GLOBALIZATION OF WORLD ECONOMIES AND VISION 2050: PAINS AND GAINS

Abstract

The future presents both fear and hope for humankind. Thus, a reflection on the future is important as the main trends and axioms of yesterday are today being thrown into doubt in the face of global economic crisis that accentuate the problems of globalisation. In this paper, I examine the pains and gains of globalization and Vision 2050. Extensive exploration of key literature has been done to answer the following questions: what decision should be taken? What path should be chosen What sacrifices should be made today? And, what are the present and future gains? In addition to literature exploration, major empirical studies on globalization were assessed. Also, World Business Council and Sustainable Development (WDCSD) report was considered in making valuable deductions for this paper. A working model for realization of Vision 2050 has been proposed. It was concluded that globalization comes with pains such as shortage of natural resources, environmental crisis and fall of dominant economic powers. But that the gains of globalization such as development of global economies, emergent economies dominating the global market and evolving workplace with green business practice, by far overweight the pains. I recommend that business leaders, scientist, innovators governments, investors, financiers and consumers should accept the threat and opportunities posed by the globalization process and set up a framework to assist countries that are below the threshold for high human development.