Ambivalent Effects of Globalization on Developing Countries

What is it about?

Since the last two to three decades, those concepts in social sciences and literature have created a stir; globalization is one of them. Globalization is, as a matter of fact, closely related to the economic activities created for political purposes, which is an innovative fruit-bearing creation of neoliberalism. The goal of the ubiquitous and unavoidable processes of globalization is to link and integrate national economies with the global economy. Globalization, fueled by privatization, liberalization, and technical advancement, has increased worldwide production and trade in goods and services. Although, in the larger sense, besides political economy, globalization is involved in language, literature, culture, clothing, food habits, health, technology, and communication. If we look deeply, we will see that the previously mentioned issues are closely related to economics and politics. Liberalization and privatization, two other comrades of globalization, further accelerated the process of globalization. Although there is a part “global” in the word “globalization,” a question may arise whether this word “global” represents the entire world or not. The debate relating to the word “global” would be focused very briefly at the end of this chapter. This piece, therefore, looks at the concepts of globalization, liberalization, and privatization, and their effects on society, economies, and environments in the developing world. It focuses on the benefits of globalization, which include development, good governance, healthcare services, and public-private partnerships. It also examines the potential side effects of globalization, including structural adjustment, religious fundamentalism, and environmental damage. Finally, it discusses the debate over whether globalization truly represents the world or is simply “Westernization.”

Featured Image

Photo by Duangphorn Wiriya on Unsplash

Photo by Duangphorn Wiriya on Unsplash

Why is it important?

This piece looks at the concepts of globalization, liberalization, and privatization, and their effects on society, economies, and environments in the developing world. It focuses on the benefits of globalization, which include development, good governance, healthcare services, and public-private partnerships. It also examines the potential side effects of globalization, including structural adjustment, religious fundamentalism, and environmental damage.

Perspectives