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To what extent has globalization been the cause of increased inequality?
POL2001 - Politics and International Business
10 Pages • Essays / Projects • Year: Pre-2021
Over the past two decades, globalization has had an overall positive impact on developed and developing countries across the world. This can be seen by the social and economic prosperity of China and India among others. Both countries were considered to be developing countries over two decades ago, and are now successfully succeeding in the global market. This was made apparent by the International Monetary Fund (IMF), World Bank, and CIA World Fact book listing them in the top 15 of the 2007 per capita Gross Domestic Product value of goods and services produced in a year listing. As the world assimilates into one federation, they are all linked by the globalization of free trade, commerce of goods and services. Although there is an enormous difference in wealth between the developed and less developed countries, a remarkable progress is being made to balance the economic inequality. This essay will argue that globalization is drastically improving the standard of living for people in developed and developing countries through international commerce and decreased inequality.
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