Rapid Globalisation Brings Peril and Promise to the Developing World
Globalisation is one of the most important phenomena of the 21st century. It involves the expansion of global markets, the spread of technological and scientific progress, and the various forms of international worldwide integration, including cross-border investments, labour exploitation, and cultural, political and religious exchanges. The globalisation phenomenon has drastically changed the economic, social and political landscape of the developing world. The increasing interconnectedness between different areas of the world has created both peril and promise for the inhabitants of these areas.
The most prominent peril is the potential exploitation of cheap labour in the less economically developed parts of the world. With the emergence of multinational corporations who are able to outsource production and other activities to developing countries, workers in these areas are often exposed to higher rates of exploitation than in their more developed counterparts. In countries such as China and India, multinational corporations are able to pay workers significantly lower salaries and deprive them of adequate working conditions and benefits.
On the other hand, globalisation is also producing certain positive outcomes, such as the rise of microcredit and microfinance services around the world. These services are providing much needed access to capital, a key asset for those in need of financing small businesses and enterprises. In countries such as Bangladesh, Haiti, and Ghana, these services have helped to alleviate poverty rates by providing easy access to financing for those who would not otherwise have access to it.
Another positive outcome of globalisation is the increased access to education and healthcare in the developing world. Many countries have seen a steady improvement in the availability and quality of basic services such as healthcare and education, thanks to the global market providing access to foreign resources, knowledge, and capital. Furthermore, access to information and technology has enabled the expansion of online education, which has opened up a variety of previously closed-off areas and possibilities for learners around the world.
Rapid globalisation has thus created both peril and promise for the people of the developing world. While exploitation of workers is still an issue that needs to be addressed, there are also positive outcomes, such as increased access to microfinance services and education, that should not be overlooked. With globalisation continuing to expand, it is the responsibility of governments to ensure that the people of the developing world are able to take advantage of these opportunities.
