Over the past few decades, there has been a wave of globalization that happened from mid-1980s. This was marked by a surge in flows of capital among the industrialized countries and more remarkably between them and developing nations. Due to this, many developing countries has experienced high economic growth rates, improved living conditions, creation of employment, efficient production among other benefits. However, there are also some negative outcomes linked to globalization. For instance cultural globalization has resulted to erosion of indigenous cultures in some countries especially in Africa. Due to this, there is debate looming on the impacts of globalization on developing countries.
The main purpose of this paper is therefore to assess the effects globalization has in developing countries. Other than giving historical development of the concept, it will also center on six areas of concern as far as globalization is concerned in these countries. They include: facts and statistics of globalization in developing countries, economic effects, employment effects, the beneficiaries of globalization and finally its future.
Stallings (2000) asserts that globalization is a socio-economic process which in the recent past has become synchronous with the economic development of a country. It is a continuous process that offers an avenue through which different societies, communities, economies, traditions and culture integrate with one another on a global platform. There is always a suitable means of communication to facilitate exchange of ideas. A proper understanding of the history of globalization helps to understand its causes that lead to the social and economic changes.
History dictates that during the first century CE the trans-world trade made its first major appearance in china under the Han dynasty. China also made successful trade relations with Asian and European countries. In the period from 650-850 AD, there existed the extension of Islam and trade ties with the West Mediterranean expanse together with the sub-continent India. Slave trade was clearly observed as it contributed to sustaining the expansion of Atlantic Economy thus giving rise to integrated economic and industrial systems across the ocean (Manzella, 2006). In the period between 1776 and 1789 AD, there was the French and US revolutions and the formation of contemporary state as a fall-out between business interests and military. The above named empire expanded during the industrial revolution. The merge between modernity and globalization started in the 18th century. This period also laid the foundation for the creation of the international trade law.