Globalization and Improved Economics

Globalization has said to bring many changes to the world's economical development in general where it can be incredibly empowering and incredibly coercive, yet it has also brought about disparity in economic development of countries, especially when regional inequalities between the rich and poor nations exist. To what extent does economic globalization benefit the less developed countries?
Globalization is much like fire where it is neither good nor bad. When it is being used properly, it can cook food, sterilize equipment, form iron and warm our homes. When it is being carelessly, it can destroy lives, towns and forests in an instant.The term'globalization' brings different meaning and interpretations to many people. Some scholars opinioned that globalization is beneficial and the key to future economic development. Others viewed it with hostility and apprehensive about its effects such on towards the country's social development and economic development.
Thomas Friedman defines globalization as the inevitable integration of markets, nation-states and technologies to a degree never witnessed before.He argues that economic interdependence equals prosperity and peace.In my point of view, I argue that economic globalization, in general, is largely positive and beneficial to less developed countries. The successes of the developing countries have been largely due to government policies such as Free Trade Policies, designed to open up the country's economy. Globalization have brought social benefits such as improvement in standard of living in terms of longer Life Expectancy (LE) and a fall in Unemployment Rate as well as economic benefits such as increases in GDP per capital and inflow of Foreign Direct Investment (FDI).
1. Improvements in Standard of Living
Several developing countries, which embraced economic globalization, demonstrate that their social development has steadily improved o…

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