Answer

Globalization happens to be among the issues that continue to steer intense debates in the contemporary society. In sociology, globalization is considered a continuous process that comprises integrated shifts in cultural, economic, political, and social dimensions of society (Aizenman & Jinjarak, 2009). As such, globalization entails an ever-increasing integration of the aforementioned aspects between communities, nations, regions, and even ostensibly isolated places. Influences of globalization on the economies of third world countries have sparked intense arguments in the recent years. While proponents of globalization claims that this process contributes largely to the advancement of economies of third world nations, opponents argue that globalization interferes with the development of national economies of third world countries. How do I, who resides in a developed nation, ascertain the actual impacts of globalization the advancement of economies of third world nations? Several researchers have made significant efforts to investigate the impacts of globalization on the economies of these countries (third world countries).

Aizenman & Jinjarak (2009) assert that as third world nations globalize their citizens gain in terms of access to a range of services and goods, more, better-paying jobs, lower prices, higher overall standards of living, and improved health. According to Lundvall et al., (2011), the advancement in global markets has contributed largely to the promotion of efficiency via division of labour and competition. The aspect of specialization that arises from the division of labour allows economies and citizens of third world countries to focus on areas they can perform best. Besides, global markets provide greater opportunities for individuals to tap into larger markets that are more diversified. In this manner, the developing nations can access more capital, cheaper imports, larger export markets, and advanced technologies.

Markets do not essentially ensure the sharing of the benefits associated with increased efficiency by all parties or nations involved. As a result, Lundvall et al., (2011) note that third world nations often face stiff competition from the developed nations, which in turn impacts the development of their economies in a different manner. In relation to this, Goyal (2006) asserts that nations must be ready to embrace appropriate regulations that can safeguard their domestic firms, products, and services against the stiff competition from the developed nations. This goal can be accomplished when the international community joins hands in supporting the third world nations. Even though globalization attributed to numerous economic successes in developing countries, regional disparities still exist. For instance, while poverty declined in South and East Asia, it actually increased in sub-Saharan Africa. However, proponents of globalization argue that this situation arises from too little globalization. Considering these findings, it can be noted that conflicting opinions about the influences of globalization on economies of third world nations abound.

My proposed research aims to investigate how globalization has contributed to the weakening of third world countries’ economies. Three principal hypotheses will be tested after conducting a survey on this area of study. The first hypothesis is that globalization subjects companies in the third world nations to stiff competition from the developed nations. The second hypothesis is that globalization results into regional disparity. The third hypothesis is that globalization limits the ability of third world nations to share in the benefits arising from increased efficiency in world markets. I expect to find that globalization weakens economies of third world countries by limiting their ability to share in the benefits associated with enhanced efficiency in global markets, subjecting firms in these nations to stiff competition from those in the developed countries, and increasing regional disparity. The significance of this study lies in the fact that it will provide an insight on how third world nations can develop effective measures for safeguarding themselves from the challenges posed by globalization, while continue to benefit from it.