Will Globalisation Lead to the End of the 'Third World' Essay

Will Globalisation Lead to the End of the 'Third World' - Essay Example Globalisation has been termed as the key to end poverty and gaining of financial stability in the countries all over the world. Globalisation can be simply termed as the increasing of relationships between culture, people and economic activities. Globalisation is characterised by more cheaper trading fees like exports and imports. In many instances globalisation is referred to as economic globalisation. Economic globalisation is the global distribution of produced goods and services. With globalisation, freedom to trade and to business has become a norm in the globe (Bhagwati, 2004). Countries are given the opportunity to trade with all other countries across the globe. It is further facilitated by the reduced fees of levies, taxes and import quotas. Prior to globalisation, the global economy was controlled by specific groups. In those days, the freedom to trade was not a norm. Business people had to pay heavy fees to governing bodies just to operate a small business. In the days of cold war, global trade was very expensive and biased. It is due to this that the global economy was growing at a very slow rate (Blomsrom & Hettne, 1984). The prices of exporting and importing products were high enough to hinder an ordinary merchant to conduct the business. This left militaries and governments as the only bodies with a comfortable run in the global market. It is during this period that many counties failed to grow economically and remained in bad economic positions up to today. However, with globalisation the economic trend of these third world countries is changing significantly. With economic and trading freedom, third world countries are striving to get an economic advantage in the global economy. Is this trend purely caused by globalisation? This paper will focus on the impacts that globalisation has brought to the third world countries. It will also look at the future of the third world countries under globalisation, and if globalisation will lead to the end of the third world. It was predicted that there would be a rapid development in Asia, Africa and Latin America. The growth would be enough to bridge the gap between the developing and developed states. According to Chew & Denemark (1996) the gap will be reduced until to the level that it would be insignificant and meaningless. This will provide a level ground of trading among all nations. These developments are said to be most beneficial to the poorest nations. In Africa, Asia and Latin America the desperation of success is growing each and every day among individuals. With the success trail made easier by globalisation, everyone in the developing nations see a future of success in them (De Beer & Swanapoel, 2000). This leads to innovation and entrepreneurship among them. If the trend of striving for success continues in the third world countries, third world countries will be no more. However, some critics argue that the development of third world countries in not due to globalisatio n but the need to get better lives. As much as the argument holds some truth, the developing global economy also has a crucial role in the success of developing countries. Globalisation has opened many opportunities for a global development. However, these opportunities are not evenly distributed because some states are being incorporated in the global economy more rapidly than the others (Burnell, 2008). This is mainly caused by the difference in governance of financial positions of the nations. With proper policies third countries have a probability of having the greater piece of the cake in the global economy. For instance, in the 1970s and 1980s Africa and Latin America implemented economic policies which focussed more on internal financial development. What followed was