Critically discuss whether globalization condemns smaller economically vulnerable countries into further depths of poverty

Critically discuss whether globalization condemns smaller economically vulnerable countries into further depths of poverty

Critically discuss the following statement using examples of one or two countries -

"Globalization condemns smaller and economically vulnerable countries into further depths of poverty".

 

 

 

Abstract

Few words in the international political economy arouse as much heated debate as the word "globalization". Depending on which side of the debate, it has either come to symbolise exploitation of the weak by the strong, of the evils of capitalism and liberalism, of the halves and halve-nots, of economic inequality, poverty and fall of the nation state or it is the greatest transformational force that has ushered in economic development and lifting billions out of poverty. Which ever side one is on, both sides have evidence to back up their claims. For this essay, we took a critical look at both sides of the economic debate examining the impact of globalization on smaller economically vulnerable nations. In doing this, we examined current free trade arrangements between two economically strong developed nations and two other smaller economically vulnerable ones to see if the arrrangements have condemned the latter into further depths of poverty or not. The results were conclusive showing that globalization based on free trade liberalism arrangements can indeed condemn smaller economically vulnerable nations into further poverty if not structured well.

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