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Globalization

We have all heard a great deal recently about the process of globalization and how all of the world's nations are becoming more closely linked to each other. This is certainly true, but this does not mean that the world's nations are necessarily becoming more equal in their economic outlook. There remain significant (and in many cases growing) gaps between the rich and the poor, the developed world and the developing world and many of these differences are only exacerbated by globalization. This paper examines some of the key differences between the developed world (often called the First World) and the developing world (the Third and Fourth Worlds.)

In general, developed nations are richer, more politically powerful and more industrialized while the nations of the developing world are poorer, less politically and economically powerful and more dependent on extractable resources (such as minerals or agricultural products) and cheap labor. First World corporations often use workers in the developing world because they are cheaper to employ: This is in fact one of the cornerstones of globalization.

As Kegley and Wittcoff (2000) note, the focus of the effects of globalization tends to shift with the speaker's or writer's own sphere of interest: Those in the developed world are generally more likely to benefit from globalization and so more likely to be in favor of it than are those in the developing world. Globalization refers to two different types of economic activities. The first of these is the ever-increasing concentration of capital in financial markets that has come about through the increasing amalgamation of firms as they acquire divisions in a variety of countries. The second economic consequence of globalization is seen in the ever-increasing tendency of countries to affiliate themselves into multi-national economic blocs such as the European Community and the tri-country state defined by NAFTA.

Such economic mergers a...

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Globalization. (1969, December 31). In LotsofEssays.com. Retrieved 13:52, March 28, 2024, from https://www.lotsofessays.com/viewpaper/1688254.html