International Journal of Business and Social Science

ISSN 2219-1933 (Print), 2219-6021 (Online) DOI: 10.30845/ijbss

Gains and Risks of Financial and Economic Globalization for Developing Countries, Particularly on a Unique Poor Country as a Case Study
Naji Maseeho Odel

The aim of this paper is to examine and assess the importance of globalization impact on poverty reduction. This paper will further look at the possible incentives and drawbacks of economic globalization on poor countries. As the global economy has significantly intensified since 1990s, a question has raised that how globalization could affect different aspects of developing countries and specific on poor societies the first wave of globalization ended in twentieth century and afterward the second wave started more powerfully. Economic or financial globalization is a complex and broad issue which similar to any other phenomena in the world has both positive and negative effects. Over the recent decades, countries across the world have become more financially integrated as a result of potential gains of financial globalization. The potential benefits of financial globalization are much more than its risks.regarding the benefits of financial globalization which has been reviewed in this report, it is highly recommend that as a poor country should in any way possible try to engage with globalisation given that the benefits of such engagement is far greater than the risk. The main gain of this engagement is that it would also help toward poverty reduction.

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