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Economic globalization is the unifying of all the financial systems and markets worldwide. The world undoubtedly is nowhere near real globalization, but countries are making huge strides towards it. There is a property that globalization makes abundant countries richer and bad countries poorer. Nevertheless, I do not concur with this. First of all, it holds true that the rich might effectively get richer by globalization. It opens new investment opportunities and new development and if they are wise they can benefit economically.
Take the recent boom in emerging markets. It is generally the abundant who have access to buy these markets, and hence, the rich get richer. I would argue, nevertheless, that globalization has a really strong force to in fact make the abundant poorer. For examle, there has actually been much talk about outsourcing and that it is bad for America because American tasks get moved abroad. Now those Americans who have actually had their tasks contracted out are definitely poorer, and in this situation the Americans are the abundant so when again the rich got poorer.
The idea that the poor get poorer is in most ways unfounded. Sweat-shops are an example of a terrible characteristic of globalization. Nevertheless, the use of sweat-shops is declining thanks to consumer pressure. Additionally, sweat-shops are a function of the governments of the countries in which they exist. It is not globalization’s fault that people are treated poorly in a country, but rather it is the fault of that government for not looking out for the welfare of its people.
Beyond that, though, I believe globalization is helping the poor get richer. To start, take the example in the previous paragraph and reverse it.
While Americans losing their jobs get poorer, workers in other countries get richer. Multinational corporations are finding these developing countries provide very appealing investment opportunities and so they are putting their money into these countries, by so doing, helping them to grow and enriching their citizens. Globalization typically leads to the industrialization of countries that have not been industrialized and makes the world a better place for everyone.
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