Written by:- ANKITA DASH
26 June 2022.
A developing country is a sovereign state with a lesser developed industrial base and a lower Human Development Index relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category.
A Third World country is an outdated and offensive term for a developing nation characterized by a population with low and middle incomes, and other socio-economic indicators.The term Third World was originally coined in times of the Cold War to distinguish those nations that are neither aligned with the West (NATO) nor with the East, the Communist bloc. Today the term is often used to describe the developing countries of Africa, Asia, Latin America, and Australia/Oceania.
In recent years, the term has come to define countries that have high poverty rates, economic instability and lack basic human necessities like access to water, shelter or food for its citizens. These countries are often underdeveloped, and in addition to widespread poverty, they also have high mortality rates.
Globalization creates greater opportunities for firms in less industrialized countries to tap into more and larger markets around the world. Thus, businesses located in developing countries have more access to capital flows, technology, human capital, cheaper imports, and larger export markets.
Globalization and the turn to the market have clear benefits for developing countries, both in terms of aggregate growth and poverty reduction and in terms of mobility and opportunity for low-income people.
Corruption, poverty, war, hunger, healthcare, education, safety. These are only a few of the problems faced by people in developing countries. Many of these problems are caused by exclusion, fear, intimidation, broken infrastructure, and lack of money, resources, access to information, and tools.
Disadvantages of Globalization
Growing Inequality
Rising inequality is a major fault line of our time, with adverse economic, social, and political consequences. It has depressed economic growth by dampening aggregate demand and slowing productivity growth. It has stoked social discontent, political polarization, and populist nationalism.
Increasing of the Unemployment rate
As the labor market falters, the unemployment rate may actually fall if workers give up looking for work, and as the labor market is recovering, unemployment can rise because more people are entering the labor force as they start to look for work again.
Trade Imbalance
A trade deficit occurs when a nation imports more than it exports. For instance, in 2018 the United States exported $2.500 trillion in goods and services while it imported $3.121 trillion, leaving a trade deficit of $621 billion.
Environmental Loots
The farther a product travels, the more fuel is consumed, and a greater level of greenhouse gas emissions is produced. These emissions contribute to pollution, climate change, and ocean acidification around the world and have been shown to significantly impact biodiversity
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