Some of the major factors that affect the growing gap between the rich and the poor are the, labor markets policy, racism, technological changes, the culture, lack of proper education, taxes reforms, inequality in wages, also government facilitated initiatives can decrease or increase the inequality and some economists believe that even the globalization contributed to the increasing
Globalization is defined as the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets (Merriam-Webster). It also can be looked at as how organizations have an impact internationally. When money is involved, so are politics. Due to the implementation of globalization around the world, developing economies saw a great increase in exporting cheaper goods, because they were opened to new markets (Collins). While these foreign nations benefited, much of the American population was at a disadvantage.
Nowadays, in the light of the development in technology, especially in transportation and media, trade and communication has increased rapidly among countries. This trend is called globalization. Generally speaking, globalization has its own advantages and disadvantages. The development in international trade and communication has created employment and opportunities for millions of people, but it has also made poor countries poorer. In my opinion, globalization has both positive and negative aspects.
Most people thought it important and it made the economic globalization more stable. Globalization means that people from. different countries communicate together and work together. The world is becoming globalizing because many people have benefits in globalization. Business men can set up their business in other countries.
You can get so many things done with just a tap of a finger. You could communicate faster and be on the go at the same time. Laptops have changed America just as much. Laptops have changed America by it making businesses more successful and more organized. It has also made lives in America better because they have more ways than ever to communicate better.
Neoliberalism is the main cause of the difference between the rich and the poor in the states. It expanded the market efficiency by competitions between individuals, raised a gap between the rich and the poor. Rich people are becoming much richer based on their original properties while poor people are becoming poorer and suffer great economic problems in their lives. This does not only happen between individuals but also between companies. The unemployment rate increased because of neoliberalism.
First, the transfer of power from labour to capital soon translated in an analogous transfer of income and wealth within most OECD countries and many developing countries adopting similar policies. The indexes of inequality in the distribution of income started to increase since the late 1970s and continued the upward trend until now. In addition, the increasing inequality often reflected growing poverty also in the richest countries (including the US and many European countries). The neoliberal policies systematically violated the basic conditions of social sustainability during all the period. This failure had a significant impact also on economic sustainability as measured by the growth of GDP.
Globalization is the broadening, deepening and speeding up of worldwide interconnectedness in many aspects of life. It has affected many things, for example politics, the economics, our culture, and the environment. Globalization is a double-edged sword, thus in this essay, I am going to bring up a few examples. Globalization has made our world better and closer by improving foreign trade, increasing employment opportunities, creating friendly competitions between businesses and spreading cultures and education. On the contrary, some argue that globalization diminished cultural diversity.
Firstly, globalization only serves the interests of developed countries like the US, European countries, China, Singapore more than developing countries such as Vietnam, Thailand, Africa (Is globalisation, n.d.). According to Lianna Amirkhayan (n.d.), the uneven distribution makes a big difference in income between developed and developing countries. The rich countries still maintain their wealth which even double rich, compared to developing countries. Secondly, globalization creates a moving wave among people in developing countries. They move to other countries to find a better chance to work.
The development of a global economy has created many choices for the first world consumer, but what has globalization done to third world workers '? For many workers ' in Bangladesh, globalization has fostered an environment of greed and corruption. In Made in Bangladesh,