Theodore (1983) is usually credited with globalization's first use in an economic context.
The term globalisation has come become popular since the 1980s. Technological advances have made it easier and quicker to complete international transactions both trade of goods and financial flows. In other words globalisation refers to an extension beyond national borders of the same market forces that have operated for centuries at all levels of human economic activity-village markets, urban industries, or financial centers. There by turning the world into a global village. However, the opportunities provided by globalisation in real sense in not the same for all the countries and hence it has created an economic imbalance. This has resulted in the emergence of groups protesting against globalisation. This paper examines if globalisation has really been a curse for poor countries and a blessing for rich countries.
As we examine the recent history it can be found that though globalisation offers wide-ranging opportunities for worldwide development, but it is not systematic in providing it in an evenly manner. It should be noted that some countries are becoming integrated into the global economy or the trends of globalisation more quickly than others. ...Show more