Technological advancement has a link with the countries that are dominated by the effect of globalization knowing fully well the implications it has on the skilled and unskilled labor intensive of these countries’ trade and commerce (Cline 1997). For example in some countries that are well versed with the trend in new technological discoveries within the last few decades, we see the way businesses are being transacted as a result of the global market conducive for their businesses to thrive. Some countries prefer to import goods from other countries as a result of their global market quite favorable due to the effect it has on their own economic systems and policies e.g. clothes manufactured in China are imported by the United States to share trade or business agreement with them in the long-run. In order to control and regulate trading and to ensure security of the economy, some countries are making effort to avoid the threats of globalized economy for instance the United States of America (Federal Reserve Bank of San Francisco, Annual Report 2010). In some countries especially in Africa being low income countries, it becomes imperative for many of them to sign memorandum of understanding or bilateral trade agreement with other European countries or Asian countries that will foster their own economy. This will also be effective in allowing free flow of people from these low income African countries to serve as labor force in these other large economy. In a nutshell globalization offers ease of trade between low incomes, middle income and high income economy in that procedures which encourages trade are put in place by these stakeholders.
We cannot but say that while the advantages of globalization are numerous, its disadvantages are also within the reach of people. The advantages are that it improves the efficiency of the global economy through the availability of advanced technology and the presence of human and capital resources (Cline 1997). World Health Organization puts adequate funds out every year to combat certain ailments and they gather data yearly that measures the state of health of low income countries. The reason being that through the tool of globalized economy, they are able to have access to adequate funds that assist in reaching the world as long as they are aware of the benefit it will bring to their own economy in the long-run. World Bank and International Monetary Fund loan quite a number of countries such as Nigeria, Uganda and other Africa countries money to facilitate their trade. In 1993, the then administrative leader, Ibrahim Babangida borrowed a huge amount from IMF to clear the outstanding debt and reinstate the foreign reserves of Nigeria. However, local environment suffer from this globalization in that it creates security threat in the long run (Rodrick, 1997).
The literary piece that contains the effect of globalization from what has been explained can be seen in the United States National Intelligence Council (Global Trends 2015 Report; page 7). The literary piece has in it procedures for the growth of the United States of America (page 12-13). Globalization as a tool of technological advancements helps us to harness these potentials into creating an environment through measures and regulations that will ensure less toxicity in the environment. Hence globalization and toxic disclosure are enmeshed.
References:
Cline, William R., Trade and Income Distribution (Washington: Institute for International Economics). 1997
Coats, A.W., The Post-1945 Internationalization of Economics (Durham, N.C. and London: Duke University Press). 1997
Rodrick, Dani , Has Globalization Gone Too Far? (Washington: Institute for International Economics). 1997
United States National Intelligence Council Global Trends 2015, p. 7, 12 & 13 December 2000.
Federal Reserve Bank of San Francisco; 2010 Letter from the President Annual Report 2010
