Running head: DEVELOPMENT AND GLOBALIZATION
Development and Globalization
DEVELOPMENT AND GLOBALIZATION
Currently, the problems facing developing nations revolve around what is commonly
referred to as structural constraints. Among these challenges is geography. The economies of
these countries cannot function without diversification of labor. Thus, nations with a small
population experience challenges in growth and access to marketplaces (Globalization 101,
2018). Also, almost all landlocked countries are poor and underdeveloped since they depend on
their transit neighbor states to access markets overseas. The other challenge is culture; cultural
factors like religion have intensively affected the rate of development. In China and Japan,
Buddhism belief stressed labor and thrift, which enhanced faster economic and social
development. Likewise, in Europe, Britain, Germany, and the US, Christianity stirred literacy
and management of time, and this contributed to higher productivity (Globalization 101, 2018).
Other collective constrictions on growth are high economic poverty, increased mortality rate,
hunger, poor education schemes, corruption, warfare, and poor hygiene. Countries can avoid
these problems by implementing sound policies.
However, the current development problems can be solved through several strategies.
These include; development banks, governmental and global organizations, and non-profit
organizations. Global Financial Institutions aims are to promote development by offering lowinterest loans, grants, and interest-free credit. In 2010, the World Bank gave loans and grants to
middle and low-income nations. There are also development banks likewise devoted to providing
low-interest financing for development tasks. An example of these regional banks is interAmerican Development Bank (IADB). Through government aid agencies strategy, wealthy
countries offer development assistance to the national governm...