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Do you agree with the liberal argument that globalisation increases growth and reduces poverty and inequality Explain your reasoning and illustrate it with appropriate examples - Essay Example

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In every part of the world, globalization presents two divergent views since others argue that its beneficial while others see it as a necessary evil. Others also argue that globalization is promoted by the rich to benefit them economically while the poor having less benefits in…
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Do you agree with the liberal argument that globalisation increases growth and reduces poverty and inequality Explain your reasoning and illustrate it with appropriate examples
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Do you agree with the liberal argument that globalisation increases growth and reduces poverty and inequality Explain your reasoning and illustrate it with appropriate examples

Download file to see previous pages... Globalization is a system that began in 1980 that is characterized by the increasing integration of the economic system and societies through financial services, the flow of ideas and information (Elmawazini, Khalid & Nwankwo 23). Increasing integration is mainly driven by improving technology leading to reduction of costs and removal of barriers that used to slow the movement of goods and services from one place to another. One of the motives of globalization was to open markets and seek raw materials for goods and services in all four corners of the globe. It began with the elimination of tariffs and non-tariff barriers to trade and this was quickly followed by monetary and fiscal reforms, privatization, and deregulation meant to streamline economics and commerce on the global scene (Gindling & Terell 910).
In order to fully analyze the impact of globalization on poverty, we need to fully determine he income accrual to individuals globally and access the basic living standards of all the societies in the world. Is as much as this indication may be real, it is also good to notice that the cost of living also varies from one point to another depending on the economic stability and prosperity of a country. The poor people are thus those whose material, cultural and social resources are below par when compared to the standard resources in other places perceived to be rich (Asongu 27).
According to United Nations, about 20% of the global population live below one dollar per day to mean that they are considered poor people. This percentage of the global population stands at over one billion people who are struggling to survive in this new dispensation of globalization. Globalization has always been cited to reduce poverty, but, despite the world practicing globalization over the past three decades, it is still evident that a good ...Download file to see next pagesRead More
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