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Globalization: Developed and Developing Countries

4 Pages 1094 Words October 2018

Globalization is the trend that has affected all countries around the world. The purpose of globalization is to establish collaborative relationships between different countries to boost socioeconomic progress and expand opportunities on the global market. The nature of globalization lies in increasing social, cultural, and economic interactions between various countries. The reasons for the phenomenon are significant changes in the sphere of information technologies and transportation that have provided unique opportunities for communication, interchange of data and financial resources, and relocation. It is important to mention that globalization has afforded developing countries the opportunity to increase their economic growth along with other countries around the globe. Developed countries expressed their interest in the developing ones, and with the help of large investments, they managed to establish solid trade relationships in manufacturing and other areas. For instance, the United States signed The African Growth and Opportunity Act of 2015, whose aim is to stimulate the trade with sub-Saharan Africa. In terms of this act, the sub-Saharan countries have received the opportunity to export their items to the United States without taxes. Currently, under 70 percent of import from sub-Saharan countries are free (Meltzer, 2016). Another example of the progressive relationships between developed and developing countries is the collaboration between France and Côte d-Ivoire. France helped its former colony deal with political problems, improve the economic state, and boost manufacturing (France and Côte d'Ivoire, 2017).
The processes of globalization have created new conditions for the economic development of various countries. For example, the World Bank and International Management have helped the developing countries to implement radical market reforms and economic changes through the provision of large loans. Thus, the count...

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