This paper approves that this pressure resulted in the systematic weakening of the indigenous economic systems that underpinned the growth of the economy. Farming and the production of powder milk were ruined due to the influences that followed the economic interventions of the developed countries and the structures created by the global financiers. These interventions appeared well meaning at first but gradually descended into ruin in the aftermath. Some of the long-term consequences included job losses and the destruction of local investing capacities. Many theorists and economic analysts argue that globalization essentially denies weaker countries the opportunity to trade favorably with the stronger powers. Cases are given of Jamaica, which continues to experience the devastating effect of global economic competition as a result of yielding to the pressure of structural reforms.
This essay comes to the conclusion generally, globalization denies the developing powers the opportunity to protect their own markets. Globalization entails liberalization of the market economies, which essentially means that the developing world opens up its markets to global competition with the world powers. Weaker powers have stronger marketing powers and often use the synergies of their development to dominate the markets and push the weaker countries out of the markets. In the long term, the weaker countries become increasingly dependent on the developed countries for their sustenance. This dependency eventually yields a situation where the poor countries increasing descent into a cycle of debt. ...Show more