The UK governments Department for International Development (DfID) recently produced a uncontaminating paper which defines globalization as: The growing interdependence and interconnection of the modern innovation through increased flows of goods, services, capital and information. The exhibit is driven by technological advances, and the reductions in international transactions, which hurry technology and ideas, raise the sh ar of trade in world production, and increase the mobility of capital.
Integration of the world economy, known as the globalisation process, could potentially offer developing countries new opportunities for accelerating economic growth and internecine development. However, it also poses great challenges to policy makers for managing national, regional and global economic, friendly and political systems. While the opportunities offered by globalisation can be significant, a question is often raised as to whether the authentic distribution of benefits is fair, in particular whether the poor benefit less(prenominal) proportionately from globalisation than the west - and in some wad may actually be hurt by it. The downside of globalisation is most vividly epitomised at times of economic imbalance and negative growth.
Indeed, in that respect is growing evidence highlighting an increase inequality in the share of world income and a release in the trend of incomes as globalisation has continued.
Under globalisation the development in the West has been immense, without banking, the UK wouldnt be the fourth largest economy in the world. The UK banking sector also pays a third of the breadbasket tax collected by the Treasury to re-invest in education, health care and to boost pension funds for the elderly. However these benefits from globalisation are not felt in developing countries as they are for example in the UK. Where innovation and growth have not been tailored to meet the specific needs of the country there has actually been an increase in poverty. This has generated...
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