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Despite The Extent Of Globalisation, Some Critics Comment On The Fact That Its Insidious Effects On Developed And Developing Countries Are The Equal Of Its Beneficial Influence With Regard To Individuals And Societies

1001 words - 5 pages

Globalisation can be defined as the process of the world becoming smaller in terms of connectivity, communication and breaking down trade and border barriers. It has brought about positive as well as negative effects to the world. This essay will examine how the outcomes of globalisation play a part in developed and developing countries and their impacts on Singapore.
Technology can be described as a crucial factor for most globalisation processes. Technological advancements have brought about convenience and the world closer. A study by Martin Prosperity Institute (2011) ranked the top ten countries in terms of their investment in research and development and the majority are developed ...view middle of the document...

One source (Brownfield, 2011) has shown that higher trade freedom leads to stronger economies, less famine and better environmental care. This explains the fact that developed countries can raise their gross domestic product, reduce poverty and help build a greener environment at the same time through free trade. In addition, developing countries thrive in terms of economic growth if they liberalised their trade markets. In 1980s and 1990s, China and India were able to rapidly improve their economic growth by freeing up their market. Although social problems did arise from the rapid change, China and India managed to minimise poverty and improved their standard of living drastically (FAO, 2009). On the other hand, as countries are dependent on one another for trade, if one country was to experience an economic downturn, a domino effect will occur and affect the rest of the countries. For example, the recent European economic crisis has shown how the world economy is easily affected by a regional downturn which results in global recession. Therefore we have seen the advantages and disadvantages that free trade and free markets are able to create.
As for the impact of globalisation on my country, Singapore is mentioned as one of most globalised countries in the world. This is evidently supported by a study that ranked Singapore as the number one globalised country based on the globalisation score from economic integration, personal contact, technological connectivity and political engagement (The Globalization Index, 2005). In the case of technology, Singapore always seeks to develop technology for its defence and military purposes. Due to limited human resources, the focus on developing weapons or defence systems aims towards using as few soldiers as possible but having equal or greater amount of firepower and mobility (Chen, 1999). As for free trade and free markets, Singapore was able to attain its current status of a globalised trading hub from a developing country because of Singapore high involvement in trades with the world. For example, Singapore has trade agreements with the world that includes ASEAN Free Trade Area (AFTA), United States (USSFTA) Switzerland, Liechtenstein, Norway...

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