International joint venture agreements may have been the key solution to hastening the process of economic growth of third world countries, especially to small sized to medium sized businesses. It has been evident that Giant Corporate powers have been providing new business opportunities and access to new technology to third world companies, furthering business growth and development, and economic success in general.
Enter Globalization and its incorporated policies to the economic systems of the third world – boosting the growth of local companies. Further to the partnership between giant corporations to small local businesses in the third world, there has been numerous issues which were not shown by the mass media to third world societies. As social and environmental claims – "oftentimes, the stakeholders are the ones suffering from the wealth gained by the partner companies."
A good example of this would be in the industry of agriculture. Since the 1960's, during the time of the green revolution, Trans national corporations have been making efforts to increase the productivity and efficiency of food production to its partner companies in the third world. In Asia for example, the method of production of rice, corn, and other similar crops, have been continuously innovated to increase its efficiency. Technologies developed in the west are transferred to the local soil of the business partner, experimented, legislated and then implemented.
To give you a concrete example of this, let's take a look at the technology of Genetic Engineering, in food production, this is called GMO or Genetically Modified Organisms. The traditional method of corn production of South East Asian countries was altered in the span of a few decades from organic farming to the use of pesticide to the currently applied GMO. This variety of corn is called the BT Corn or the Bacillus Turengensis. Designed to eliminate the use of pesticide, the corn's genetic set up was altered to protect itself from predators in the field such as corn borer.
This technology transfer increased the efficiency of traditional farming methods of the local business partner, increased its revenues, enabled them to practice novel and effective farming, etc. However, the environmental impacts, adverse effects to human health, disruption of ecological balance, etc. is inevitable, as environmental groups claim. As one writer puts it, "the good parts of technology cannot be eliminated from its bad parts."