Helping Develop the World : Globalization and Development in Egypt

Abstract

In terms stated by the World Bank, globalization is the increased economic activity between persons and firms in different countries. According to the Washington Consensus it is more of a combination of privatization, liberalization, and deregulation of the economy. Many of the countries that have begun to globalize are following a plan set up by the World Bank and International Monetary Fund. Countries following this process are generally those that fulfill all the qualifications to be classified as developing countries. Most of these countries are attempting to stabilize their economies and open up their capital and current accounts to foreign markets. They are usually trying to raise the standard of living within their own country, as well as reducing the level of poverty. The success of globalization is determined on an individual country basis and the effects of globalization reforms are different depending on the situation of the country. The paper starts with a description of the author’s summer internship at the United States Chamber of Commerce, working on a project to partner U.S. companies with companies in Egypt in an effort to inspire international business. The program was intended to benefit both countries by promoting exports to the U.S. from Egypt, while at the same time promoting U.S. exports to Egypt. One of the key factors of this program is that it is a web-based program, where a computer program generates the company matches. Matches were determined by details provided by the companies themselves. Companies will only be matched with other companies in the same sector who have matching business goals. The program is part of a global initiative of business development between the U.S. and the emerging market countries. The remainder of the paper provides a country study of Egypt and its globalization process. In conclusion, it was determined that the Egyptian economy has not yet successfully completed its globalization process.