Pte Essay on “Discuss the effects of globalization on third world countries.”

Discuss the effects of globalization on third world countries.

The coinage ‘globalization’ is a matter of discussion these days and articles on globalization appear in media almost every day. In general, globalization is the concept of viewing the whole world as a single village. It is made possible by opening the international trade barriers.

Some intellectuals claim that globalization brings a lot of benefits for the developing nations. They point out that due to this, many international companies reached the poor nations and hence thousands of unemployed youth got employment in these companies. Not only that, as the number of companies increased, there is more competition among them. As a result, consumers get a vast array of quality items at competitive prices. Moreover, globalization leads to an increase in export and import. Thus, the local farmers get reasonable price for their produce. Also, entrepreneurs from the third world countries get a chance to compete in international markets.

However, globalization has its sinister side too. Some people allege that globalization is the old wine of colonialism in a new pot. They assert that it is devised by the rich countries to exploit the poor ones. Most of the time, the invasion of multinational giants causes the death of small-scale industries in poor nations because these small units lack money and infrastructure to fight the big companies.

From the above analysis, it becomes evident that globalization can be of immense benefit for both rich and poor nations though the poor ones are in danger of being exploited.