To what extent is Economic Globalization an obstacle or an opportunity for Global Sustainable Development – Essay Example

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Different countries today specialize in the areas that they have the expertise and technical knowledge while doing business with others to supplement their deficit. This has led to the development of trading blocs like the European Union and regulatory agencies like the world trade organization. The achievement of comparative advantage has also been attributed to the drive for globalization as countries seek to specialize in areas that they can achieve maximum benefits as opposed to other areas. This has created a number of benefits to different economies across the globe as countries like Switzerland have grown to be associated with high quality watches while New Zealand specializes in sheep farming for export (Rogers, Jalal & Boyd, 2012).

Impacts of globalization of sustainable development Globalization has varying impacts on sustainable development and this can be discussed from economic, political and environmental perspective. As previously mentioned the impacts are both positive and beneficial and negative to individual development of countries. This paper will begin with the positive benefits of the globalization on sustainable development before weighing on the negative impacts to order to take a single stand on the impacts (Cleveland, Laroche & Hallab, 2013). Through globalization, mobility of labour, goods and services has been increased and this has created room for state specialization which has made it possible for countries to concentrate on their areas of technical knowledge alone.

As a result, transnational companies have been developed who have specialized in the production and sales of goods and services within their individual competencies while depending on other economies to supplement other areas. according to the world bank report on impacts of globalization on sustainable economic development, the overall production of goods and services has increased by over 45% from 1995-2005 (Morgan, 2001).

This period also witnessed growth in developing countries which was higher as compared to the previous period when advances in globalization were limited. China, for example, has capitalized on its high population to specialize on the production of goods that are labour intensive as opposed to goods that employs technology for their production. This has created a massive demand for the Chinese labour force as different companies from other parts of the globe seek to develop their production facilities in china.

Nike has established on of its sweat shops in china and this has enabled it to access low cost labour while producing high quality goods for the global market (Cruz, 2013).

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