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Globalization and its influence on Economic Growth performance

Author

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  • Baafi Antwi, Joseph
  • Oppong Kwakye, Francis

Abstract

Globalization is described as a process by which regional economics, societies and cultures have become integrated through a global network of communication, transportation and trade. Different researchers have argued both in favour of and against globalization. Bhagwati claims that globalization has created a direct link to economic fortunes for the poor rural folks in developing countries who are often farmers. He argues that increase in information and information technology has loosened the control of exploitative middlemen whose activities reduce the returns rural farmer receive for their produce. Prystay (2005) provided evidence to this argument. Another argument comes from factor endowment. Argument against globalization is the fact that it has produced unprecedentedly high levels of inequality or hardships to the poor. Evidence from both China and India have reviled that globalization has propelled both countries economically; increase in economic growth from 6.15 to 9.37 percent in the case of China and information technology in the case of India, but the issue of inequality is still important and need to be addressed by individual government.

Suggested Citation

  • Baafi Antwi, Joseph & Oppong Kwakye, Francis, 2010. "Globalization and its influence on Economic Growth performance," MPRA Paper 24608, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:24608
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    File URL: https://mpra.ub.uni-muenchen.de/24608/2/MPRA_paper_24608.pdf
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    References listed on IDEAS

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    1. Camelia Minoiu & Sanjay G. Reddy, 2008. "Chinese Poverty: Assessing The Impact Of Alternative Assumptions," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 54(4), pages 572-596, December.
    2. François Bourguignon & Christian Morrisson, 2002. "Inequality Among World Citizens: 1820-1992," American Economic Review, American Economic Association, vol. 92(4), pages 727-744, September.
    3. Rajeev Dehejia & Roberta Gatti, 2002. "Child Labor: The Role of Income Variability and Access to Credit Across Countries," NBER Working Papers 9018, National Bureau of Economic Research, Inc.
    4. Ranjan, Priya, 1999. "An economic analysis of child labor," Economics Letters, Elsevier, vol. 64(1), pages 99-105, July.
    5. Xavier Sala-i-Martin, 2001. "The disturbing 'rise' of global income inequality," Economics Working Papers 616, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2002.
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    1. repec:eee:tefoso:v:127:y:2018:i:c:p:271-280 is not listed on IDEAS
    2. repec:khe:scajes:v:3:y:2017:i:2:p:76-87 is not listed on IDEAS

    More about this item

    Keywords

    Globalization; Inequality; Growth;

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook

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