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Social and Economic Impacts of Globalization - Term Paper Example

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The study is concentrated on the impact of globalization on economic and social inequality. This paper will analyze the social, political and economic effects of globalization. It will argue that though globalization is beneficial, it has led to greater economic and social inequality…
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Social and Economic Impacts of Globalization
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Download file to see previous pages This research will begin with the statement that in the past, most nations carried out their trade and other operations separately and within their boundaries. However, the development of globalization in recent decades has led to more, economic, social and political integration between nations. The author has rightly presented that globalization has brought with it various benefits to individual nations and communities in terms of economic growth and social development. However, it is evident that globalization has also caused various negative effects, especially to developing nations, for instance, social and economic inequality. This essay discusses that globalization refers to the free movement or transportation of goods, capital, and people whereas liberalization is the elimination or reduction of barriers to enhance free movement of these goods and capital. Due to the swift expansion that has occurred in trade and capital movements, globalization has led to both positive and negative impacts. The present research has identified that the main movers of the large increase in global trade and investment, which to most individuals happens to be the chief expression of globalization, have been the global accords to reduce trade restrictions and the instant reduction in the transportation costs, especially the costs of transporting data. These factors have led to the fragmentation or disintegration of industries, a new aspect of globalization....
In this case, some assert that globalization is a contemporary emerging phase while others deem that it has occurred for a long time. Other people argue that whether it occurred in the past or lately, the order and speed of global transformation is exceptional and necessitates an active restructuring of the global institutions of governance (Beall, 2002). To all countries that participate, globalization will continue to have great benefits to them. However, globalization creates pressures causing inequalities in some countries and the need for structural changes in all. In addition, globalization has left some nations more susceptible to the upsets that may occur externally. Therefore, globalization brings forth risk management challenges, which remains unaddressed (Duncan, 2000). Most countries lay the blame on globalization for causing a wide range of problems. Some of the adverse effects that have occurred due to globalization on the social welfare include social problems, which range from famine to floods, rural to urban migration leading to overcrowding in urban areas and from pollution to poverty. This means that when two or more countries join together, the social welfare of the two countries will be vulnerable to negative effects leading to decline in the social welfare of the country. For instance, relocation of most industries to the urban areas will cause most rural residents to migrate from the rural areas to the urban leading to overcrowding, pollution and poor disposition of the waste products. However, globalization has brought vital developmental successes. Some examples of these developmental successes include poverty reduction, better services, increasing ...Download file to see next pagesRead More
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