Impact of Progressive Globalization

One of the key processes in the development of the world economy on the verge of the XX-XXI centuries is the progressive globalization. It is, indeed, a qualitatively new stage in the development of the internationalization of economic life. The attitude of both specialists and people to globalization is very ambiguous, and sometimes diametrically opposite. This is due to different points of view on the consequences of globalization processes, in which some see a serious threat to the world economic system, while others see a means of further economic progress.

Stiglitz’s (2013) metaphorical saying that cows in Europe live better than farmers in Africa has, in fact, a deep meaning. Rapid globalization that has been occurring in the world since the end of the Cold War has affected all countries differently, creating wildly varying effects on their economies. While in the first-world countries, globalization has brought rather positive socioeconomic consequences, the developing countries are experiencing serious difficulties keeping up with the increasing rate of the world trade. I agree with Stiglitz on that matter, and I think that globalization has been bringing more harm than good to such countries lately.

Today, the U.S. and the European Union are the “trendsetters” of the world economy, and the rest of the planet has to adjust and adhere to their standards of international relations. For African countries, however, it appears to be rather difficult: lack of funds and resources, government issues, widespread poverty and hunger make it near impossible to build healthy economics that would match first-world countries. It is truly better to be a cow in Europe than a farmer in Africa – access to a plethora of foods, unlimited water supply, well-developed educational institutions, and financial support favorably distinguish Europe from Africa. Countries such as the U.S., Germany, Switzerland, Austria have accumulated significant wealth they are able to spend towards giving subsidies and supporting the population while Africa is still dependent on the external support.

Modern globalization processes unfold, first of all, between industrialized countries and only secondarily cover developing countries. Globalization strengthens the positions of the first group of countries and gives them additional advantages. At the same time, the deployment of globalization processes within the framework of the modern international division of labor threatens to freeze the current position of the less developed countries of the so-called world periphery. They are in danger of becoming objects rather than subjects of globalization.

Reference

picovax. (2013). Stiglitz on globalization, why globalization fails? YouTube. Web.

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StudyCorgi. "Impact of Progressive Globalization." February 16, 2023. https://studycorgi.com/impact-of-progressive-globalization/.

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StudyCorgi. 2023. "Impact of Progressive Globalization." February 16, 2023. https://studycorgi.com/impact-of-progressive-globalization/.

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