globalization is not a universal remedy, but if properly embraced it can be quite effective.

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