Friday, August 23, 2019
Development vs Poverty and Hunger as a Result of Globalization Coursework
Development vs Poverty and Hunger as a Result of Globalization - Coursework Example Different societies have been impacted in different ways and magnitudes by the results of globalization (MSN 1). This paper will highlight the contributions and impacts of globalization with regards to development, poverty, and hunger.In presenting the first argument, it is true that for the modern world, globalization has been credited with economic growth. This has been achieved by the way it has liberalized trade in a manner capable of benefiting both developed and developing countries (Wells, Shuey, & Kiely 31). Through it, there have been innovations in services and goods because of the competitive and open nature of the global market. Countries select their trading partners based on which one has an advantage of production, which results in consumers getting cheaper services and goods (Dean & Ritzer 9). This development has enabled some countries from the third world to grow into first world status.However, even with the above positive aspects, globalization has been a widely c ontroversial issue (Hamilton 16). This forms the basis of the second argument. Although it has allowed countries to economically develop and improve standards of lives, challenges of globalization made up of anti-poverty campaigners, environmentalists and trade unionists claim free markets have only been reaping gains for Western multinational corporations. By joining a worldwide economy, the less developed countries expose themselves to external economic factors over which they command little or no control. Their diluted national sovereignty renders management of macroeconomics a challenging task, with a decline in their abilities to increase corporation taxation (Friedman 351). Furthermore, while developed countries gain, developing ones suffer when the demand for labor in the first word increases. This leads to diminishing labor forces locally and, ultimately, poverty. Therefore, globalization strengthens positions of developed economies capable of taking advantage of free market s but increases poverty levels of struggling economies.