Globalization Essay Example | Topics and Well Written Essays - 1250 words - 10

Globalization - Essay Example ation in supporting poor countries by rich countries and organizations, effects of globalization on cultural convergence, and effects of globalization on individualism and employer movement. Globalization defines extensive networks across national borders for transfer resources and finished products. This has had significant economic impacts on developing countries because of derived benefits from rich countries and rich organizations. One of the major economic benefits of globalization on poor countries is the exploitation of the countries resources. The poor countries are rich in primary raw materials such as agricultural products and minerals but they lack the potentials to exploit the resources. The developed countries, having been industrialized and having exploited most if their resources are in dire need of the resources in the developing countries for sustainability and for economic reasons. The developed countries therefore invest in the poor countries by sending technologies and machineries to aid exploitation of the raw materials. This leads to generation of income for the poor countries and promotes the countries role in global trade towards generation of fo reign exchange and achievement of favourable balance of trade and balance of payment. The flow of investment resources into poor countries and the demand of the poor countries’ raw materials also create employment opportunities for the countries citizens with effects of improved per capita income and living standards (Holton, 2005; Mooney and Evans, 2007). Globalization also promotes the supportive role of developed countries in supporting poor countries through aiding movement of workers across borders. Even though developing countries are rich in human resource, the countries suffer from low employment opportunities and developed countries, which lack human resource, offer employment opportunities for the poor countries’ citizens. This is because of the facilitated communication and employee