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Globalisation is becoming a normal word in today's business environment where different countries are integrating with one another. No country can be self sufficient, they depend on one another. It is very common to see different countries moving from their own nations and invest to other country/countries in order to get markets or resources such as cheap labour. Country boundaries are no longer an issue due to advancement in technology.
Globalisation plays a great role on the economical development of different countries in the world especially in the developed countries such as US which has investments in different countries around the global. On the other side of the coin, globalisation has negative impacts on social, cultural, political, technological, environmental as well as economical activities of different countries.
The aim of this essay is to assess the impacts of globalisation on the emerging market economies in a double edged-sword, whether it is an opportunity or a threat for their growth. The essay will therefore focus on; what is emerging market economy, characteristics of emerging market economies, the concept of globalisation, its drivers, the impact of globalisation on emerging economies in terms of economic, socio-cultural, environment, technological as well as political-legal and finally make a conclusion of this discussion.
LIST OF ACRONYMS
FDI - Foreign Direct Investments
LDCs - Less Developed Countries
GDP - Gross Domestic Product
EMEs - Emerging Market Economies
MNC - Multinational Companies
UN - United Nations
IMF - International Monetary Fund
1.0 Introduction 简介
Over the years it has been witnessed that the aspect of social, cultural, political, technological as well as economical activities of different countries integrating with one another has increased at a rapid rate. The practices that are found in the European countries and the United States are now found in practically at any country in the world. This phenomenon is now commonly referred to as globalisation.
Globalisation is not a new phenomenon, for century's individuals, later companies, institutions and corporations have been trading with each other in locations that are tremendously far from their point of origin. The Asians for example, used the monsoon winds that occurred after a space of six month's to move from their countries and reach Africa to trade i.e. buy and sell products to the Africans. China and Europe were also connected during the middle ages through the famed Silk Road across Central Asia. This allowed the two parties to invest to one another which were an aspect of globalisation. This depicts the fact that for a long time globalisation was in existence but not recognised as today as globalisation (Jagdish, 2004).
This current situation of the phenomenon of globalisation increasing at a rapid rate has been induced by policies that have opened economies internally (domestically) as well as internationally. One of the main propagators of this was the aftermath of the second world war whereby governments of different countries in the world decided to accept or implement the free market economic system which had an effect on the productive potentials of their countries and generation new opportunities for global trade i.e. the trade was no longer domestic oriented but internationally oriented. This is to say that the policies opened up opportunities for international trade and investments. The Governments have further negotiated the tremendous reductions in barriers to commerce and have established international agreements to promote trade in goods, services, and investments. These have opened up new opportunities in foreign markets and therefore corporations have built foreign factories and established production and marketing arrangements with foreign partners. This is a defining feature of the late trend of globalisation, i.e. it is an international industrial and financial business structure (Jagdish, 1993).
The new opportunities have made other countries that had ceased them to be dominant in the Global economy today. Now more than ever, it is a clear picture that the aspect of globalization has been one of the major contributors to the rise in the economic dominance of many economies such as those in the Asian countries i.e. India, china etc. To date china has now integrated with practically every country around that world. The Chinese corporations have come to be so powerful to the extent that the USA is in debt of more that 10bilion dollars to the Chinese banks. The latter is to say that the phenomenon of globalisation has tremendous impacts on emerging economies.
This essay will therefore focus on discussing the impact of globalisation in the emerging market economies; in so doing, the essay will focus on defining the emerging market economies, characteristics of the emerging markets, defining the concept of globalisation, drivers of globalisation, and effects of globalisation on emerging market economies in terms of its benefits and drawbacks socially, economically, environmentally and technologically and finally make a conclusion of this discussion.
2.0 Definitions and Concepts 定义和概念
2.1 What is Emerging Market Economy?
Emerging market economies are those economies that their economy and industrialisation grow in a rapid pace while experiencing a rapid increase in information efficiency in an environment. These economies are the leaders among developing countries. To be more precise the following are considered to be the leading emerging market economies Brazil, Russia, India, and China, normally referred top as the BRIC countries. The leading one is China due to high growth of its GDP, technology as well as literacy level, about 93.3% of Chinese total population are literate, this became possible since the Chinese government executed its strategy of prioritising education for its people from lower to the higher levels
Discussed below will be the characteristics of emerging market economies.
2.2 The Characteristics of Emerging Economies
The economy of the emerging economies are constantly in transformational process from closed to an open market, trying to stabilise their economic performances for bringing efficiency and transparency in the capital market.
Reform in Exchange Rate System
International Monetary Fund and World Bank assist the Emerging Market Economies in reforming their exchange rate systems in order to reduce flow of domestic capital to foreign economies since there is an increase of local as well as foreign investments in terms of portfolio and direct.
2.2.3 Attractive to Multinational Corporations
The countries in this category are very much on the list of the favourable environments for investment by the MNC because of the ability to provide lower costs of labour and providing a large customer base.
2.2.4 Large Population
The first feature of these economies is the population in their country. The emerging economies have a large number of people in their countries as compared to other countries in the world. In the business terms it means they contain a very large share of the consumer base in their own country. China for example is the most populated country ion the world, and India is also one of the single countries that have many people as almost the entire African continent.
2.2.5 High Gross Domestic Product Growth
These economies have a remarkable rate of growth on their GDP. China has been estimated to have a 10% growth rate in the last decade. This rate makes it the fastest growing economy in the world and in years to come it may have the leading economy in the world above the United States of America. Much of the growth however had been due to receiving Foreign Direct Investments from the Triads (USA, Japan and Europe), thought in the recent years the BRIC group has also been investing in the Triads.
2.2.6 Changes in Living style
The countries with the emerging economies are experiencing an increase in the change in the life style of its population. There is a tremendous change in terms of industrialization, modernisation as well as urbanization. The rural areas are eroding and more cities with tall buildings and many investments are becoming prominent. Some of the wealthiest businesses and business man are found in these emerging economies. Most of the countries populations are more into becoming modern and more urbanised now than years back. Furthermore the standard of living has improved markedly in these emerging economies. Many millions continue to live in poverty but a growing urban middle class provides an expanding market for both domestic products and for imports from abroad.
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