As the rate of globalization goes high in the United States, the developing countries also look forward to get them same effects of globalization. Thus, the United States of America has to play a major role in facilitating development in the third world countries.
United States created two international institutions which aim at developing all the countries in the world. The two institutions are World Trade Organization (WTO) formed in 19951. The main function of the World Trade organization was to settle all the trade disputes among the countries in the world. The second organization is the International Monetary Fund (IMF) which was formed after World War II. The events of the war destroyed most of the countries’ resources, and something had to be done to revolve their economy. The International Monetary Fund provided emergency loans to countries.
After the events of World War II, the United States of America plays a major role in shaping the economy of the world. Thus, to ensure that other countries develop, they have to incorporate all the aspects of globalization. They have to advance the living standards and ensure that there is stability in the world’s economy. The policy makers have to come up with policies that promote globalization in all the countries, which is a great challenge2.
Consequently, some of the third world countries cannot adapt globalization because of factors such as illiteracy and poverty. The United States has first to work on the two major challenges before introducing globalization in those countries. Thus, they need resources to ensure that they provide all the basic needs required and improve their education sector. Finance is needed to carry out all these activities, making it a great challenge.
Globalization has resulted in a faster exchange of ideas among the countries. Criminals use the advanced technology to communicate over a long