Globalization Essay Example | Topics and Well Written Essays - 1000 words - 11

Globalization - Essay Example This essay stresses that economic globalisation is also evident in the global restructuring and readjustment of industries. Movement from labor-intensive to capital-intensive production is increasing in developing countries. Due to competition for the international markets, economic globalisation has taken a different trend. Mergers, acquisitions, and strategic alliances are now normal to improve competitiveness. Examples are international economic and financial organisations, such as World Bank controlled by the west. As a result, the West uses this advantage to promote and control economic globalisation. Through the control of these institutions, they can control less developed countries and influence their economic development agenda. China's quick entry as a WTO member also goes to show how much nations are interested in being part of economic globalisation. This paper makes a conclusion that in the wake of accelerated economic globalisation less developed countries find themselves in a dilemma. Should they isolate themselves from the process, they will surely not benefit from technology transfers. FDIs are sidelined in the development process. Participation also carries its risks. The developed countries dominance in the process of economic globalisation will reduce them to mere annexes of the developed countries. As a result, there is need to safeguard interests of developing countries in the development of new economic orders.