Entry 8: Debate on Globalization

Convergence in economics is the theory that a country's lead in an area, economic strength, military power, manufacturing, agricultural, or service superiority would eventually be caught up by the less developed countries. I think that is true because at an era's technological limitation, the strongest nation of the leading advancement would hit an end and the technology needed for the less developed country would catch up faster because it is precedented. The reason China boomed so fast into a strong power and catching up with the strong powers such as the United States or United Kingdom (although not quite) is because China is basically just catching up with the development that has already been discovered and applied. It is easier for China and India to catch up and therefore the rate of development is faster. Globalization benefits both developed countries and less developed countries in many different ways. It benefits the less developed country because it acts as a catalyst in speeding up the development of these countries. Globalization also allows less developed countries to acquire technology and goods and services that are only supplied in more developed countries. It benefits more developed countries because they could have a huge supply of labor force in agriculture or manufacturing at a cheap rate. There are however costs of globalization. Although globalization is very helpful in benefiting countries economically and in development, it creates a problem that less developed countries would transform to fit or even become very much alike the country and culture that they think is the strongest. This creates a problem of homogeneity that many less developed countries would abandon their uniqueness and lose its identity.