It is an undeniable fact that there is a wide gap between the developed, developing, and underdeveloped countries. Although globalization has had a deep impact on the world, its advantages have failed to benefit the underprivileged nations. In my opinion, poor nations are manipulated by their wealthier counterparts for their vested interests, leaving them at the mercy of the world superpowers.
Firstly, it is observed that the rich nations are getting richer and are able to provide a more fulfilling life for their own people, while the poorer ones are struggling to provide for their citizens and suffer from a lack of amenities, destitution, and poverty. Despite modest trade growth in these underdeveloped countries, their resources and manpower are exploited by providing them with minimal wages. In this way, the wealthier nations reap maximum profits out of the developing economies.
Furthermore, this phenomenon has had a profound impact on the environment as well. Under the impact of globalization, the poorest nations are becoming dumping grounds for the waste generated by the developed countries. Instead of developing mutually beneficial international business links that could facilitate interdependence, the rich governments show little concern for the issues that developing and underdeveloped countries have to face.
However, there are certain benefits that these poorer nations get as well. Free trade can improve the quality of life for a nation’s citizens. Nations can import goods that are not readily available within their borders. Importing goods may be cheaper for a developing country than attempting to produce consumer goods or services within their borders. This, though, cannot even compare against the adverse effects of international trade and should only be looked at as a minor advantage.
In conclusion, it is evident that everyone is not benefiting from globalization, and we are far from establishing a fair global society. What is clear, though, is that because of international free trade, many nations are losing their cultural values and traditions and are not developing sustainably, which begs the question regarding the overall implication of international trade on developing and underdeveloped nations.