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The UK governments Department for International Development DfID recently produced a white paper which defines globalisation as The growing interdependence and interconnectedness of the modern world through increased flows of goods services capital and information The process is driven by technological advances and the reductions in international transactions which speed technology and ideas raise the share of trade in world production and increase the mobility of capital Integration of the world economy known as the globalisation process could potentially offer developing countries new opportunities for accelerating economic growth and internal development However it also poses great challenges to policy makers for managing national regional and global economic social and political systems While the opportunities offered by globalisation can be significant a question is often raised as to whether the actual distribution of benefits is fair in particular whether the poor benefit less proportionately from globalisation than the west - and in some circumstances may actually be hurt by it The downside of globalisation is most vividly epitomised at times of economic instability and negative growth Indeed there is growing evidence highlighting an increasing inequality in the share of world income and a divergence in the trend of incomes as globalisation has continued Under globalisation the development in the West has been immense without banking the UK wouldnt be the fourth largest economy in the world The UK banking sector also pays a third of the corporation tax collected by the Treasury to re-invest in education healthcare and to boost pension funds for the elderly However these benefits from globalisation are not felt in developing countries as they are for example in the UK Where innovation and growth have not been tailored to meet the specific needs of the country there has actually been an increase in poverty This has generated a worldwide concern and awareness of the ethical and economic inequality as well as a powerful anti-globalisation movement Globally speaking 20 of the worlds
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