The term globalization is new but the phenomenon has been ongoing for a long period. It is one of the hottest questions debated worldwide especially from the end of the 20th century to the early of the 21st century, It has in fact been around longer than modernization and capitalism. Many observers attribute that fact to the advancements in technology, especially the information technology sector. It is a phenomenon that entails giving up domestic way of doing things locally which in turn become as reflectors of global markets and political systems (Poverty and Development, 2000).
This essay sets out to discuss the assignment question on to which extent the process of globalisation is benefiting emerging market and industrialised economy. The work will look upon the introduction of the concept of globalisation and will look on how emerging and new industrialised market economies can be benefited or disadvantaged by the process of globalisation.
The structure of the essay is as follows, definitions of globalisation as it is viewed by some international bodies such as IMF, ICC and UNDP will be outlined and then the basic elements and drivers of globalisation will be highlighted. Then an analysis of the countries chosen as examples of emerging market and industrialised economy will be discussed where by United Republic of China and the republic of Ireland will be discussed respectively. Then will follow the findings on how globalisation has benefited those two countries, then the discussion on the disadvantages of globalisation will follow. Finally the summary of the discussion will be provided in the form of conclusion.
What is Globalisation?
According to Johnson and Turner (2003), globalisation has been contested with many definitions to different people; economists, political scientists, sociologists, anthropologists and lawyers among others have all debated the meaning of the term within...