Globalisation and development: challenges for developing countries

Globalisation in the recent times has resulted in increased interdependence between the countries. While the process of globalisation holds the promise of development for all, it has been argued by various researchers that situation on ground is otherwise. There is considerable disagreement about whether globalisation is equally beneficial for all countries or is it more favourable for developed countries? While both sides have strong arguments, there is no escape from the fact that the current globalisation process seems hardly reversible. Even if the developing countries (DCs) are currently at a disadvantageous position, they cannot stop the process. Current study highlights the challenges presented by the globalisation process to the developing countries in the areas of trade and industry, employment, poverty alleviating and income distribution, environment, and intellectual property rights. Dealing with these challenges can help developing countries integrate in the world economy in a better way.