Globalization and Its Impacts On Developing Countries

Introduction

After the 1999 World Trade Organization (WTO) ministerial meeting collapsed amidst protests, rioting and tear gas in Seattle,it has become increasingly difficult for international economic organizations to meet without attracting a large crowd of protesters. These protesters are mainly from developed countries who represent labor organizations worried about jobs as a result of companies moving to the South, US and EU farmers who are anxious to defend their large subsidies, activists who vehemently denounce corporate capitalism or NGOs who are concerned about the negative environmental impacts of globalization. However, there are only a few people who represent the developing countries. Economists so far have failed to provide a convincing case whether globalization is beneficial or detrimental to the poor.