How Developing Economies Have Adopted to Globalization Free Essay Example, 4750 words

The sixty-three countries classified as low-income are the most vulnerable: almost all countries in Africa, the most populated countries of Asia and South Asia, which account for 3.5 billion of the world s 5.9 billion people. The poor people in 94 middle-income countries are also marginalized by globalization. Governance is defined as the controlling, directing or regulating the influence of the set of institutions and policies that determine the functioning of an economy and society (ILO, 2003: 1). The concept covers not only political authority and the role of government, but also includes the role of economic and social institutions that form the foundations of an economy. Social partnerships are essential between these institutions which function on both formal and informal norms and rules that are followed by non-governmental agencies such as employers organizations, trade unions and non-governmental organizations (NGOs). A social partnership which is an important part of go vernance refers to collaborative relationships between governments, employers and workers organizations to achieve mutually agreed economic and social objectives. Some significant challenges of globalization are successfully confronted by a social partnership, such as increased international competitiveness, economic reform, social protection and requirement for adjustment, economic shocks and crises, and equitable sharing of the benefits of globalisation (ILO, According to the ILO (2003: 1), for enhanced social impact from globalization, it is now widely recognized that good governance is a prerequisite for successful development .We will write a custom essay sample on How Developing Economies Have Adopted to Globalization or any topic specifically for you Only $17.96 $11.86/page