Globalizations Impact on Economy of Developing Countries and Latvia

Last 20 years the concept “globalization” has gained much attention. This concept has many meaning depending on context and on the person who is talking about. Though the precise definition of globalization is unavailable we know that it is a broad concept casually used to describe a variety of phenomena that reflect increased economic interdependence of countries. (imf.org)
When we read newspapers or watch the evening news on television we are exposed to stories that are related to globalization. Night-time broadcast news and daily newspapers regularly report stories about manufacturing jobs being shipped overseas; the financial instability in one country affects others; viruses such as SARS or bird flu threaten international pandemics through modern air travel; scientists warn that the devastation of natural disasters will increase as the climate changes; and political instability threatens to disrupt global oil markets. All of these examples are related to and affected by globalization. (Ervin J., Z.A. Smith, 2008)
These examples show that as individuals, we are no longer isolated and unaffected by actions of distant others. Our actions now impact others on a global scale. But these actions do not impact everyone in the same manner, that way the next section provides information about globalizations impact on developing countries.…