competition among developing countries to attract foreign investment leads to a “race to the bottom” in which countries dangerously lower environmental standards. The volume and volatility of capital flows increases the risks of banking and currency crises, especially in countries with weak financial institutions. What are the negative impact of globalization in developing countries? They also have big environmental consequences as they contribute to the depletion of natural resources, deforestation and the destruction of ecosystems and loss of biodiversity. ![]() At the same time, global economic growth and industrial productivity are both the driving force and the major consequences of globalization.
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