The period between the 1940’s to the 1970’s saw the unlocking of numerous development puzzles in various parts of the world as a result of colonization. This was also the post WWII period that saw the rise of the nations that had been affected by the war to develop their infrastructure and property that had been destroyed by the war. Colonization contributed a great deal to development during this period because of division of labor. For a long time, now, most people have only focused on the negative side of colonialism mainly because of the suffering that the countries that were colonized faced. However, there was also a positive side to colonialism as the period during and immediately after colonialism promoted development in a linear fashion with individual societies trying to improve their living standard through various developmental activities.
The aspect of national development to globalization is as a result of the promotion of trade among different countries that wish to engage in import or export business. Globalization was found to offer some solutions to developmental problems that individual nations could not solve on their own. Globalization offers countries the opportunities to contribute to the creation of wealth through access to new technologies, gaining new ideas, sharing information and adopting new institutional designs. However, on the flip side, globalization can also contribute to the problem of underdevelopment in some countries and even cause tensions among different nations.
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At the national level, globalization can contribute to macroeconomic volatility and financial vulnerability. Thus, as much as globalization contributes to development at the national level, there are numerous problems or challenges that nations need to take into consideration while working partnering with other countries to work towards their development.
The globalization project from the 1980’s to 2000’s saw the coming together of different nations in the world to offer support to each other especially through trade. Part of the development during this period was marked by the formation of the Inter-American Development Bank in 1994 and the World Trade Organization in 1995. The IADB helped to solve problems such as poverty stabilization schemes, food riots and uprisings in Chiapas, Southern Mexico However, it is during this period that some of the gravest developmental problems arose including poverty, income inequality, and increased rates of unemployment, among others, prompting the formation of organizations to fight these problems. Part of the reasons behind these problems were blamed on globalization, a concept that was introduced to promote development in all parts of the world, especially in developing countries. Globalization was established to enable the exchange of ideas, technologies, education and trade among countries of the world. However, the concept of globalization was later found to have its own shortcomings including re-colonization of developing countries by superpower countries.
Currently, the ongoing financial crisis shows that development can be hindered greatly by mismanagement even if a nation is doing well economically. The poor management and allocation of loans by banks, and the effects came much later when the loans could not be reversed. The implication of the current financial crises is that all plans for development need to be sustainable and well planned out to avoid or mitigate any risks. The fact that no one anticipated any risks and that no plans were laid out on how to mitigate or handle the risks is one of the reasons for the financial crisis the U.S. is struggling to get out of at the moment.
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