Changes In The Global Economy And How These Changes Affect The Development Progress And Development Pattern Of The Developing Countries

1666 words - 7 pages

Full name: To Thi Thu Huong
Student ID: 095 105 0049
Development Economic Assignment
DISCUSS THE CHANGES IN THE GLOBAL ECONOMY AND HOW THESE CHANGES CAN AFFECT THE DEVELOPMENT PROGRESS AND DEVELOPMENT PATTERN OF THE DEVELOPING COUNTRIES?
F
or the past twenty years, the world economy has gone through a lot of both quantitative and qualitative changes which come under the impacts of the globalization. The recent boom of economic globalization has been largely accounted by developed economies integrating with less developed economies, by means of foreign direct investment, the reduction of trade barriers, and in many cases, cross border immigration. Through the process of global ...view middle of the document...

Globalization has brought in new opportunities to industrializing countries, firstly, through the freer capital flow via Foreign Direct Investment and through the participation in international institutions.
The integration of Vietnam into the global market could be taken as a typical example. Formerly being considered a less developed country, Vietnam attracted more and more foreign direct investment when we opened to the foreign capital resources through many preferential policies. As a result, Vietnam has been considered a favoured destination for FDI in the South East Asia region, attracting more than US $192.91 billion during the last two decades. This source of funding has contributed a lot to the industry of Vietnam, not only because it helped building the infrastructure for the development but also because it often comes along with technology transfer. However, in the period of financial crisis, if our country relied too much on the foreign investment, we might have been broken when most of the investors withdraw their capital from abroad market to buy less risky assets such as T-bills or some thing like that. Another thing that affects Vietnam's development is the participation in the World Trade Organization after a six-year negotiation. Together with many chances that WTO membership may bring to us come a great deal of challenges, one of which is the disadvantages of being a late comer and a small economy. It is obvious that we must follow the existing regulations once set by advanced countries, and those may not be appropriate to our conditions.
In the modern day Global Marketplace the Market Economy is global too, where forces of demand and supply work globally and goods and services from one side and demand for such from another should prompt employment and  supported by crediting, financing should accelerate growth and development.
Freer trade and the deregulation fostered the expansion of the Market Economy in many countries .If Market Economy is considered a balance between Demand-to-Supply (in the currently used Economics it is Supply-to-Demand) for goods, services, resources and employment, the most recent changes of ongoing Globalization and rising Productivity have prompted, boosted and accelerated it (the Market Economy) to some new levels never experienced through history by including some huge marketplaces such as China, India, Brazil, Vietnam and the expanding EU and by the rapid industrialization some of these countries are succeeding. Because of globalization, most of the countries of the world no longer concentrated on local markets. Their focus became on regional or even world markets. It also changed the way they produced goods domesticity including which goods they produced at all. Just because a country might have the resources and ability to produce a particular commodity no longer meant that they would necessarily produce it. If someone else in the world could produce it more cheaply and with a higher...

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