Globalization refers to the process by which the world is becoming increasingly interconnected due to the increased trade and cultural exchange between people from different geographical locations. Globalization has increased the production of goods and services. The bigger firms are no longer only nationally operational but have extended to have subsidiary companies in various parts of the world. Such companies have commonly referred to as multinational companies Escalation of globalization has been experienced in the last fifty years.
Globalization was hoped to at one point reduce or close the gap between developed and developing countries in terms of poverty. Though it has managed to increase productions and earnings among the developing nations, the gap has not been extinguished due to exploitation and neo-colonization. Most of the companies that have their origin in developed nations and operating in developing nations have the tendency to revert back their incomes rather that spending them in their areas of operation. This therefore means that the developing nations benefit less from such companies despite the fact that they operate in their jurisdictions.
The World Trade Organization was formed to create an equal platform for any willing states or parties to trade. It has however not fulfilled its objectives in regards to the developing nations. The trade policies are dictated by the United States and other powerful European nations leaving the poor states with no option as to the terms of trading. The master idea of sustainable development as per the objectives of the World Trade Organization is only realized in the developed countries.
The International Monetary Fund (IMF) was a kitty that was designed to bail out countries in economic recessions and to persuade such countries to adopt favorable policies. The body however has shifted from its role and become a profit making organization that lends developing countries funds that attract high interest rates and imposing harsh penalties on states that are unable to settle their loans. The grants given to such states are accompanied by strict provisions that are designed to benefit the developed nations.
Globalization has led to misfortunes such as terrorism and spread of diseases. For example terrorist attacks on embassies of developed countries situated in developing countries are a peril of globalization. When such incidences occur it is the developing nations that suffer more loss in terms of life and property.
Globalization was intended to bring about integration. However the continued trait of rich countries getting richer and the poor ones being relatively poorer has led to raising of eyebrows by various state unions especially those that feel the rich countries are exploiting them.
The idea of globalization if developed on equality can have a lot of benefits to every category of human beings and help the world achieve the millennium goals. Globalization is unstoppable but should be redesigned to be more benefiting to every individual. This way, the human race will be able to enjoy the fruits of globalization in a universal way and across many generations.
Aminy, Ash. “Spatialities of globalisation.” Environment and planning A 34.3 (2002): 385-399.