Endeavouring to find a specific definition of globalisation can be onerous. In its simplest sense, globalisation can be defined as increasing global interdependence. Many see it as a primarily economic phenomenon, involving the increasing interaction, or integration, of national economic systems through the growth in international trade, investment and capital flows. However, one can also point to a rapid increase in cross-border social, cultural and technological exchange as part of the phenomenon of globalisation. The sociologist, Anthony Giddens, defines globalisation as a decoupling of space and time, emphasising that with instantaneous communications, knowledge and culture shared around the world simultaneously.
There are a multiplicity of both advantages and disadvantages to developing countries.
The Advantages
1) GDP Increase: If the statistics are any indication, GDP of the developing countries have increased twice as much as before.
2) Percapita Income Increase: The wealth has had a trickling effect on the poor. The average income has increased to thrice as much.
3) Unemployment is reduced: This fact is quite evident when you look at countries like India and China.
4) Education has increased: Globalization has been a catalyst to the jobs that require higher skill set. This demand allowed people to gain higher education.
5) Competition on Even Platform: The companies all around the world are competing on a single global platform. This allows better options to consumers.
6) Globalization has created the concept of outsourcing. Work such as software development, customer support, marketing, accounting and insurance is outsourced to developing countries like India. Therefore, the company that outsourced the work enjoys the benefit of lower costs because the wages in developing countries is far lower than that of developed countries. The workers in the developing countries get employment. Developing countries get access to the latest technology.