THE IMPACT OF GLOBALIZATION ON DEVELOPING COUNTRIES: A LITERATURE REVIEW

Abstract

The concept, globalization is a multi-dimensional and multifaceted process that encompasses the dimensions of political, economic, social and cultural that have been variously explained in different terms and settings. Globalization might bring new opportunities to developing countries such as greater access to global markets, accelerate technology transfer from more developed countries, holds out promise improved productivity and increased efficiency. However, globalization has also thrown up new challenges to developing countries like volatility in financial market, abuse of labour, environmental degradation's, etc. The debates on the benefits of globalization are fierce. The purpose of this systematic review work was to explore and discuss the benefits and drawbacks of globalization on developing countries in multiple fields such as economic and trade processes, education, health systems, cultural effects, political effects and etc. To achieve this purpose, the reviewer used different inclusion and exclusion criteria and selected only 23 published articles, which were published in between 2005 to 2022. The findings of this study exposed that globalization had both positive and negative impacts on the developing countries. So, nations’ governments, businesses, individuals and private and public organizations throughout the world need to take the initiatives and responsibility to manage globalization by creating treatises and agreements to produce mutually beneficial solutions, to minimize the harms and maximize the opportunities and benefits of globalization on the developing countries. As a limitation, this study did not cover all the dimensions of the impact of globalization on developing countries.

JEL Classification: M10, M20, M31