Globalization in Developing Countries

Recently we've been looking over the topic of "Globalization" as a worldwide issue. Approximately nine hours ago an online article was published on the UN website, discussing the issue of Globalization in developing countries.

The article was short but pointed out one strong point which speaks against Globalization's ability to help developing countries.

“Only investment in the productive sector will create employment, increase household income and reduce poverty over the long term,” he said, citing especially the world’s 50 least developed countries (LDCs).

In developing countries there may be a few productive sectors, however not enough to take the entire country out of the gutter and onto the mainstream of technology and human advancement. As Mr. Supachi had said, developing countries "simply lack the capacity" and "the ability to produce foods and services, the knowledge needed to create a broad industrial base and the infrastructure that enable countries to trade and communicate." Many developing countries in today's world have attempted to catch up with the rest of the world when it wasn't prepared to, therefore creating only a small industrial base and infrastructure. Without a broad "industrial base", the nation may just collapse.

The article finally emphasizes on the point that, for globalization to benefit an entire country, the country itself must "strengthen managerial and entrepreneurial skills" and "to bolster the Aid for Trade programme" in order to create the broad industrial base Mr. Supachi had mentioned earlier.

If you would like to view the article, please click here.