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Socio-Economic Impacts Of Economic Globalization And Hong Kong

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Socio-economic Impacts of Economic Globalization and Overall Well Being Globalization is an ongoing, complex process that has different effects on different groups of people in the world. This paper assesses the socio-economic impacts of economic globalization and related globalization theories, and determines which theory fits better. It also compares how economic globalization affect my work-related experiences and opportunities in Hong Kong and those of a counterpart in Bangladesh. Finally, suggestions to reduce the negative impacts brought by economic globalization are included.

Introduction to Globalization It is difficult to define globalization in a few sentences. With increasing studies and research on globalization, …show more content…

Capitalist and neoliberal theories explain the positive impacts of economic globalization on Hong Kong and Bangladesh. Trade liberalization and FDI led to economic growth in both places (Wong, 1996; Manni & Afzal, 2012) as exports and business opportunities created by other countries became new major sources of income. People in Bangladesh working in the manufacturing industry generally earn higher income than in agriculture (Atal, 2013); people in Hong Kong shifted from the manufacturing industry to the higher-paid service sector. However, contrary to a capitalist or neoliberal view, economic growth and higher income may not improve people’s overall standard of living when taking into account people’s well being, the major concern of liberal theories. Focusing on the case of my counterpart, having to work in sweatshop conditions, such as a hazardous environment, long working hours, poor treatment, etc., could be considered a violation of human rights. It is detrimental to health and reduces longevity. My counterpart may have been deprived of the opportunity and rights for education and leisure if she was forced to work as a child labor, reducing human development and capabilities. All of these are negative consequences that are examined in liberal theories when assessing globalization …show more content…

For example, my counterpart and I can strike a balance between consuming foreign goods and local goods. Governments can provide financial support and other assistance for local industries and businesses. Another response is imposing some degree of trade restrictions by legislation from the government and international governmental organizations (IGOs) like the World Trade Organization (WTO), to assist local industries and producers (especially in the LDCs) in facing market competition with other developed countries. All these help reduce the negative effects of international trade on local producers and

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