Globalization and its influence on Economic Growth performance
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.
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