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Globalisation: - Essay Example

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While globalization has enhanced economic development in many counties, inequality remains a major social phenomenon. The paper will seek to address these…
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Download file to see previous pages Globalization has also led to development of democracies, enlargement of markets and infrastructural development. Hence, other factors such as unequal distribution of globalization benefits, corruption, and poor leadership could be blamed for the current social and economic inequality.
Social inequality has become a major global phenomenon. There is a huge gap between the rich and poor, including between the developed and developing countries (Ravenhill, 2014). While there are a number of factors contributing to social economic and social inequality, globalization has been cited as the major contributor. This is contrary to the strongly held beliefs that globalization brings economic opportunity and assists in improving the living standards of the people. However, according to the statistics by the International Monetary Fund, globalization has addressed the challenge of poverty and assisted in creating more employment opportunities. For instance, a study by the IMF in 2001 indicated that countries, which had embraced globalization, had their real GDPs increase by about 5% (Dollar, 2001). On the contrary, the non-globalizers did not experience any significant growth in their GDP. In addition to this, it is indicated that poor countries have been growing by more than 5.4% annually (Dollar, 2001). This growth has been attributed to globalization. However, despite the economic growth of many countries, such as China and India, the number of poor remains high. This raises the question of whether globalization is actually leading to more inequality. To answer this question, the following discussion will focus on social and economic effects of globalization.
Globalization has brought about economic and political integration (OBrien, R. & Mark, 2013). As a result, there is interdependency between governments in an aim to alleviate different social ...Download file to see next pagesRead More
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