In a globalized world, the national governments cannot handle challenges which are evident from different economic crises that have hit the world, including the last financial crisis, which started in the US in the year 2007. However, the premises for the crisis were created long before by terrorist attacks on 11 September 2011, as well as unrests in Middle East. The crisis spread worldwide very quickly, which clearly shows that the countries cannot stay indifferent to crises in different parts of the world; as such, collective measures need to be taken in order to overcome the crises. If a crisis hits one part of the world, it cannot but influence other countries as well (Weiss & Gareth 96).
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Therefore, joint actions need to be taken in order to minimize the losses and the impacts of these crises. According to Weiss and Gareth, the reason why globalization is not working as it should be in the developing countries, does not lay in globalisation, but in the way it is managed globally. Moreover, partially the problem stems from international institutions, for example, World Bank, and International Monetary Fund; the way they set up the rules of the game will determine whether the future will be bright for the countries involved.
Globalization is not a zero sum game since it is not obvious that someone will have to lose in order for others to win. Some countries have managed to show some impressive growth figures, while others cannot achieve the desired growth results. It is not only necessary for countries to open their markets and liberalize their economies in order to start growing economically, but they have to develop policies that will lead to the aimed growth and benefits which globalization offers (Weiss & Gareth 124). Many economists believe that international institutions play an important role in the way globalization is shaped, and the way developing countries cope with the difficulties they face in their path towards development. Therefore, international institutions need to employ some strategies to undertake reforms and introduce specific policies for their developing.
For instance, there is no doubt that the development of China can be called a success story of adopting globalization. This country has attained a tremendous growth in its economy, evolving from a developing country to become one of the leading economies in the world. The point is that, China has pursued a supply growth model that consisted in the fact that the profit was reinvested, the production was increased faster than the consumption, and the surplus was exported, which has proved to be a good model.
The question arises why African countries have been left behind economic development, there are, however, a plenty of reasons and arguments. Some people argue that Africa has been integrated in the world economy in very unfavourable terms and conditions, and that other developed countries and international institutions need to work in a completely new scale in order to lift African countries from the current poorly developing stage. Moreover, African countries face many internal problems that they have to resolve in order to build strong institutions as well as undertake the challenges of globalisation this part of the world is facing, and will likely to continue facing in the future (Hamilton & Ward 56).
According to Hamilton and Ward, if globalization continues to expand, Africa will remain weak and marginalized if new strategies and policies are not formulated to help these nations. In the second scenario, the author assumes that computer and telecommunication technology will help Africa overcome some of the long-term communication problems, which will open new opportunities for investments in Africa.
The third scenario is “The radically optimistic scenario” which assumes that globalization has brought the world closer, and raised the interdependency between countries, so there is a greater need for collective actions (Hamiltona & Ward 45). In addition, collective measures from the developed countries should adopted in order to help Africa catch up with globalization.
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Hamilton, Sara M, and Ward Wood. Globalization. Edina, Minn: ABDO Pub. Co, 2009. Print.
Weiss, Thomas G, and Gareth J. Evans. Humanitarian Intervention: Ideas in Action. Malden, MA: Polity, 2012. Print.