globalization
The advent of the twentieth century was accompanied by the peaking of the first wave of globalization while the rising crest of a second, more potent wave marked the end of this era. ... ” Like all other phenomenon, globalization has many dangers and an ugly dark side as many anti-globalists would agree. ... In light of this panorama, globalization is only to a certain extent the way forward for both rich and poor. ... Other similar pro-globalization groups include the World Bank, the Free Trade Association of the Americas (FTAA) and the International Monetary Fund (IMF) which provides a means of combating financial disruptions adversely affecting people worldwide. ... Consequently, while this is advantageous to rich nations, developing nations continue to have extreme difficulty in steering through the turbulent waters of globalization. The development of globalization has also produced new avenues for criminal activity. ... Another main reason why the poorer nations encounter difficulty in progressing is paramount to the fact that globalization literally forces Third World countries to open their markets to the rich multinationals. ... As a result of the above actions, globalization will ultimately lead to mass proletarianization. ... In addition, according to Amin (2003): “The modern capitalistic globalization leads to polarization on an international level. ... Another unfavourable repercussion globalization has on developing countries is the virtual loss of their autonomy. ... In addition to the aforementioned, the triumph of unfettered market forces and accelerating globalization will create an unequal distribution of wealth among the rich nations. ... This in effect defeats the whole purpose of globalization as it was initially meant to bring harmony and unity amongst all nations. From an economic perspective, globalization affects individuals through trade. ... The more open economies are affected most by the globalization phenomenon in a negative manner, since they are more vulnerable to changes in the level of economic activity in the rest of the world. ... Studies by Frankel and Romer (1999) and Irwin and Tervio (2002) have shown that countries more open to trade experience higher incomes thereby rendering globalization favourable to all. ... Not only does globalization reduce communication barriers but it also leads to the homogenization of culture. In his book, The Lexus and the Olive Tree, Thomas Friedman (1999) said: “Globalization can be incredibly empowering and incredibly coercive.