Victor Victien

CHAPTER: GLOBALIZATION AND DEVELOPMENT Summary We did define globalization as the process of international integration (of production or finance) by which market forces drive long-distance trade and investment flows” (OED). While globalization has been in place for many years, it is still an ongoing process. Globalization has made the world economy more connected and efficient by increasing competition in international markets and lowering transportation costs. Globalization has had a profound effect on the developing world, accelerating economic growth and poverty reduction. However, the benefits of globalization have not been evenly shared, and many people in the developing world have been left behind. Many developing countries have failed to benefit from globalization, and their economies are in a state of crisis. It was not until the last 100 years that the world began to become truly globalized. Before this time, trade between countries was limited to a few select locations where goods could be exchanged with minimal costs of transportation. Inventories were also kept at these ports to minimize the cost of shipping. The transportation of goods and people was becoming cheaper, but it was still not fast enough to satisfy the world’s high demand for labor, produce, or capital. This is why globalization has had such a large impact on the developing world. Globalization helped many countries such as UAE gain access to resources they did not have before and created new markets for products that were previously unavailable in these areas. It also pushed down costs of production by reducing transportation costs between different. Globalization is key for entire country's development as it has varieties of benefits such as promoting business competition, opening larger and also more diverse market, Increased flow of capital, trade, information as well as people, sharing of technology sharing of knowledge and diversification of workforce among other benefits as studied in class. Reflection 1. I studied and discussed on how do we move forward to fight poverty and inequality among countries such as UAE. How to improve the living conditions of low-income people and how can we make a society that is fair for all? This is crucial in moving our country to a more developed version and therefore becoming first world countries in the world. We also analyzed how changes in the world economy affect social policy. I guess there is a problem of inequality and poverty in our society. What are the solutions for them? What should be the direction of our social policy? I understood that globalization and development has been crucial to UAE s development, and that the UAE s achievements are based on the wisdom of our wise leaders this follows the discussion and learning under this chapter. Similarly, globalization influences the economy, culture and society in a positive way to change people's lives for good. And I think we should be more concerned about it so that our country can progress better. I also studied about how global economic crisis affects the society and government. I suppose there is a problem of poverty in our society. What are the solutions for them? What should be the direction of our social policy? And therefore from the discussion I think that these three core principles are very important when we want to make a better life in our country by solving poverty, inequality and injustice problems because your government is one of the most important authority which can help you improve your life. 2. I was surprised by how state-led globalization and privatization have led to significant economic, social and political changes in developing countries and therefore surprised how China's economic reforms have had a significant impact on the economy in Asia. I was also surprised by learning that people who work in government, they think they are well educated but they don't know how to do anything else except what they do in the office. They can't do anything else. Because they are only doing it for their own benefit and so on because of this I was surprised because people who work in government, they think they are well educated but they don't know how to do anything else except what they do in the office. They can't do anything else because they are only doing it for their own benefit and so on. I was also surprised that globalization has led to the emergence of many new social movements and political parties worldwide, especially in developing countries. I was surprised by how these movements have often been fueled by frustration with state-led market oriented policies, including privatization initiatives. I also learned about the emergence of environmental groups, feminist groups and other civil society organizations which have been fueled by globalization. I was also surprised about how globalization has led to the emergence of new technologies, including information technology, biotechnology and global communication networks. I was surprised by how these new technological developments have enabled individuals and organizations to communicate quickly around the world while at the same time helping developed countries gain a competitive advantage in international markets. Finally, I was shocked by how many people are willing to migrate across borders for jobs and better social conditions. 3. Question to explore: What are effects of globalization on economic development in less-developed countries? There are many countries which are less developed because of the unequal distribution of resources. Some countries have a large amount of natural resources but not enough to distribute them equally among the people in that country. In other words, there is an unequal relationship between the people of a country and the resources they have. Some countries have large amounts of natural resources but not enough to distribute them equally among the people in that country. The unequal distribution of resources is what causes global economic instability. The unequal relationship between a less developed country's population and their natural resources can be compared to an unstable system. If there is not enough materials for each person in that particular country, then it will cause problems for everyone because there will be too much or too little money. These poor countries are also impacted by globalization because if they don't trade with more developed countries, they don't have enough money to buy what they need. Instead of buying food or water, the people in these less developed countries would buy cars and electronics. 4. If less developed countries don't trade with more developed countries, then they can't get as much money to do what they want or need. For example if a person from a less developed country wants to go on vacation in the US, but there is not enough money for him or her to go on a vacation, the person will not be able to go on a vacation. But if there is enough money for that person from a less developed country to go on a vacation in the US. It is necessary to learn about different cultures. You should know about the culture of other people in order to be able to communicate with them well. We can also learn more about the culture of other people by watching TV, reading newspapers and magazines. Some cultures are very different from ours, but we can learn more about them by talking with people who live there. I can apply the idea that globalization and development will make more effective to achieve people's goal and also it will provide more opportunities for people to do better job. Because there are more companies that are global and develop those companies will hire people from all over the world. I can apply then idea of globalization and development when by setting up business in developed countries as the land of opportunities and resources. I choose to do this by setting up a business in the UK that involves importing product from China, producing it and selling it locally. Reference Aslam, M.M.H. and Azhar, S.M. (2013) ‘Globalisation and development: challenges for developing countries’, Int. J. Economic Policy in Emerging Economies, Vol. 6, No. 2, pp.158-167. Kalb, D & Pansters, W. , et al (2014). Globalization and Development. Themes and Concepts in Current Research. De Gruyter (2010). Journal of Globalization and Development.