And the spending of these funds on improving the education, health, social, and transport infrastructure of the developing nations aids in improving the standard of living of the people.
Thanks to globalization, developing countries now have access to new markets.
For instance, it played a significant role in the ability of some countries to achieve independence.
Taking the case of Ghana for example, ‘the end of the Second World War was significant for Ghana’s gaining independence and a turning point in the history of the Gold Coast’ (Ofosu 2010).
It means different things to different people, but in most cases remain a loose and ill-defined concept.
Globalization has several definitions, but an undisputable fact which everyone agrees to is the fact that it is a complex process that has wide and varying impacts on economies, both developed and developing.And just like Scholte argued that situations occurring in a country thousands of miles have a way of affecting the economic, social and political situations in one’s country, the rising up of capitalism in the United States and Socialism/Communism in the Soviet republics were to Ghana’s benefit as they assisted in the achievement of independence.The same thing for Nigeria, Rwanda, and a whole lot of other developing countries in which occurring world events positively impacted their abilities to achieve self-rulership.James Rosenau, a foremost political scientist, defined globalization as ‘a label that is presently in vogue to account for peoples, activities, norms, ideas, goods, services, and currencies that are decreasingly confined to a geographic space and its local and established practices’ (Stallings 2000).For those looking at it from the economic angle, it refers to the increasingly internationalized character of the emerging global economy.Again looking at the effect of globalisation on world trade, and indirectly on trade in developing countries, it is quite obvious that it enhances economic growth.One of the emphasis of globalization is that member countries should open their markets to ensure open trading free of limitations.Taking Africa for example, European cultures were able to find their ways into the innermost regions as a result of the colonisation of various countries which was triggered by the European industrial revolution.Globalisation today has now cleared the way for worldwide development, but the progress is not “even” as some nations are getting integrated into the global economy faster than others as shown by these countries’ fast economic growth and reduced poverty levels (Lawal 2006).But looking closely at the impacts of globalisation on developing countries, one would observe both sides of the coin, in that it has both positive and negative impacts.Globalisation has had a lot of positive effects on developing countries.