Dr. Ongesa Tom Nyamboga (PhD.)
Lecturer, Kampala International University, W.C School of Business and Management
DOI : https://doi.org/10.47191/ijmra/v7-i03-45Google Scholar Download Pdf
ABSTRACT:
Global business plays a critical role in advancing the Sustainable Development Goals (SDGs) set forth by the United Nations. The SDGs represent a universal call to action to end poverty, protect the planet, and ensure prosperity for all by 2030. Global businesses collaborate with governments, civil society organizations, and other stakeholders to address complex global challenges and achieve the SDGs. By fostering partnerships and multi-stakeholder initiatives, they contribute to SDG 17 (Partnerships for the Goals) by leveraging resources, expertise, and networks to drive sustainable development. Many global businesses are increasingly adopting sustainable practices to minimize their environmental footprint and promote responsible consumption and production. By implementing sustainable supply chain management, reducing waste, and adopting eco-friendly technologies, they contribute to SDG 12 (Responsible Consumption and Production). Liberalization and global business are interrelated processes that shape the dynamics of international trade, investment, and economic integration. While liberalization creates opportunities for global businesses to expand their operations and access new markets, it also presents challenges related to competition, regulation, and sustainability that require careful management and policy responses in third world countries. This has elicited a mixed rection on the role of global business on development of nations. Based on this, the purpose of this study is to examine the extent to which liberalization has impacted the political, economic, social, and technological advancement of third world countries. A literature review has been adopted for this purpose. The study concludes that the impact of liberalization of global business on third world countries is complex and varies depending on factors such as governance structures, economic policies, social dynamics, and technological capabilities. This study recommends that by adopting a holistic approach that takes into account the interplay between political, economic, social, and technological factors, governments in third world countries can maximize the benefits of liberalization while mitigating potential risks and promoting sustainable development.
KEYWORDS:Liberalization, Globalization. Third World, Global Business, Political, Economic, Social,Technological advancement
REFERENCES1) Acs, Z. J., Song, A. K., Szerb, L., Audretsch, D. B., & Komlosi, E. (2021). The evolution of the global digital platform economy: 1971–2021. Small Business Economics, 57, 1629-1659.
2) Adam, H., & Moodley, K. (2023). The opening of the Apartheid mind: options for the new South Africa (Vol. 50). Univ of California Press.
3) Akpobasa, R. A., & Ishioro, B. O. (2022). Investments of multinational corporations and telecommunication output in Nigeria: a leapfrogging experience. Himalayan Economics and Business Management, 3(6), 12-19.
4) Anderer, C., Dür, A., & Lechner, L. (2020). Trade policy in a “GVC World”: Multinational corporations and trade liberalization. Business and Politics, 22(4), 639-666.
5) Andriot, A. (2023). “Classical” liberalism in France, from the middle of the 19th century to World War I: Strengths and paradoxes of a thwarted society project. apropos [Perspektiven auf die Romania], (11), 196-212.
6) Arezki, R., Dama, A. A., & Rota-Graziosi, G. (2021). Revisiting the relationship between trade liberalization and taxation.
7) Asiamah, O., Agyei, S. K., Bossman, A., Agyei, E. A., Asucam, J., & Arku-Asare, M. (2022). Natural resource dependence and institutional quality: Evidence from Sub-Saharan Africa. Resources Policy, 79, 102967.
8) Atack, J., Margo, R. A., & Rhode, P. W. (2022). Industrialization and urbanization in nineteenth century America. Regional Science and Urban Economics, 94, 103678.
9) Baldwin, R., & Wyplosz, C. (2022). EBOOK The Economics of European Integration 7e. McGraw Hill.
10) Bandeira, M., Swart, J., & Jordaan, J. A. (2021). Economic complexity and inequality: Does regional productive structure affect income inequality in Brazilian states? Sustainability, 13(2), 1006.
11) Baylis, J. (2020). The globalization of world politics: An introduction to international relations.
12) Bello, O. F., & Mustapha, Y. I. (2021). Determinants of access to finance among manufacturing micro, small and medium enterprises in Nigeria. Kelaniya Journal of Management, 10(1), 65.
13) Berwal, R. (2020). Global aspect of Indian textile industry and their challenges and opportunities: A eview. International Journal of Home Science.
14) Blauberger, M., & Schmidt, S. K. (2023). Negative integration is what states make of it? Tackling labour exploitation in the German meat sector. JCMS: Journal of Common Market Studies, 61(4), 917-934.
15) Bresser-Pereira, L. C., & Nakano, Y. (2020). Economic growth with foreign savings?. Brazilian Journal of Political Economy, 23, 163-188.
16) Buckley, R. P., Avgouleas, E., & Arner, D. W. (2020). Three major financial crises: What have we learned? In Regulation and the Global Financial Crisis (pp. 19-43). Routledge.
17) Cakor, N. (2021). The Effects of Brain Drain on Developing Economies Case Study: Bosnia and Herzegovina (Doctoral dissertation, Marmara Universitesi (Turkey)).
18) Castillo Mezarina, J. L. (2021). The impact of free trade agreements in national markets: Evidence from the telecommunications sector in Latin America. Review of International Economics, 29(4), 860-903.
19) Castillo, V. Z. (2021). Authoritarianism and the Rentier State-Venezuela and Nigeria.
20) CNK, K. K. (2023). Exploring the Synergy Between Cultural Awareness and Co-culturing: Understanding Subjectivity, Relativity & Objectivity in Culture. European Economic Letters (EEL), 13(4), 316-326.
21) Crossa, M., & Ebner, N. (2020). Automotive global value chains in Mexico: a mirage of development?. Third World Quarterly, 41(7), 1218-1239.
22) Davi Constantino, J. P., Dias da Silva, R., & Flexor, G. (2021). The Development of Post-Apartheid South Africa in Light of The Institutionalist Perspective: A Critical Review. Brazilian Journal of African Studies, 6(11).
23) Denata, H. E., Luthfiani, N., & Zahro, F. (2023). The Impact of NAFTA in Mexico. SIYAR Journal, 3(2), 131-141.
24) Deshpande, V. (2021). Innovations And Innovative Practices in Start-Up It Companies in Pune. Ashok Yakkaldevi.
25) Diedong, A. L. (2021). Empowering communities through liberalisation of airwaves in Ghana. In Decolonising Political Communication in Africa (pp. 150-164). Routledge.
26) DiMenna, J. (2022). Globalization and Trade Liberalization: The Impact on Bangladesh's Textile Industry.
27) Dyson, K., & Humphreys, P. (2023). Introduction: politics, markets and communication policies. In The Political Economy of Communications (pp. 1-32). Routledge.
28) Edwards, M. J. (2023). Have Neoliberal Conceptions of Fiscal and Monetary Policy Exacerbated Wealth and Income Inequality During the Neoliberal Era? (Doctoral dissertation, University of Otago).
29) Effiom, L., & Edet, S. E. (2022). Financial innovation and the performance of small and medium scale enterprises in Nigeria. Journal of Small Business & Entrepreneurship, 34(2), 141-174.
30) Fan, W., & Hao, Y. (2020). Empirical research on the relationship amongst renewable energy consumption, economic growth and foreign direct investment in China. Renewable energy, 146, 598-609.
31) Fernandes, C. I., Veiga, P. M., Ferreira, J. J., & Hughes, M. (2021). Green growth versus economic growth:do sustainable technology transfer and innovations lead to an imperfect choice?. Business Strategy and the Environment, 30(4), 2021-2037.
32) Financial crisis of 2008 and outward foreign investments from China and India. Journal of World Business, 56(3), 101190.
33) Fowler, M. (2022). The Liberal International Order After World War II. The Political Logic of the US–China Trade War, 53.
34) Frenkel, S. J., Rahman, S., & Rahman, K. M. (2022). After rana plaza: Governing exploitative workplace labour regimes in Bangladeshi garment export factories. Journal of Industrial Relations, 64(2), 272-297.
35) Frynas, J. G., & Buur, L. (2020). The presource curse in Africa: Economic and political effects of anticipating natural resource revenues. The Extractive Industries and Society, 7(4), 1257- 1270.
36) George, A. S. (2023). Evaluating India's Economic Growth: Challenges and Opportunities on the Path to 5 Trillion Dollars. Partners Universal International Innovation Journal, 1(6), 85- 109.
37) Gomado, K. (2023). Financial reforms and income inequality: evidence from developingcountries (No. 2023/88). WIDER Working Paper.
38) Groumpos, P. P. (2021). A critical historical and scientific overview of all industrial revolutions. IFAC-PapersOnLine, 54(13), 464-471.
39) Guo, Y., Jasovska, P., Rammal, H. G., & Rose, E. L. (2020). Global mobility of professionals and the transfer of tacit knowledge in multinational service firms. Journal of Knowledge Management, 24(3), 553-567.
40) Ha, V. T. C. (2021). The effects of foreign direct investment on domestic firms: The case of Vietnam (Doctoral dissertation, The University of Waikato).
41) Hahn, B. (2020). Technology in the industrial revolution. Cambridge University Press.
42) Hamdaoui, M., Ayouni, S. E., & Maktouf, S. (2022). Capital account liberalization, political stability, and economic growth. Journal of the Knowledge Economy, 13(1), 723-772.
43) Haosheng, D., & Canyu, L. (2022). The role, achievements and challenges of the Association of Southeast Asian Nations (ASEAN). International Organizations: Serbia and Contemporary World, 2(4), 73-85.
44) Ho, Q. A. (2023). Vietnam’s economic growth: The roles of labour productivity, structural change, and foreign direct investment.
45) Ho, V. H. (2020). " Doi Moi" in Vietnam and Some Suggestions. Asian Journal of Peacebuilding, 8(1).
46) Irandu, E. M., & Owilla, H. H. (2020). The economic implications of belt and road initiative in the development of railway transport infrastructure in Africa: The case of the standard gauge railway in Kenya. The African Review, 47(2), 457-480.
47) Irwin, D. A. (2017). The GATT in historical perspective. In Global Trade (pp. 333-338). Routledge. The GATT in historical perspective. In Global Trade (pp. 333-338). Routledge.
48) Jacob, J. N., Elgahm, E. M., & Halidu, A. (2020). African Growth and Opportunity Act (AGOA) and Export Diversification: An Analysis. Studies In Politics and Society, 9(1&2).
49) Jaime Baena-Roja, J., Cardona-Montoya, G., & Herrero-Olarte, S. (2023). International trade agreements within the gatt-wto paradigm: a descriptive study based on sociological reflection approach. Revista Colombiana de Sociologia, 46(1).
50) Janjevic, M., & Winkenbach, M. (2020). Characterizing urban last-mile distribution strategies in mature and emerging e-commerce markets. Transportation Research Part A: Policy and Practice, 133, 164-196.
51) Karanja, T. W. (2020). Effect of Financial Inclusion on Financial Development in Kenya (Doctoral dissertation, university of Nairobi).
52) Kariuki, D. (2021). Effects of Trade Liberalization on Manufacturing in Kenya: a Case Study of the Textile Industry (Doctoral dissertation, University of Nairobi).
53) Kennedy, K. (Ed.). (2021). The first decade of NAFTA: the future of free trade in North America (Vol. 2). BRILL.
54) Khouilla, H., & Bastidon, C. (2023). Does increased intellectual property rights protection foster innovation in developing countries? A literature review of innovation and catch‐up. Journal of International Development.
55) Kim, D. H., Hsieh, J., & Lin, S. C. (2021). Financial liberalization, political institutions, and income inequality. Empirical Economics, 60, 1245-1281.
56) Kinanti, F. M., Wiko, G., & Nurbani, E. S. (2023). Interaction Between the Protection of the Rights of Indigenous Peoples and Foreign Investment: Regulation in Indonesia. Padjadjaran Journal of International Law, 7(2), 150-171.
57) Lanzona, L. A. (2022). Educational Liberalization, Innovation, and Economic Growth. Innovation Systems, Economic Development and Public Policy: Sustainable Options from Emerging Economies, 47.
58) Le, Q. H., Do, Q. A., Pham, H. C., & Nguyen, T. D. (2021). The impact of foreign direct investment on income inequality in Vietnam. Economies, 9(1), 27.
59) Levitt, K. P. (2021). From mercantilism to neoliberalism and the financial crisis of 2008. Decolonial Perspectives on Entangled Inequalities: On Europe and the Caribbean, 15.
60) Luo, Y. (2021). New OLI advantages in digital globalization. International Business Review, 30(2), 101797
61) MacIsaac, S., & Duclos, B. C. (2020). Trade and conflict: trends in economic nationalism, unilateralism and protectionism. Canadian foreign policy journal, 26(1), 1-7.
62) McBride, S., & Fry, N. (2022). Locked In: Canadian trade policy and the declining liberal order. In Canada and Great Power Competition: Canada Among Nations 2021 (pp. 25-47). Cham: Springer International Publishing.
63) Megersa, K. (2020). Improving SMEs’ access to finance through capital markets and innovative financing instruments: some evidence from developing countries.
64) Meylor, D., & Kulkarni, K. G. (2022). NAFTA in Mexico: What Worked? And What Did Not?. SAMVAD, 23, 1-7.
65) Miller, B. (2021). How ‘making the world in its own liberal image’made the West less liberal. International Affairs, 97(5), 1353-1375.
66) Milner, H. V. (2021). Is global capitalism compatible with democracy? Inequality, insecurity, and interdependence. International Studies Quarterly, 65(4), 1097-1110.
67) Montoya, M. J. R., & Stasiewicz, C. (2020). Leveraging historical shifts in the world economy: systems of patronage and supportive ecosystems for creative and cultural enterprise. International Journal of Entrepreneurship and Small Business, 40(2), 247-269.
68) Moran, T. H., Grieco, J. M., Encarnation, D. J., Wells, L. T., Cable, V., Mukherjee, B.,& Goldsbrough, D. J. (2021). Foreign investment in low-income developing countries. In Investing in Development (pp. 87-111). Routledge.
69) Mujeri, M. K., & Mujeri, N. (2020). Bangladesh at fifty: Moving beyond development traps. London: Palgrave Macmillan.
70) Myovella, G., Karacuka, M., & Haucap, J. (2020). Digitalization and economic growth: A comparative analysis of Sub-Saharan Africa and OECD economies. Telecommunications Policy, 44(2), 101856.
71) Neumeyer, X., Santos, S. C., & Morris, M. H. (2020). Overcoming barriers to technology adoption when fostering entrepreneurship among the poor: The role of technology and digital literacy. IEEE Transactions on Engineering Management, 68(6), 1605-1618.
72) Noronha, E., & D'Cruz, P. (2020). The Indian IT industry: A global production network perspective (No. 134/2020). Working paper.
73) Okoro, C. N. (2021). Dynamic relationship between oil price and macroeconomic variables: evidence from oil exporting and oil importing countries in Africa (Doctoral dissertation).
74) Oliinyk, O., Bilan, Y., Mishchuk, H., Akimov, O., & Vasa, L. (2021). The impact of migration of highly skilled workers on the country's competitiveness and economic growth. Montenegrin Journal of Economics.
75) Osinubi, T. T., & Olomola, P. A. (2020). Globalisation and income inequality in Mexico, Indonesia, Nigeria, and Turkey: A dynamic GMM approach. Asian Journal of Economics and Empirical Research, 7(1), 91-104.
76) Oxford university press, USA.
77) Ozondu, E. M., & Egbunike, P. A. (2023). Oil Spillage and Environmental Degradation in Niger Delta: Effects on Livelihood of The Host Communities. Journal of Global Accounting, 9(3), 1-17.
78) Path, K. (2020). The origins and evolution of Vietnam's doi moi foreign policy of 1986. TRaNS: Trans-Regional and-National Studies of Southeast Asia, 8(2), 171-185.
79) Pau, S., Contu, G., & Rundeddu, V. (2022). From mine industries to a place of culture, tourism, research and higher education: Case study of the great mine Serbariu. Journal of Cultural Heritage Management and Sustainable Development.
80) Philipp, R. R. (2020). Freedom and Capitalism in Early Modern Europe: Mercantilism and the Making of the Modern Economic. Palgrave Studies in Economic History
81) Pittaluga, G. B., Seghezza, E., Pittaluga, G. B., & Seghezza, E. (2021). The Bretton Woods System. Building Trust in the International Monetary System: The Different Cases of Commodity Money and Fiat Money, 119-168.
82) Rahman, K. M., & Chowdhury, E. H. (2020). Growth trajectory and developmental impact of ready-made garments industry in Bangladesh. Bangladesh's Economic and Social Progress: From a Basket Case to a Development Model, 267-297.
83) Rasiah, R. (2022). Poverty and inequality. In Malaysia’s Leap into the Future: The Building BlocksTowards Balanced Development (pp. 287-306). Singapore: Springer Singapore.
84) Rathnayake, S. R., & Grodach, C. (2022). Transformation and tensions in the Sri Lankan brassware industry: Lessons for craft industry clusters in the global South. City, Culture and Society, 31, 100476.
85) Rodríguez, J. P. (2021). The politics of neoliberalism in Latin America: Dynamics of resilience and contestation. Sociology Compass, 15(3), e12854.
86) Roeck, D., Sternberg, H., & Hofmann, E. (2020). Distributed ledger technology in supply chains: A transaction cost perspective. International Journal of Production Research, 58(7), 2124- 2141.
87) Sánchez‐Ancochea, D. (2021). All about ideology? Reading Piketty´ s with Latin American lenses. The British journal of sociology, 72(1), 125-138.
88) Sarangi, A. K., & Pradhan, R. P. (2020). ICT infrastructure and economic growth: A critical assessment and some policy implications. Decision, 47, 363-383.
89) Sarmento, C. (2020). Tourism as Intercultural Business: Locating Concepts and Questioning Identities. European Journal of Sustainable Development, 9(3), 400-400.
90) Sharma, S., & Vidyapith, M. G. K. (2023). Wealth and income inequality in India. International Journal of Creative Research Thoughts, 11(6), 416-428.
91) Stearns, P. N. (2020). The industrial revolution in world history. Routledge.
92) Subramanian, A., & Felman, J. (2022). India's Stalled Rise: How the State Has Stifled Growth. Foreign Aff., 101, 139.
93) Sutradhar, R., & Das, A. (2020). Supermarkets and rural inequality in India: a case study of reliance fresh. International Journal of Rural Management, 16(1), 81-104.
94) Swazan, I. S., & Das, D. (2022). Bangladesh's emergence as a ready-made garment export leader: an examination of the competitive advantages of the garment industry. International Journal of Global Business and Competitiveness, 17(2), 162-174.
95) Tang, H. (2020). Globalization in crisis. Western Washington University.
96) Thakur, T. (2021). Reforming the investor-state dispute settlement mechanism and the host state’s right to regulate: a critical assessment. Indian Journal of International Law, 59(1), 173-208.
97) Ullah, A. A., & Ming Yit Ho, H. (2021). Globalisation and cultures in Southeast Asia: Demise, fragmentation, transformation. Global Society, 35(2), 191-206.
98) Van der Straaten, K., Narula, R., & Giuliani, E. (2023). The multinational enterprise, development, and the inequality of opportunities: A research agenda. Journal of International Business Studies, 54(9), 1623-1640.
99) Vázquez-Fariñas, M. (2023). Major economic recessions in the last quarter of the 20th century: The oil crisis (1973–1980). In The Age of Global Economic Crises (pp. 56-81). Routledge.
100) Velut, J. B., Baeza-Breinbauer, D., De Bruijne, M., Garnizova, E., Jones, M., Kolben, K., ... & Zamparutti, T. (2022). Comparative analysis of trade and sustainable development provisions in free trade agreements. London School of Economics
101) Vu, V. H., Soong, J. J., & Nguyen, K. N. (2022). The political economy of China’s rising role in the Asia-Pacific Economic Cooperation (APEC): Strategies and instruments of the Chinese way. The Chinese Economy, 55(4), 255-267.
102) Williams, I., & Kwofie, B. (2022). The Impact of Liberalization on the Mobile Telephony Market in Africa: the Cases of Ghana, Nigeria and Kenya. In The African Mobile Story (pp. 17-40). River Publishers.
103) Wong, D. W., Lee, H. F., Zhao, S. X., & Pei, Q. (2020). Region‐specific determinants of the foreign direct investment in China. Geographical Research, 58(2), 126-140.
104) Wu, Z. (2020). 14. Economic nationalism in favor of globalization: post-war Japan and post-reform China. Research Handbook on Nationalism, 190.
105) Yongabo, P., & Göransson, B. (2022). Constructing the national innovation system in Rwanda: efforts and challenges. Innovation and Development, 12(1), 155-176.
106) Yoshida, A. D., & Gil-Herrera, R. J. (2020). Liberalization and Nationalization in South America: A Comparative Analysis of Economics Impact Through Telecommunications and Electricity Sectors. Int. J. Bus. Econ. Res, 9, 211.
107) Zepeda, R. (2021). Mexico–Canada Economic Relations during the NAFTA Era. In Oxford Research Encyclopedia of Latin American History
Volume 07 Issue 03 March 2024
There is an Open Access article, distributed under the term of the Creative Commons Attribution – Non Commercial 4.0 International (CC BY-NC 4.0) (https://creativecommons.org/licenses/by-nc/4.0/), which permits remixing, adapting and building upon the work for non-commercial use, provided the original work is properly cited.
Our Services and Policies
Authors should prepare their manuscripts according to the instructions given in the authors' guidelines. Manuscripts which do not conform to the format and style of the Journal may be returned to the authors for revision or rejected.
The Journal reserves the right to make any further formal changes and language corrections necessary in a manuscript accepted for publication so that it conforms to the formatting requirements of the Journal.
International Journal of Multidisciplinary Research and Analysis will publish 12 monthly online issues per year,IJMRA publishes articles as soon as the final copy-edited version is approved. IJMRA publishes articles and review papers of all subjects area.
Open access is a mechanism by which research outputs are distributed online, Hybrid open access journals, contain a mixture of open access articles and closed access articles.
International Journal of Multidisciplinary Research and Analysis initiate a call for research paper for Volume 07 Issue 11 (November 2024).
PUBLICATION DATES:
1) Last Date of Submission : 26 November 2024 .
2) Article published within a week.
3) Submit Article : editor@ijmra.in or Online
Why with us
1 : IJMRA only accepts original and high quality research and technical papers.
2 : Paper will publish immediately in current issue after registration.
3 : Authors can download their full papers at any time with digital certificate.
The Editors reserve the right to reject papers without sending them out for review.
Authors should prepare their manuscripts according to the instructions given in the authors' guidelines. Manuscripts which do not conform to the format and style of the Journal may be returned to the authors for revision or rejected. The Journal reserves the right to make any further formal changes and language corrections necessary in a manuscript accepted for publication so that it conforms to the formatting requirements of the Journal.