Write 5 pages with APA style on Will globalisation lead to the end of the third world. With globalisation, freedom to trade and to business has become a norm in the globe (Bhagwati, 2004). Countries are given the opportunity to trade with all other countries across the globe. It is further facilitated by the reduced fees of levies, taxes and import quotas.
Prior to globalisation, the global economy was controlled by specific groups. In those days, the freedom to trade was not the norm. Business people had to pay heavy fees to govern bodies just to operate a small business. In the days of the cold war, global trade was very expensive and biased. It is due to this that the global economy was growing at a very slow rate (Blomsrom & Hettne, 1984). The prices of exporting and importing products were high enough to hinder an ordinary merchant to conduct the business. This left militaries and governments as the only bodies with a comfortable run in the global market. It is during this period that many counties failed to grow economically and remained in bad economic positions up to today.
However, with globalisation, the economic trend of these third world countries is changing significantly. With economic and trading freedom, third world countries are striving to get an economic advantage in the global economy. Is this trend purely caused by globalisation? This paper will focus on the impacts that globalisation has brought to third world countries. It will also look at the future of the third world countries under globalisation, and if globalisation will lead to the end of the third world.
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It was predicted that there would be rapid development in Asia, Africa and Latin America. The growth would be enough to bridge the gap between the developing and developed states. According to Chew & Denemark (1996), the gap will be reduced until the level that it would be insignificant and meaningless. This will provide a level ground of trading among all nations. These developments are said .to be most beneficial to the poorest nations. In Africa, Asia and Latin America the desperation of success is growing each and every day among individuals. With the success trail made easier by globalisation, everyone in the developing nations sees a future of success in them.