A summary
The report “A Bigger World: A Special Report on Globalization” offers a substantive review on various issues aligned with globalization. In fact, the report offers substantive insights on the economic implications of globalization. Worth noting is the fact that in the past globalization had a different meaning, whereby it was often used to mean expansion of business from the developed nations to the less developed ones. However, things have taken another turn in the recent past whereby, the emerging economies have evolved into equal competitors with the developed nations. As result, economies from both developed and less developed nations are transacting businesses across an equal platform. In a nutshell, business in the contemporary society is characterized by the equal competition existing between all nations regardless of their economic status (The Economist “A Bigger World: A Special Report on Globalization”). From this analysis, globalization is a force worth reckoning based on the primary impact that it has on the economy of various states.
Based on the findings from the current report, there are various factors that depict the fact that emerging economies have become part and parcel of the globalization force. More importantly, a number of corporations from developing nations have appeared amongst the top trending companies all over the globe. An example of corporations who have attained immense growth in the emerging economies are Safaricom, a Kenyan based company, which has attained significant market share (The Economist “A Bigger World: A Special Report on Globalization”). Certainly, this depicts the progress attained by emerging economies despite the unfavourable condition for economic progress in such nations (Bishop 8). Worth noting is the fact that transformation of corporations from emerging economies did not occur in isolation nor spontaneously. Instead, it entailed persistent efforts from this corporation, which entailed the creation of global brands on their products and services.
Personal thoughts
While much has been hypothesized regarding globalization, it is of the essence to note that globalization is not limited to business connections between developed and developing nations. Instead, globalization refers to change precipitated by various factors such as communication flows, capital flows, and migration across various parts of the globe. It is such changes that contribute to the mutual economic development of developed and emerging economies. There are various ways in which these changes precipitate economic development. To developed nations, changes aligned with globalization forces business to merge their business with a wider array of strategies. Many at times, such strategies are merged with novel ideological trends, which balance the rights of individuals and the society. Certainly, this makes the world a global abode where business can compete in a legitimate manner. Conclusively, globalization results in reorganization at local, national, and international levels, which offers a comprehensive platform for economic growth (The Economist “A Bigger World: A Special Report on Globalization”).
With regards to emerging economies, change resulting from globalization stimulates economic progress in a number of ways. More importantly, globalization reduces the levels of employment in developing nations that are often marred with massive unemployment levels. Globalization results in an influx of foreign corporations in the developing countries. These corporations offer employment for people from the developing countries, which is a recipe for economic progress (The Economist “A Bigger World: A Special Report on Globalization”). In addition, influx of foreign corporations enhances are reduction in income disparities, which is evident by an improvement in living standards. Many at times, presence of a foreign corporation in the developing countries establishes foreign capital, which offers a viable way of reducing income inequalities the developing countries through the creation of employment. Finally, globalization enhances access to new markets by the developing nations, which allows progress of companies emanating from these nations, which is beneficial to the economy of developing nations.
Work Cited
The Economist. A Bigger World: A Special Report on Globalization. Economist News Paper, 2008. Print.
