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â€The economic globalization will bring about greater benefit for developed countries than for developing ones as the former countries enjoy comparative advantages in technology and managerial skills over the latter onesâ€
In the context of rapidly growing and far-reaching globalization, it is true that developed countries are in a better position to reap much more benefits than the developing ones do.
One of the assertions in favour of the above statement is that the developed countries get their upper hand over the developing ones in the field of technology, especially state-of-the-art and spearheading technologies. With this comparative advantage, they constantly boost their productivity and acquire weath in various ways. Apparently, they only shift certain labor-intensive industries to the developing world.
Moreover, developed countries possess advanced management tools, which enable them to conduct their business and production activities in an optimal and effective manner. They are leading the world economy and their products undoubtedly penetrate into and in most cases dominate domestic markets in developing countries.
However, we much acknowledge that economic globalization is an irrevisable trend and does help increase global trade volume and promote international cooperation in every economic field between and among nations. Technology transfer and capacity buiding. Only by optimally harvesting such benefits and fully making use of assistances rendered by developed coutries, can developing ones narrow the wide gap in development between them and the developed.
All things considered, economic globalization brings about benefits for both developed and developing countries but the former ones still take the lions share./.
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