Global economy and its impact on global south Essay Example

Global economy and its impact on global south Essay In large number of developing countries, globalization has helped poverty reduction. However aftermath of September 11, and the worldwide economic slowdown hit the poor hard.According to a study that 24 developing countries which integrated into the global economy over two decades ending in the late 1990s achieved higher growth in incomes, longer life expectancy and better schooling. These countries, home to some 3 billion people, enjoyed an average 5 percent growth rate in income per capita in the 1990s compared to 2 percent in rich countries. However, not all nations got integrated in the global economy, especially the sub-Saharan Africa, the Middle East, and the former USSR, the combined population of thesea areas is two billion people. The countries economies in these got shrunk, giving rise to poverty.Though Globalization is very powerful force for poverty reduction, too many countries and people have left behind. The reasons cited for this exclusion are poor governance and poli cies in non-integrating countries, tariffs and other constraints that poor countries and poor people face to access rich country markets and for turning down development assistance. Reversing globalization isuntenable, and curtailing globalization with nationalism and protectionism does harm well-being of people in developing countries.Globalization had a diluting effect on state powers, and illustrated how global forces can transform an individual life, and also scope for an individual to expand connections around the world. The individual lives got affected not just by their local communities, but also by economic, political, and cultural processes or forces that operate globally. Globalization has led to various developments in economic, cultural, and political spheres. In the global economy the countries are depended on global forces, increasing interdependence among developing countries.Choice and inequalityHowever, globalization has put developing countries at risk of widening the income inequalities. The choice of trade liberalization provided access for cheaper products, raw materials and goods that drastically affected local industries such as garments, manufacturing and services. Local industries and manufactures were no match to big multinationals, thus they have go out business.   However, certain technologies and technology-related manufacturing such as assembling parts, software and other mechanical parts thrived.   The existing inherent inequalities in the current global trading system is hurting developing countries at the expense of developed countries. The US and Western nations manipulate institutions of globalization such as the World Bank and the International Monetary Fund (IMF) to pressurize less economically secure nations to provide access to their markets to free trade while safeguarding the weaker segments within their societies.Three differences between gender and raceGlobalization and the financial crisis had increased discrimi natory practices against women such as dehumanization of and violence against women, and the feminization of poverty. That, in turn, had facilitated the expansion of illegal industries. Trafficking of women and children. Migrant workers who are vulnerable are tricked and forced into prostitution by unscrupulous agents.Illegal immigrants and refugees do not have access to education, legal resources, or health and social services. The research has indicated that men and women are affected differently by trade policies and performance due to different locations and command over resources within the economy.   The gender-based inequalities impact differently on outcomes as they are based on economy and sector; as such, yielding unexpected results due to trade liberalization policies.ReferenceDunkin, A. (2005). Globalization: A portrait of exploitation,  Ã‚  Ã‚  Ã‚  Ã‚   inequality, and limits. Retrieved on December 11, 2006 from http://globalization.icaap.org/content/v5.2/dunklin.ht ml