The Impact Of Economic Globalization And The Rise Of The MNCs On The Essay

The Impact Of Economic Globalization And The Rise Of The MNCs On The Developing World - Essay Example This report stresses that the phenomenon of globalization not only includes rise of global trade, internationalism of economic markets, development of advanced information and communication technologies, increased number of MNCs, increased mobility of people, capital, goods, ideas, and data but also pollution, infections, and diseases. On a precise note, the United Nations has defined economic globalization as the process that facilitates the increasing independence of global economies in consequence of the expanding scale of cross-border trade of services and commodities, rapid and wide spread of advanced technologies, and increased flow of international capital. The rapid advancement of science and technologies and the growing marketization are the two primary triggering forces for economic globalization. This paper makes a conclusion that the increased number of migrants is fuelling economic and social burden on destination countries but it is providing a growing source of foreign exchange for the origin countries. The temporary migration of low-skilled workers has offered positive effects for less developed countries, especially in terms of brain circulation, skills upgrading, and remittances. Remittance plays a crucial role as a source of comparably stable foreign funding. It is reported that remittances to developing states went well above $166 billion in 2005. Many less industrialized countries, like Bangladesh, Lesotho, Cambodia, Nepal, Yemen, and Sudan have become heavily dependent on remittances as a major source of foreign exchange.