Summery for <the contemporary global economy> Essay

Summery for - Essay Example Because of its potential benefits, governments and other stakeholders as well as advancements in technology have ensured sustainable globalization. However, critics argue that globalization is responsible for adverse socio-cultural, economic and environmental conditions in developing nations. Critically assessing chapter four, this article relates to the production of cocoa for export in Ivory Coast. The arguments in the article resonate with the story of cocoa production in Ivory Coast. In Ivory Coast, cocoa produced finds its way to foreign market, mainly the United States because of globalization. However, the cocoa is produced from small farms under forced child labor and is subject to fluctuating world market price. Farmers in Ivory Coast have no say on the prices paid for their cocoa. As such, they are compelled to seek cheap labor, which has been found on forced labor. From the article, it is apparent that globalization promotes international trade by opening up new markets for products of countries and firms. However, developed countries seem to benefit more from globalization than developing countries. As such, it would be better to implement international trade laws checking on unhealthy competition, price stability and equal benefit of all participants in international