Toady almost every economist agrees that a big majority of the world’s residents are noticeably better off in the course of the growth of global markets and the efforts made by the world trade organization to further open the global market not only for the benefit of the developed world but for the whole world at large. Due to ever increasing technological advancement, new markets keep on emerging, demand for products also increase and the consequently competition becomes great (Kilgour, 2000). More people especially from the developing world have gained access to computers and have enhanced their investment. It is estimated that not less than $1.5 trillion is currently being exchanged in the currency markets of the world on daily basis and almost a fifth of the services and goods produced every yearly are traded.
The greatest beneficiaries of globalization are therefore the consumers. Globalization has made consumers of services and goods across the world to one big community who draw benefits from trade in various ways like increased completion ensuring that they access a variety of goods at reduced prices and also the quality of goods and services is improved. Additionally, they stand to benefit due to comparative advantage and economies of scale. The consumers are the main purpose for production hence they stand as one of the major beneficiaries of globalization.
Producers are other key beneficiaries of globalization in developing countries. The process of globalization has helped them access a wider global market for their products hence they not only increase sales but also know the changing demands among their customers. Through globalization, producers have also accessed new technology and ways of effective production that has been acquired in seminars, workshops and other trade fairs incorporating stakeholders from the whole world. The internet also goes along way in helping them to get important information concerning the new markets and demand areas.
Another benefit of globalization is that it leads to lower rates of inflation because as competition increases, more businesses become hesitant to increase wages/prices unless necessitated by increases in productivity (Kilgour, 2000).
The technological and productivity sectors are other areas that benefit from globalization because the increased demand and production calls for more advancement in technology to enhance production to meet the ever changing and increased customer needs. Technology especially in information and communication has been improved in most developing countries over the past two decade, a period when globalization policy was being implemented by most of them.
According to Geddes (2004), globalization has speedily improved the women’s economic and social status in developing countries. There is a simple and straightforward explanation for this; in the globalized and competitive world, the roles played by women in the society have become increasingly valuable. This is because globalization has forced out those cultures that could exclude them from taking full participation in activities. Many societies have since embraced women education and as a result, they have enjoyed dramatic social progress. Women who are educated lean to have fewer children and when they are involved in a workforce, their countries’ economic prospects improve significantly. Subsequently their economic independence enhances their stature both in community and at home. It has to be noted that most importantly, women that their income spending behavior is very different from men’s for they focus on major areas of social progress such as nutrition, education, health and their families.
As already mentioned in this discussion, various sectors of economy immensely benefit from globalization. The governments of the countries involved draw great benefit from this process as there is improved GDP due to increased foreign exchange (Geddes, 2004). In the end, there are better living standards for the citizens if the money gained is channeled and appropriately used for national development. For instance since1986 to recent years, the gross world product’s percentage has risen from 15% to almost 27%. It also estimated that over the past two decades, over two million individuals have left living in absolute poverty and today they are seen as those living on the correspondent of less that $1 per day.