Effects of Globalization and Un-equalization on World Trade: Lesson on Value Chain in the Developed and Developing Nations
- July 14, 2019
- Posted by: RSIS
- Category: Agriculture
International Journal of Research and Scientific Innovation (IJRSI) | Volume VI, Issue VI, June 2019 | ISSN 2321–2705
Unongo, E. A, Tena, M.B., Soomiyol, M.V.
Department of Agricultural Extension and Communication, Federal University of Agriculture, Makurdi, Benue State, Nigeria
Corresponding Author: Unongo, E.A.
Abstract: The paper highlights on what globalization and un-equalization entail in word trade. It create a link between globalization and un-equalization-value chain leading to the understanding of how value chain analysis can assist in a practical terms the efforts of those seeking to augment the incomes of Developed and Developing nations that participate in the global trade. It assessed value chain in terms of process upgrading, horizontal upgrading vertical upgrading, functional upgrading, and product upgrading, inter-chain upgrading, upgrading of the enabling environment. The paper concludes that globalization and un-equalization has greatly promoted the value chain of commodities globally and has open up ways for developing countries to some extent and created great advantages for the developed nations who are the determinants of the rules and regulations governing trade policies globally. It was recommended that: for value chain to be adequately enhanced; all countries involved should willingly open up their markets and integrate with outside economies; there should be set strict rules and regulations about controlling pollution and deforestation to protect environment; trade rules should be set to favour developing nations as well national sovereignties; and national government should not be undermined by trade participations especially the developed nations to the developing nations.
Key words: Globalization; un-equalization; value chain; trade; standardization
I. INTRODUCTION
Globalization has been in existence for a long time in one way or another. Trade routes have been operating between different parts of the world since ancient times. In the 15th century the most famous trade routes were the land route which ran between Eastern Europe and china and the spice trade routes which was based on mainly on sea routes and stretched between South Europe, East Africa and South Asia. The latest phase of globalization began in the afferment of World War II, when economists from major countries met to design a frame work for international trade and finance.
