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Over the last hundred years, the world has become more interconnected with the integration of political, cultural, environmental and socio-economic policies across a wide range of countries. More than ever before, human beings are interconnected in trade, communication and the flow of foreign direct investment has ensured that persons have interests in all corners of the globe. The globalization of the world economies has caused an unequal distribution of gains mostly in the developed countries and some third world countries (Amoroso, 2007, p.12). There have been more losers especially in most of the third world countries where the resources have depleted, and environment suffered and ironically even a huge chunk of the western world is emerging as losers. This paper seeks to enumerate in the ways that globalization has failed to live up to the expected results and produced more losers than winners.
There is no agreed definition of the term globalization with different designations given depending on the text but broadly, globalization is the close integration of markets, services, labor, capital and factors of production amongst the different countries of the world. The interlinking of national economies accelerated with the end of the Second World War when very many countries had to rebuild with the help of the others that were not adversely affected. Multidimensional efforts to integrate the world economies have had different impacts in different economies depending on the fiscal policies and different levels of openness of the economy.
The new advances in information technology have globalized economies by creating new possibilities that did not exist before and trends towards solving the world’s problems. The citizen of the world today is more informed in real time of what is happening in different parts of the world than they were at any other time in history. The openness has brought about more realization and challenges that can be detrimental to trade in an instant....
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