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Inequalities of wealth between the rich and the poor - Essay Example

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This essay describes inequalities of wealth between the rich and the poor.Roughly two percent of the world’s wealthiest individuals are able to expand their wealth despite the economic challenges whereas the low-income families are struggling hard to earn enough money for food each day…
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Inequalities of wealth between the rich and the poor
Many people believe that globalization has contributed a lot in widening the inequalities of wealth between the rich and the poor. Roughly two percent of the world’s wealthiest individuals are able to expand their wealth despite the economic challenges whereas the low income families are struggling hard to earn enough money for food each day. (Jones, 2006)
Some of us in the United States have felt the negative impact of globalization in our country in line with the continuously massive lay-offs and wage cuts in some of the largest local companies such as IBM, Ford, General Motors and Chrysler. (Cringely, 2007; Jones, 2007) In general, a lot of business managers in developed countries believe that corporate restructuring plays a crucial role in maintaining the competitiveness of large companies in both the local and global markets. The same is true in the case of many of the local businesses in developing countries like the Philippines, India and Malaysia among others. Nestlè, one of the largest multinational companies located in developing countries, is also implementing a corporate restructuring in order to improve and increase the efficiency of its human resources and operations as a strategic way of lowering down the operational costs. (Nestle, 2002) In the case of Proctor & Gamble (P&G), the company have also tried cutting down as much as 13,000 jobs aside from closing as much as 30 of its manufacturing plants back in 1992. (Transworld, n.d.)
Having read a lot of economic papers and business related news makes it difficult for myself to agree with the statement that globalization alone is the major cause of the continuously widening gap between those individuals who are able to earn excessively large amount of money as compared to those who barely earns an income to support their daily needs. I believe that there will always be other ways that could enable the people to fight poverty as well as survive the tight competition in the labor market.
For instance, the United Nations Educational, Scientific and Cultural Organization (UNESCO) is promoting that the local government in each country should increase the share of public expenditure allocation in order to improve the quality of education system within the country. (Burnett et al., 2008) Basically, increasing the literacy rate of the local people empowers each one of them to be able to compete in the tight competition in the global labor markets. In line with the promise of good education in the development of a good career, most of the nurses in developing countries are taking the opportunity to work in developed countries where they could earn a better salary compensation in exchange for their services. (Marquand, 2006)
Another example of creating new job opportunities is to boost the promotion of tourism. (Greene County, 2008) In general, encouraging more tourists to visit some of the country’s most prominent places as well as other relevant attraction sites could indirectly boost the country’s economy.
Considering the number of ways wherein a country could generate more job opportunities for the people, one should never blame globalization for the widening gap between the rich and the poor. With the government’s financial support in education, one should learn to be more creative in searching for new strategic ways which could enable all of us to improve our financial status in life.
References:
Burnett, Nicholas, et al. "Unesco." 2008. UNESCO Summary: Education for All by 2015 Will We Make It? 10 March 2008 .
Cringely, Robert X. "The Pulpit - Weekly Column." 4 May 2007. Lean and Mean. 10 March 2008 .
"Greene County." 2008. Greene County: Tourist Promotion Agency. 10 March 2008 .
Jones, Shannon. "World Socialist Web Site." 25 June 2007. US Auto Union Accepts Massive Wage Cuts and Layoffs in Tentative Pact with Delphi. 10 March 2008 .
Jones, Steve. "In Defense of Marxism." 22 December 2006. Recent Report on Wealth Distribution Confirms What We Already Knew. 10 March 2008 .
Marquand, Barbara. "Minority Nurse." 6 June 2006. Philippines Nurses in the U.S. - Yesterday and Today. 10 March 2008 .
"Nestle." May 2002. The Nestlé Sustainability Review. 10 March 2008 .
"Transworld." n.d. Proctor & Gamble. 10 March 2008 . Read More
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