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Globalization is a topic that has formed the basis of many debates because of its endless controversy about its effect on development issues. Those against globalization argue that it is an enemy of the development of man. Most critics view globalization from an economical perspective (Bhagwati, 2007). Globalization is abroad term, that is often defined as a myriad of phenomena, which is ultimately translated to mean, ‘’increase in the interdependence of countries’’ (Goldberg & Pavcnik, 2007, P. 41). Those who choose to embrace globalization are more likely to benefit from the opportunities that it provides compared to those who renounce it because of its alleged demerits to humanity. However, Bhagwati says that globalization has a human face, which is contrary to anti-globalizers who believe in the opposite. Bhagwati (2007) emphasizes that the main idea is maintaining the human faces of globalization through the management of forces that shape globalization. Those who oppose globalization take that side out of passion, instead of reason. Reason reveals that we reject the idea that globalization does not bear a human face. The argument is a false alarm, creating a delusion whereby globalization can only be analyzed from one point of view (Bhagwati, 2007). Globalization has a human face and those opposing this do not have substantial reason and only apply passion for fueling their anti-globalization campaigns. Globalization has the face of humanity and it would be clearer if people begin looking at other critical issues, like how it can be managed.
The emerging markets’ economic growth has been mainly attributed to the international diversification. Besides, investors have also pointed out the impressive growth of emerging economies as a primary motivator that increases their strategic distribution in their global equity portfolios among emerging markets. These emerging economies include the BRIC economies, Brazil, Russia, India and China (Vanguard Research, 2010). Globalization is linked to a reduction in poverty and impressive economic performance, especially countries that have attained significant economic reforms (Kali & Reyes, 2006).
There are those who oppose globalization and consider it as the main cause of the various social problems that are observed today, like poverty, especially in the developing countries. Unlike hardcore critiques, one can reason more with such a group of people. For example, one may state that globalization has not caused poverty but has elevated it to a certain extent (Bhagwati, 2007). Besides, poverty and globalization are global aspects and there is still very little that is known concerning the latter. This is attributed to the fact that there are still faced with the challenge of definition and measurement, making it easier for one to lose track of the underlying issue. Globalization is also a new phenomenon in the history of economics. This has subsequently resulted in the use of particular definitions and sources of data, which can impact distinct results that entail different policy implications. From an economic point of view, globalization is often translated to man liberalization of the market through the gradual decrease of the role of the state in the economy of a nation. All these attributes of globalization have an effect on poverty. There is a basic rationale that an open market can enhance trade while trade contributes to the growth of an economy. Therefore, there is an implication that globalization helps in the alleviation of poverty. However, there are still disagreements about this because the costs and benefits of trade are not equally distributed across consumers and producers of imported and exported goods.
Conversely, since the poor are the ones who are most affected by inflation, it would be ideal for a country to export more in order to maintain its macroeconomic stability (Santarelli & Figini, 2006). Thus, globalization cannot be directly blamed for the hike in the levels of poverty. Countries have to become innovative on how to cope with the forces of globalization by initiating sound reforms. Globalization is not the cause of poverty, instead, the management of forces that further influence globalization.
It is also important to note that globalization is also often linked to sustainable development. There is a critic who argues that globalization is the cause of environmental degradation (Bhagwati, 2007). Therefore, there are concerns about how sustainable it is. Human welfare and well-being have always encompassed our natural environment (Miller, 2005). Thus, any form of environmental degradation is not compatible with the well-being of man. However, it is up to the states to create strong environmental policies since it plays an integral part in the management of the natural resources (Miller, 2005). Countries have to be more aggressive in pursuing policies that can enhance the achievement of sustainable development. Going global cannot offer the guarantee that the world will become a better place but it certainly helps in attaining a high level of transparency and accountability. As nations gradually merge to form a global village, there is a greater need for coming up with higher international standards (Washington Post, 2005).
Despite the many controversies surrounding globalization, one cannot absolutely deny that it has a human face. This is because it has proven to be beneficial to societies that were initially considered as marginalized. More people can be involved in trade and benefit including farmers from developing nations. Globalization is not discriminative but fosters cooperation among states as well as institutions. As the world joins into a global village, accountability and transparency are increased as multinational organizations agree to form partnerships that enhance man’s well-being, whether it is in the form of employment or through corporate social responsibility. The human face that globalization bears can be further improved through proper management of global forces.
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Bhagwati, J. (2007). In Defense of Globalization. New York: Oxford University press.
Goldberg, P. K., & Pavcnik, N. (2007). “Distributional Effects of Globalization of Globalization in Developing Countries”. Journal of Economic Literature” 45(1), 39-82
Kali, R., & Reyes, J. (2007). “The architecture of globalization: A network approach to international Economic Integration”. Journal of International Business Studies 38 pp. 595-620
Miller, C. (2005). “New Civic Epistemologies of Quantification: Making Sense of Indicators of Local and Global Sustainability.” Science Technology & Human Values 30 (3), 403-432
Santarelli, E., & Figini, P. (2006). “Openess, Economic Reforms, and Poverty: Globalization in Developing Countries”. The Journal of Developing Areas 39 (2), 129-151
Vanguard Research. (2010). “Investing in Emerging Market: Evaluating the Allure of Rapid Economic Growth”. Retrieved 5th March, 2014 from: http://www.vanguard.com/pdf/icriem.pdf
Walker, M. (2007). “Globalization 3.0.” The Wilson Quarterly 31(4), 16-24
Washington post. (2005). “Measuring Globalization: the Global Top 20”. Retrieved 5th March 2014 from: http://www.jstor.org/page/info/about/policies/terms.jsp
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