Economic Globalization & The Developing Countries

Economic Globalization is a tremendous trend of the development of world economy, marked by free flow of goods, service, capital and information at an increasing scale and speed. Inevitably, economic globalization will promote the growth of world economy, thus will increase the world wealth. Meanwhile, it is also a great historic opportunity for the developing countries that have long been seeking to realize industrialization and modernization.However, promoted by western developed countries and based on market economy the economic globalization is of the obvious capitalist nature. Therefore, quick and defenseless participation in the world market may result in deterioration of trade conditions, difficulties in adjusting the economic structure and the expansion of destructive force of free market, especially free flow of vast amount of capital and speculative financial activities which have gone well beyond the control of governments. Borderless economy challenges the economic sovereignty and economic security. The increasingly widened gap between the south and the north has already become a world-wide concern.As a matter of fact, the world is greatly integrated and it is impossible for a single country to stay away from this prevailing world trend to seek development. Thus, the subject under discussion is not whether the developing countries take part in the globalization but how to get involved in it and benefit from it.As an objective trend , the economic globalization meets the requirements of the advancement of productivity. Promoted by the western economic powers, globalization is of capitalist nature and unfair for the less developed countries. It also provides the developing countries with unprecedented opportunities to realize industrialization. By participating in the world economy developing countries promote the equality and balance of the world economic relationship and the upgrade world civilization.This thesis mainly expounds the opportunities and challenges that the economic globalization brings to the developing countries aiming to find a solution to the problems and risks faced by developing countries. The first part of this thesis introduces the general theories about economic globalization and its significance to developing countries.The second part, the central part raises the challenges the developing countries meet in economic globalization, including the challenges to the national sovereignty, to the economic and financial security and the increasingly widened gap between the rich and the poor in terms of income,information, science and technology.Correspondingly, strategic measures have been suggested in the last part about how the developing countries seize the opportunities and minimize the risks. By gaining their own national economic growth and social development, developing countries can also play a significant role in promoting the world peace and progress, given the necessary support by the international society.This thesis urges the international society to leave the necessary margin for developing countries to develop, and give them the necessary support. Aiming to make this world a better place in which welfare is guaranteed for both the rich and the poor is our common choice. Only in this way, world peace and prosperity can be a sure thing.