Final answer:
Outdated regulatory and legal systems in developing countries pose a significant challenge to establishing joint ventures. These systems may not address the needs of modern global business, leading to legal challenges and deterring investment. Structural unemployment and rapid urbanization are additional challenges linked to globalization.
Step-by-step explanation:
One major problem associated with joint ventures in developing countries is outdated regulatory and legal systems. These systems often struggle to keep pace with the dynamic needs of modern global partnerships, leading to challenges in establishing joint ventures. Such outdated frameworks may fail to adequately address the complexities of international business, leading to legal ambiguities and inefficiencies that can hinder business operations and discourage foreign investment.
Additionally, issues like structural unemployment and rapid urbanization can arise as globalization introduces new technologies and shifts in job opportunities, prompting a move toward urban centers that may not be equipped to handle the influx. These concerns, alongside the potential for high-income trading partners to exploit the economies of developing countries, present significant barriers to successful joint ventures and wider foreign trade and political relations between nations.