GLOBALISATION AND ITS IMPACT ON DEVELOPING COUNTRIES: CHALLENGES AND OPPORTUNITIES

Abstract

Globalisation presents developing nations with two unique but related problems: how can a viable global market be established for them and what political implementation methods can effectively solve the issue of controlling globalisation's responsibility in third-world nations? The objective of this study is to illustrate how globalisation has affected the economies of third-world nations. The technique of secondary research was used to finish the remaining parts of this study, which provided the foundation for further investigation after it is finished. Secondary research refers to the practice of conducting an investigation using just information that has already been compiled and is a common method for carrying out an organised inquiry. This research method involves sorting, combining, and analysing a large number of data samples to provide significant study conclusions.In order to investigate the data in light of the use of secondary sources, content analysis was carried out. The content analysis took into account recurring themes that emerged from the compiled studies as well as the objectives of the research. The themes have been modified to include the study's findings that have been compiled, evaluated, and contrasted. Globalisation needs to be supported and carried out in a way acceptable to all nations for it to succeed. Additionally, the forces of society and the government need to regulate the global marketplace properly. Richer and more technologically advanced nations should take the lead in this endeavour. It is a well-known reality that the lending organisations, such as the IMF and the World Bank, want the borrowing nations to execute structural reforms that will frequently worsen the poverty level in such countries. The developed nations stand to gain the most from this kind of interdependence if they are able to take advantage of the export capacity and relatively cheap manufacturing practices that characterise their peers. Although it has been tried, globalisation has not proven to be an effective solution to the developing world's most pressing economic problems, such as widespread poverty, high unemployment, and a wide range of other inequalities and injustices, including widespread hunger and environmental destruction.