Global Inequality Essay Example | Topics and Well Written Essays - 1500 words

Global Inequality - Essay Example hermore, it has provided an effective platform to developing countries to develop themselves through different available opportunities in this global village. However, it is observed that such globalization has not been very beneficial for many countries, and it has affected them in a negative manner. Specifically, this paper will discuss and analyze some of the significant aspects of effects of globalization in especially developing countries. In the past, developing countries used to await the opportunity of globalization due to its characteristic of boosting economy, as well as, improvement of society standards in the country. However, recent wave of globalization has been quite different due to a number of social, economical, and cultural factors, which has resulted in an economic strain of developing economies due to globalization. In this regard, attempt of globalization has now become a debatable question for the developing countries, which will be discussed in this paper. In order to understand the consequences, it is very imperative to identify some of the pros and cons of the term globalization. In specific, it is observed that developing countries acquire the opportunities to increase their national income through presence of competition in globalized platform. In the result, such countries are able to access the capital on global level, and in other words, capital is not restricted to national level, resulting in greater opportunities for the improvement of living standards. (Prasad et. al, 2003) As earlier mentioned, information technology has played a crucial role in the advancement of globalization, and therefore, globalization allows developing countries to equip themselves with technological tools that are now essential for economic, social, as well as, cultural growth. Additionally, globalization is not only beneficial for countries on national level; however, it brings developmental and promotional opportunities for individuals as well, as an