Is Globalization good for the poor people Essay Example | Topics and Well Written Essays - 500 words

Is Globalization good for the poor people - Essay Example Part of the reason for the recent boom in the Estonian economy has been attributed to the numerous reforms and liberalization policies that have been initiated. Most of the ideas in this direction were suggested by the late Nobel prize winning economist, Milton Friedman. The changes put in place have resulted in it becoming one of the most integrated and freest economies in the world. In the globalization index of 2007, Estonia was placed in the 10th position under the most integrated economies suggesting a massive transformation from its communist past. The country was virtually bankrupt during the 1990s with a high rate of inflation and soaring unemployment rates. By opening itself up to the outside world, Estonia has abolished corporate income tax and bureaucracy is no longer a hindrance to government clearances. In a way, the government has acted as a very thin filter to corporate functioning thereby helping in the smooth and easy conduct of business. Estonia is presently places at 17 among a group of 175 economies in terms of the ease of doing business sixth in terms of feasibility in trade across borders. There is no cap on foreign ownership that has encouraged investments in all major sectors of the economy. Estonia is currently places at 21 for technological connectivity although these figures are expected to improve in the coming years. The country is also increasingly involved in the use of information channels for communication with many of the government functions including voting now possible through the Internet. All such changes have prompted it to be dubbed as ‘E-Stonia’ after the recent general elections were held over the web. Apart from all the above measures, it is also important for the presence of an able administration that is bold and determined to making changes that will necessitate the opening up to trade