Has Globalization gone too far? Many believe that the new globaleconomy generates a race to the bottom in labor, economic, and social standards.
Globalization is the process by which events in distant places affect people’s lives and their opportunities. Trade and finance are among the most powerful forces transmitting knowledge and culture. This exchange of knowledge and culture has a much bigger effect on how people live their lives than international trade or finance ever thought.
East Asia has gained the most from globalization, and much of effects onLatin America appears positive. Sub-Saharan Africa shows little benefit at this time.Most of the absolute poverty reduction associated with globalization is likely to occur in East, South and South East Asia, where close to 70 percent of the world’s absolute poverty is concentrated.The economies in transition of Central and Eastern Europe and of the former Soviet Union are also confronted with the challenges and opportunities associated with globalization.
The shift towards greater dependence on markets on all continents has been so fast and so strong as to raise concerns. Countries in earlystages of development may have special needs to help provide infrastructure, modern education and health care.
Globalization has also generated enormous social problems. The world is now paying a heavy price for ignoring important aspects of globalization.Globalization, for better or worse, appears to be an irreversible trend which affects all countries.
The UN has played a crucial role in building an international consensus on action for development. The Secretary-GeneralKofi Annan contends that with all its problems, globalization can be a positive force for all the world’s people. Beginning in 1960, the General Assembly has helped set priorities and goals through a series of 10-year International Development Strategies.