Globalisation - Essay Example

Several studies have showed that there are inequalities brought about by globalization with the tendency of western industrialized nations tipping the balance of trade in their favour. However, in recent studies, the impact of these inequalities has decreased and globalization immensely contributed in this turnaround. The Globalization Guide said that Americans earned 12.5 times as much as the Chinese, per capita in 1980s, but in 1999, this has been reduced to 7.4. Relative to this, the speech of President Clinton before the 2000 World Economic forum has been quoted in Pette Gasdde’s study saying that the countries that have opened their economies to trade, to capital movements, and to competition have realized economic gains and enjoyed social and economic progress Low levels of wages in developing countries as compared to developed ones, in the report of Globalization Guide is not a reflection of discrimination, but rather because of lower levels of education and productivity.

While it is true that there is inequality, the report of The Australian Departments of Treasury and Foreign Affairs and Trade said the cost to developing economies is narrowing as poverty is reduced and income grow to developing countries that have opted to open their doors to international development. (The Australian Departments of Treasury and Foreign Affairs and Trade) Still on inequality, the paper done by Xavier Sala-i-Martin on “the disturbing rise of global Income Inequality finds that poverty rates have fallen over the last 25 years, and found no evidence of rising inequality On global income opportunities, Baslakrishnan, Geddes and World Bank addresses the issue on economic perspective.

Defined in Wikipedia as “the process of combining economic, technological, socio-culture and political forces”, globalization remains to be unclear and proposes different interpretations. The United Nations ESCWA sees it as a