Liberalization and Global Business Dilemma in Third World Countries: A PEST Analysis

Abstract

Global business plays a critical role in advancing the Sustainable Development Goals (SDGs) set forth by the United Nations. The SDGs represent a universal call to action to end poverty, protect the planet, and ensure prosperity for all by 2030. Global businesses collaborate with governments, civil society organizations, and other stakeholders to address complex global challenges and achieve the SDGs. By fostering partnerships and multi-stakeholder initiatives, they contribute to SDG 17 (Partnerships for the Goals) by leveraging resources, expertise, and networks to drive sustainable development. Many global businesses are increasingly adopting sustainable practices to minimize their environmental footprint and promote responsible consumption and production. By implementing sustainable supply chain management, reducing waste, and adopting eco-friendly technologies, they contribute to SDG 12 (Responsible Consumption and Production). Liberalization and global business are interrelated processes that shape the dynamics of international trade, investment, and economic integration. While liberalization creates opportunities for global businesses to expand their operations and access new markets, it also presents challenges related to competition, regulation, and sustainability that require careful management and policy responses in third world countries. This has elicited a mixed rection on the role of global business on development of nations. Based on this, the purpose of this study is to examine the extent to which liberalization has impacted the political, economic, social, and technological advancement of third world countries. A literature review has been adopted for this purpose. The study concludes that the impact of liberalization of global business on third world countries is complex and varies depending on factors such as governance structures, economic policies, social dynamics, and technological capabilities. This study recommends that by adopting a holistic approach that takes into account the interplay between political, economic, social, and technological factors, governments in third world countries can maximize the benefits of liberalization while mitigating potential risks and promoting sustainable development.