Select ONE of the following essay questions to answer Assignment

Select ONE of the following essay questions to answer - Assignment Example The developing nations have increased their participation in world trade from 19 percent in 1971 to 29 percent in 1999 (Saggi, 2002). However, variations were noted in terms of economic development among the different countries. For example, the African countries performed poorly in comparison with the newly industrialized economies (NIEs) of Asia that greatly prospered. The developed countries and NIEs dominated the export of manufactured goods, thereby reflecting positively on the Balance of Payments (BOP). Then again, export share of the developing countries in commodities such as, food and raw materials, declined over the period. Another major aspect of globalisation is capital and investment movements. "Aid" or "development assistance" forwarded to the developing countries, before 1980s, were replaced by private capital during 1990s. Foreign Direct Investment (FDI) became a major form of investments made in the developing countries. The migration of people between the developing and less developed nations doubled in the period 1965–90 (Saggi, 2002). A very small portion of the masses, implying the industrialists, can compete on an international level, besides the national level. For example, Lakshmi Mittal, who is a powerful presence in the global steel market, do not need to restrict his business expansion to any one nation after globalisation, unlike previous business tycoons. This fact also holds true for the banking classes because globalisation has facilitated the free flow of finance among various countries. Sportsmen and entertainers of international acclaim has also benefitted due to globalisation. For instance, the famous tennis player, Maria Sharaprova, does not only earn from the games played, but also from the international endorsements made for various multinational corporations. Even film-makers are presently able to draw greater income as the domestic earnings of films have been