Economic and Financial Committee Essay
Economic and Financial Committee
This letter is to address the widening gap between the rich and poor in developing nations, and how globalization policies create a situation that lessens that gap. In many developing countries there is simply a poor class and a rich class. Developed nations are characterized by the presence of a middle class. The middle class bridges the gap between rich and poor, and when developing nations can create a fully functioning middle class within their societies, the contrasts between rich and poor seem to deplete.
In a viewpoint essay edited by Debra Miller (2008) entitled “Globalization Promotes Democracy Both Directly and Indirectly” this concept is demonstrated. The premise of the article is that globalization efforts create an economic and entrepreneurial middle class who then demand and facilitate democratization in developing countries. As a matter of policy, economic reform, through globalization, should precede democratization. For example glasnost in Russia, or democracy and freedom before economic reform, proved to be unsuccessful. While in China economic reform before political change has proven to be an effective policy.
The conclusions of Jagdish Bhagwati, Columbia University economics professor and U. N. advisor, demonstrate the process of bridging the economic and class gap. A small farmer in India used the internet to take his crops to both local and international markets. This tool of globalization gave him the freedom to control prices, as well as supply and demand. This increased economic independence and experience of personal control often translates into political aspirations that eventually lead to policies that bridge the economic gap in such countries.
The internet is just one tool of globalization. As your committee examines the conditions and policies of other developing nations, it is imperative that you consider the process of globalization that leads to economic reform that leads to democracy. Policies and initiatives must focus on supplying developing nations with the tools of globalization, particularly access to international trade opportunities, that have a direct impact on the individual’s economic and financial situations.
As these individuals transform into an economic middle class, they will take action in the social and political affairs in their nations that will, in turn, create a more democratic society that will provide better economic opportunities for all citizens.
Reference Globalization Promotes Democracy Both Directly and Indirectly. (2007). In Debra Miller Current Controversies: Globalization(). Detroit: Greenhaven Press. 5 May 2008, Opposing Viewpoints Resource Center via Gale: http://find. galegroup. com/ips/start. do? prodId=IPS Respectfully Submitted,
University/College: University of Arkansas System
Type of paper: Thesis/Dissertation Chapter
Date: 19 December 2016
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