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Many African countries and third world countries do not have enough funding to sustain them during war times. This leaves the countries in absolute poverty after spending a lot of finances in wars. To cater for financial needs, the countries involve themselves in huge financial borrowings that result into huge amounts of debts.
The inability to repay the loans results into these countries falling prey to the so called “vultures” who buy their debts. These debts are always paid back with large interests at the end by the subject country.
The World Bank in relations with the IMF is always generous to give loans to the developing countries which are alternatively taken by the vultures companies during high interest pay outs.
These transactions by the third world do not seem to be rewarding. The reason for this is that the developing countries lack a voice for negotiations in international grounds. As much as the global funding helps in times of need, it is blocking room for economic development.
The globalization concept involves merged trades unions, open markets and many more developmental goals including the millennium development goals. All these have been benefiting only the developed countries.
There are various reasons that certify this argument. For example, representations during global negotiations are majorly by the developed countries. This is because they are economically empowered. Consequently, global priorities have shifted to benefit the developed countries.
For instance, the minister for trade worries about numbers in export instead of varying pollution indices, on the other hand, the governor of Central Bank cares about inflation instead of poverty levels. Additionally, issues such as lack of transparency and lack of democracy have negatively influenced globalization, hence, creating high level of disparities in various aspects.
The most striking feature is on the issue of disparity in economic development, political stability and social development. The most important of all is economic stability. Globalization was one positive thing that ever happened to the world.
Initially, the impacts of globalization were appreciable and fulfilling. But, as years have gone by, it has been seen as a form of cancer slowly eating into the economy of almost all countries. The developing countries are the main targets.
Although the essence of globalization was development, it has been noted that this development has been achieved only partly. For instance, the beneficiaries are from economically empowered states.
To turn away from such global vices, it calls for a change in the mindset of representatives of various countries in the global arena. This would start by advocating for reforms in negotiations. The main factors to be considered which goals are of great benefits in achieving globalization include friendly trade agreements across the globe, democracy and environmental care.
The environment should be a priority when advocating for better and fruitful reforms in the future. To add to this, the negotiations should revolve around general interests rather than self interests.
Governance is a sensitive issue in any grouping or organization. Once the objective of any grouping is lost, the governance too takes a different direction. When there is good cohesion in governance such that there is no shifting of initial objectives, then every organization can be assured of success. Initially, global integration of trade and other economic issues for stability was meant for development.
This later turned into market liberalization which was not the initial objective. This did not benefited countries equally even until now.
The main reason for such occurrences has been due to lack of a widespread agreement, lack of transparency and poor governance. Having reforms made on democratic grounds would bring fulfilling results into any form of governance for prosperity.
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