Globalisation And The Poor Nations

Abstract

This research examines the issue connected with globalization as it affects the economic welfare of poor nations. Various scholars have expressed their perspectives in relation to the link between trade openness and economic growth. Most of these researches established a positive relationship between trade liberalization and growth. However, the fact of the matter is that many things are not the same in poor nations as they are in the success stories usually recounted. A number of policy recommendation has been made which advise these economies to liberalise with some prudential regulation which seems like the advice to drive to drinks more but with more traffic lights, traffic policemen and lampposts to clutch on their way home. This paper exposes the reality of the calamity befalling poor nations in the hands on the rich ones all in the name of globalization. The paper reviews some definition of globalization, presents the real picture of the general economic welfare of poor nation in the era of intensive globalsiation and proffer policy recommendation on the strategies the poor nations can adopt to integrate fully and derive the immense benefits from globalization process.


Keywords: globalization; transport costs; poor; marginalisation

JORIND Vol. 5 (2) 2007: pp. 21-21