The Impact Of Globalization: Developed And Developing Countries

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The impact of globalisation on developed economies
We often say that globalisation has brought the world closer. It did have a huge impact on the world economies. It has benefitted all the countries in one way or the other. It has improved the standard of living of many countries because they have got access to all kinds of products and services nowadays. The production and markets for many companies have also increased which means more income. Globalisation also has shortcomings because it has also brought about a rich becoming richer and poor becoming poorer trend. Some rich and developed countries get cheap labour and also better market for their products. The poor countries have experienced a decrease in markets for their domestic produce
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The improvements made in transportation meant that products as well as people could move quickly and easily. Communication also became easier with the advancements in technology. Some countries offered cheap and skilled labour which resulted in the establishment of foreign manufacturing units in those countries. This meant that there would be more job opportunities for the local residents. The people’s awareness about what is happening in the world also increased.
Developed and Developing Countries
The world comprises of both developed and developing countries. This categorisation is mainly based on the per capita income of a country. Per capita income means the average income that a person earns in the country. Countries with a per capita income above $12 000 are called developed countries. They use more resources and are more advanced, technology wise and industry wise.
Developing nations are not industrially or technologically as advanced as developed countries. They have a per capita income less than $12 000. Developing countries can also be divided into moderately developed and less developed countries. Moderately developed countries will have a per capita income that comes between $1000 and $12 000. The less developed will have a per capita income that comes below $1000. These countries also have a huge population with very less income. There are a large number of countries falling under the developing countries

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