Challenges and Prospects of Globalisation in Third World Countries
DOI:
https://doi.org/10.17605/cajssh.v5i6.1129Keywords:
Globalisation, Economic Gap, Migration, Catch up effect and third world countriesAbstract
Globalization involves the free movement of goods, services, ideas, and people across borders, significantly impacting third world countries, particularly in Africa. While it fosters economic growth and access to new technologies, it also exacerbates issues like marginalization, income inequality, job losses, and cultural homogenization. This study addresses the specific challenges and opportunities of globalization in developing nations, focusing on the gap between rich and poor countries. Using secondary data from academic sources and reports, and grounded in the hyper-globalization theory, the research identifies major challenges such as brain drain, poverty, environmental degradation, and unemployment. The study suggests strategies like self-reliant economic policies, fair trade, protection of local industries, and equitable wealth distribution to mitigate these challenges. The findings highlight the need for sustainable development and structural reforms to maximize the benefits of globalization while minimizing its negative impacts.
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