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Economic growth progressed faster and poverty declined globally following the rapidity of globalization. Per capita GDP growth in the post-1980 globalization accelerated from 1.4 percent a year in the 1960s and 2.9 percent a year in the 1970s to 3.5 percent in the 1980s and 5.0 percent in the 1990s. This acceleration in growth is, even more, remarkable given that the rich countries saw steady declines in growth from a high of 4.7 percent in the 1960s to 2.2 percent in the 1990s. Also, the non-globalizing developing countries did much worse than the globalization, with the former’s annual growth rates falling from highs of 3.3 percent during the 1970s to only 1.4 percent during the 1990s. At Best Essay Forum, we provide the best reports, presentations and thesis for our clients, which are 100% Plagiarism free as our professional writers write them. Reports, presentations and thesis are written by qualified degree holders of bachelors, Masters and PhD. They produce your academic assignments with much attention by fulfilling the requirements.
This rapid growth among the globalization is not simply due to the strong performances of China and India in the 1980s and 1990s—18 out of the 24 globalization experienced increases in growth, many of them quite substantial.”The spread of multinational corporations has accompanied the rise of globalization. One of the many changes they have brought to developing countries is increased automation, which may damage less-automated local firms and require their workers to develop new skills in order to transition into the changing economy, leaving some behind. The necessary education infrastructure is often not present, requiring a redirection of the government’s focus from social services to education.
ECLAC states that in order to create better economic relations globally, international lending agencies must work with developing countries to change how and where credit is concentrated as well as work towards accelerating financial development in developing countries.] ECLAC further suggests that the United Nations expand its agenda to work more rigorously with international lending agencies and that they become more inclusive of all nations. Key factors in achieving universal competition are the spread of knowledge at the State level through education, training, and technological advancements. Economists suggested that programs to help developing countries adjust to the global economy would be beneficial for international economic relations.
Several movements, such as the fair trade movement and the anti-sweatshop movement, claim to promote a more socially just global economy. The fair trade movement works towards improving trade, development and production for disadvantaged producers. The fair trade movement has reached 1.6 billion US dollars in annual sales. The movement works to raise consumer awareness of the exploitation of developing countries. Fair trade works under the motto of “trade, not aid”, to improve the quality of life for farmers and merchants by participating in direct sales, providing better prices and supporting the community.