Globalization can have negative consequences for developing countries from "summary" of Globalization and Its Discontents by Joseph E. Stiglitz
Globalization, while often lauded for its potential to bring about economic growth and development, can also have detrimental effects on developing countries. The process of globalization, driven by powerful institutions such as the International Monetary Fund (IMF) and the World Bank, has led to increased inequality and instability in many parts of the world. As developing countries open up their markets to foreign competition, they often find themselves at a disadvantage due to their lack of resources and infrastructure. One of the main ways in which globalization can harm developing countries is through the imposition of austerity measures by international financial institutions. These measures, which are often a condition for receiving loans or aid, can lead to cuts in public spending on essential services such as healthcare and education. This can have a devastating impact on the most vulnerable mem...
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