The four tigers of East Asia are Hong Kong, Singapore, Taiwan and South Korea, leading examples of countries that have managed to significantly improve their living standards by deregulating their national economies and opening up to global markets. From Third World poverty in the 1950s, each of these countries has now achieved a standard of living parallel to that of industrialized nations, with per capita incomes in Hong Kong and Singapore rivaling those of wealthier Western nations (www. worldbank.org ).As you write your essay, you might discuss what kind of impact globalization is having on national economies. For example; how it enables faster economic growth, reduces poverty and provides more fertile ground for democracy. The beneficiaries of globalization are long-suffering consumers, those nations that were “protected” from global competition before it was embraced. Globalization expands our range of choices, improves product quality and puts downward pressure on prices. It provides immediate gain to workers by increasing the real value of their wages and transfers wealth from previously protected producers to newly liberated consumers, with gains to consumers outweighing losses to producers because deadweight losses to the economy are recovered through gains of efficiency. . Consider how globalization has freed consumers from poor service, overpriced and low-quality goods due to the lack of real competition to stimulate domestic producers to meet the demands of their consumers. One example is the poor quality of cars sold by sheltered domestic manufacturers in places like India, where the standard Ambassador car is based on the Morris Oxford, a car maker that fell out of fashion in... middle of paper . ..... about people all over the world. Their activities are crucial to the economies of the many countries they represent. More jobs are created and higher wages are paid to their employees compared to local industries. Multinational corporations are so vital because they are the ones who have made the world a global village. They are responsible for producing and controlling all things that connect the world. So their influence cannot be underestimated. Multinational corporations have been criticized for their practices. It is alleged that the operations of the multinationals have not been of the best standards. It is argued that multinational corporations maximize profits by ruthlessly exploiting natural resources and leaving host countries in deplorable states. This can be said to be true in areas such as Africa and parts of Asia where living standards and human rights are low and environmental standards are not respected.