Millennium Development Goals
The Eight Millennium Development Goals are the worldwide growth objectives that were founded following the Millennium Summit of the UN in 2000. This was because of the adoption of the UN Millennium Declaration (Van Teijlingen et al., 2014). All 189 UN affiliate nations at that time and at least 22 global organizations were dedicated to assisting in the attainment of the eight development goals by 2015. Every goal has particular objectives, and date of achievement. To accelerate development, finance ministers from the involved states concurred to offer sufficient funds to the World and African Development Banks, and the International Monetary Fund in 2005. This was intended to eradicate the $55 billion that was owed by affiliates of the heavily indebted and deprived nations to allow them to redirect resources to other programs and enhance health and education in an effort of evading poverty.
Critics of the development goals protested the lack of analysis and validation behind the selected objectives and the challenge of measurements for some intentions and irregular advancements. Even though developed states’ assistance in the attainment of the MDGs rose during the period of global economic crisis, more than half went for debt reprieve, and most of the balance helped in natural disaster respite and military aid rather than advancing development (Van Teijlingen et al., 2014). By 2013, the advancement towards the goals was uneven. Some states attained many objectives, while others were unable to achieve them. A UN forum in 2010 reviewed the advancement to date and assumed an international strategy to attain the goals on the due time. Fresh promises targeted women’s and children’s health and innovations in the global battle against disease, hunger, and poverty.
Positive Impacts of Globalization
Globalization creates employment opportunities. Companies have ventured into the advancing states thus creating employment opportunities. It has provided a chance to invest in the developing markets thus helping to tap the available talents. Some of the emerging states lack enough capital, which deters the development of the domestic companies and employment. Therefore, due to universal nature of the businesses, individuals in the developing states too could acquire gainful occupation chances with globalization. Globalization has affected foreign trade on an economy as trade initiated in the period of the early kingdoms has been reinforced (Asongu, 2014). Currently, trade is carried out in a more humane method, with mutual comprehension. Globalization has enhanced technical know-how as it is normally presumed that all the inventions take place in the Western world. Such expertise emerges in both developed and developing nations due to globalization. With globalization, approaches such as the technical ways of innovations and medicines have developed in the emerging states.
Negative Impacts of Globalization
The development of international trade is intensifying income inequalities, both amid developed and emerging states. Global trade is progressively dominated by transitional companies, which pursue the maximization of benefits with no regard to the development requirements of the individual nations or the local populace (Lim & Tsutsui, 2012). Protectionist procedures in the industrialized nations hinder majority of the producers in the emerging states from accessing the export markets. The instability and volume of capital flows raise the risks of banking and cash crises, particularly in the nations with puny financial institutions. Competition amid developing states to entice foreign investment leads to negative influences where nations hazardously lower the environmental standards. Moreover, attributable to globalization, cultural individuality is lost as homogenization and global civilization borrows heavily from the American culture.
Asongu, S. (2014). Globalization (fighting), corruption and development: How are these phenomena linearly and nonlinearly related in wealth effects? Journal of Economic Studies, 41(3), 346-369.
Lim, A., & Tsutsui, K. (2012).Globalization and commitment in corporate social responsibility cross-national analyses of institutional and political-economy effects. American Sociological Review, 77(1), 69-98.
Van Teijlingen, E., Hundley, V., Matthews, Z., Lewis, G., Graham, W. J., Campbell, J., & Hulton, L. (2014). Millennium development goals: All good things must come to an end, so what next? Midwifery, 30(1), 1-2.