Criticaly examine impact of economic globalization on KURDISTAN REGION Essay

Criticaly examine impact of economic globalization on KURDISTAN REGION - Essay Example The concept of economic globalization also greatly influenced the economic growth of this region. The emergence of economic globalization influenced the region’s government to change its economic policies in way that would encourage investments and cross border trade. The Kurdish economy has undergone significant structural changes over the last few decades, and this reshaping process could be attributed to the emergence of economic globalization. This concept has greatly benefited the region to improve the living standards of its people. Today the living standards of Kurds are far better than that of the people from other parts of Iraq. In addition, the Kurdish government has recognized the importance of private sector in enhancing economic stability and sustainability of the region. This paper will critically evaluate the impacts of economic globalization on Kurdistan. 1. Economic Globalisation: Definition Globalization can be defined as â€Å"the intensification of worldwi de social relations which link distance localities in such a way that local happenings are shaped by events occurring many miles away and vice versa† (Giddens 2008, p.64). ... The Kurds were not trusted partners of the regime. There are many examples of actions taken that were not in the best interests either of the Kurds or the region, building less health centres, force evacuation from the villages, no primary highways to name few but many. This has resulted in an under-invested region both economically and socially. The Kurdistan region is unique at the present time in Iraq in having potentially three levels of government, National, Regional and Provincial. Still the roles and responsibilities of these levels of Government are not clear. The Kurdish society always tries to achieve self-dependence and retain the integrity of its borders. This concern is also shared by other national and international interests concern with the future of Iraq. The Kurdistan Regional Government (KRG) receives both cash and in-kind allocations from Baghdad amounting to about 14 percent of projected Iraqi federal revenues (World Bank, 2007). The bulk of Iraq’s federal revenues are based on oil (96 percent in the 2006 budget). However the largest cash allocation to KRG is 17 percent of a divisible pool of funds, representing all federal domestic revenues net of a number of expenditure programs. KRG’s share is based on a national estimate of KRG’s population relative to the rest of Iraq1. 1.2 Current Policies or Economic Development Objectives: â€Å"Economic growth, being a summary measure of all of the activities of an entire society, necessarily depends, in some way, on everything that goes on in a society† (Lucas 1998). In order to analyze the impacts of economic globalization on the Kurdish region, it is vital to identify the current economic development objectives of the Kurdish government. KRG economic development objectives to date are