International Management
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- Date Submitted: 09/11/2012 11:46 AM
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Globalization: Impact on the Developing Nations of BRIC
Introduction
Globalization is not simply a catchphrase used to describe how the world economy is evolving. Globalization affects the world's political, cultural and economic scene from Wall Street to Main Street to rural villages in the developing world. The freedom to exchange goods and services has never known so few barriers to the world (wto.com, 2011). Organizations like the World Trade Organization have worked to open up new markets for international firms and governments to conduct business globally especially in the developing countries (wto.com, 2011).
Who and what are the developing nations? Developing Nations are classified as "A nation where the average income is much lower than in industrial nations, where the economy relies on a few export crops, and where farming is conducted by primitive methods. In many developing nations, rapid population growth threatens the supply of food-developing nations can also be classified as underdeveloped nations" (dictionaryreference.com, 2011). The developing nations we will focus on in this paper are China, Brazil, Russia and India- the names I listed here are countries that we see and hear about everyday in the news- some of them are due to come off this list this year but how amazing is it that a list of countries this distinguished are on the list (un.org, 2011).
Understanding the positive and negative impact of globalization on developing nations can help control and direct it in manner that is beneficial to both developed and undeveloped nations. Understanding the global economy - starts with understanding the actions that have created globalization. Foreign Direct Investment is one of the key actions of globalization- as it has increased substantially over the years and is seen as one of the key drivers to globalization (American Economic Review, Aitken and Harrison, 1999). We will look at the dynamics of FDI and its...
Introduction
Globalization is not simply a catchphrase used to describe how the world economy is evolving. Globalization affects the world's political, cultural and economic scene from Wall Street to Main Street to rural villages in the developing world. The freedom to exchange goods and services has never known so few barriers to the world (wto.com, 2011). Organizations like the World Trade Organization have worked to open up new markets for international firms and governments to conduct business globally especially in the developing countries (wto.com, 2011).
Who and what are the developing nations? Developing Nations are classified as "A nation where the average income is much lower than in industrial nations, where the economy relies on a few export crops, and where farming is conducted by primitive methods. In many developing nations, rapid population growth threatens the supply of food-developing nations can also be classified as underdeveloped nations" (dictionaryreference.com, 2011). The developing nations we will focus on in this paper are China, Brazil, Russia and India- the names I listed here are countries that we see and hear about everyday in the news- some of them are due to come off this list this year but how amazing is it that a list of countries this distinguished are on the list (un.org, 2011).
Understanding the positive and negative impact of globalization on developing nations can help control and direct it in manner that is beneficial to both developed and undeveloped nations. Understanding the global economy - starts with understanding the actions that have created globalization. Foreign Direct Investment is one of the key actions of globalization- as it has increased substantially over the years and is seen as one of the key drivers to globalization (American Economic Review, Aitken and Harrison, 1999). We will look at the dynamics of FDI and its...