Globalization in the 21st Century: Blessing or Threat to Developing Countries

Abstract

Despite the Utopian promise of globalization and the advantages of an information society, the benefits have not been universal and inequality in the world has grown. To some extent, globalization may have exacerbated the discrepancy between the rich and the poor (at the international, national and individual levels) by its relentless progress. In this article, Ryokichi Hirono, professor emeritus at Seikei University and professor at Teikyo University, examines the impact of globalization, focussing in particular on its affect on developing countries (in terms of economics, politics and society) and the environment. He shows how in the last 40 years, the gap between developing and industrialized economies may have been gradually decreasing. Nevertheless, he concludes that as the world faces difficult times ahead, the global integration of economies may mean that the casualties will be higher for developing countries.