Globalization and South Korea Essay Example | Topics and Well Written Essays - 2500 words

Globalization and South Korea - Essay Example Ever since the General Agreement on Trade and Tariffs (GATT) came into effect in the 90's and the World Trade Organization was established with a mandate to regulate and intervene in the disputes arising out of globalization, the world economy has been integrated in a way that has surpassed the earlier attempts. This is noteworthy, as contrary to popular belief, trade and commerce between nations has always been the case since the first ships carrying silk, spices and muslin from the east and other exotic stuff from the west has set forth for each other's shores. In fact, the famous voyage of Christopher Columbus is a testament to the ability of nations to seek out markets other than their own for trade. Though the world was integrated in colonial times as well, the process received a setback in the 21st century in the intervening period between the two world wars. It was only after the establishment of the Bretton Woods system that the world economy started regaining some of its int erconnectedness. And the demise of alternatives to capitalism and the free market system ensured that all countries with a desire to alleviate poverty and raise the standard of living of the peoples would invariably turn to trade and commerce and utilize the "theory of comparative advantage"iii as proposed by the noted economist David Ricardo. Globalization as a phenomenon cannot be avoided. Despite the setbacks to the process by the events in the aftermath of 9/11, Globalization continues its inexorable march adding new strands to its already well-knit thread. The successes of India and China in this decade and the successes of the so-called "Tiger economies" of South East Asia in the previous decades are proof that globalization works. The Real Issues Covering Globalization Procedures There are numerous studies that pertain to the reasons behind the reality of the actual events of the worldwide events regarding the issue of underdeveloped countries. There have also been numerous theories designed through the said studies to be able to explain the reason behind the issue being discussed herein. For instance, John Degnbol-Martinussen said in his book Aid: Understanding International Development Cooperation, "the foreign relations between many countries worldwide mainly depend upon the economic status of each state. The ability to be n relation with other countries is usually dependent upon the fact that a country is required to have a certain considerable economic status in the world economy" (13). Saying this, Martinussen simply shows how the present society measures a country's status through its economic status. This is mainly the reason behind the fact that there exist three divisions of economic class in the global setting of economic scale. Basing from the dep endency theory, it could be identified that among the reason behind the status of underdeveloped countries is the fact that many poor sectors of the global economy remain as suppliers to the developed states. They serve as mere support to the 'bigger or larger sectors' of the human generation. The fact that proves the said theory is its basis upon the actual occurrences today regarding the oppression of the poor. True, to be able to remain wealthy, many developed countries depend upon the underdeveloped ones for raw materials and resources for several