Argues that globalization has led to growing inequality within and across countries and between western countries and the rest of the world.
Written in 2008; 1,885 words; 7 sources; APA; $ 60.95
Paper Summary:
This paper relates that, although globalization has increased economic prosperity around the world, in the developing countries, only the powerful and wealthy elite gain from this process, thus creating a large gap between the rich and the poor people. The paper points out that critics of globalization see it as an extension of capitalism where powerful nations intend to influence the weak ones and multinationals try to take control over the world, which results in social unrest and much environmental damage. The paper examines technology, education, the sector placement and financial development as factors that affect this inequality and instability caused by globalization.
Table of Contents:
Measures of Inequality
Skill Premium
Dualism
Factors Affecting Inequality
Technology
Education
Sector
Financial Development
Inequality and Instability
A Differing Perspective on Inequality
Technology
Unemployment
Conclusion
From the Paper:
"The sector in which growth takes place is also a determinant of inequality. A shift of low skilled labor away from agriculture and towards industrial production will improve inequality. Such a shift will enable unwanted agricultural, low skilled workers to earn higher incomes. Economies that thrive on their primary produce suffer more as a result of globalization. They end up exporting their primary produce at cheap prices, and in return are compelled to import high priced manufactured goods. This negative trade balance worsens their income."
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