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Final exam - Essay Example

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Name: Professor: Course: Date: Economic Globalisation The plight of workers in the Sweatshops and Export Processing Zone has been at stake. For many decades, these workers have been paid peanuts, forcing them to live on shoestring budgets. They have been working under very poor conditions, for example, the chairs in their places of work are very uncomfortable such that their bodies ache in the evening when they go back home…
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Download file to see previous pages... These social movements have been very vocal in the call to improve the working conditions as well as increase in the wages of these employees. There is an example of one worker; Upia, who used to be, paid less than $ 50 every week. Life proved difficult for her especially on how to provide for her family with this little amount of money. Under this budget, these families are not able to make any savings. It is for this reason that there are calls to form factories that are able to manufacture quality goods and still provide a safe working condition for all workers (The Nation, 2011). It is for these poor working conditions that this woman is also concerned about the plight of these marginalized people in the society. In my response to her question in this paper, I will discuss a number of issues to enable her understand factors leading to this condition. Economic globalization Economic globalization is the term that is used to refer to the manner in which the economies in the World are interconnected and dependent on each other (Mohr, 2013). It has been brought about by the development in technology, which has enhanced communication, transport, thereby, facilitating interaction, and trade to a greater length.it is also because of the availability of information over the internet that trade has been made easier. The use of fast transport facilities such as the airplanes and electric trains has increased the exchange process. In actuality, economic globalization consists of the globalization of industries, technological gadgets, markets, and production methods. Economic globalization has taken effect in the past three decades, when International trade Organizations such as the World Trade Organization was formed. This lady thought that it was necessary for developed countries to share their wealth and industrial jobs with the less developed countries because, the economic globalization has major advantages, for example, it has provided a platform where the more developed and stable world economies are able to interact and exchange a lot with the less developed economies in the world. It has also eliminated the barriers that were limiting trade activities among different countries and regions. This has positively impacted the financial status of many countries because of trade. However, economic globalization has had its own share of troubles. These are the major reasons why the developed countries could not just offer employment or even share their industries with the less developed countries as the woman suggested because this would cause the following problems. Firstly, it has caused economic power imbalance between third world and industrialized countries (Mohr, 2013). Despite the fact that it has helped in fighting of poverty, the economic globalization contributes towards the disparity between the literate and illiterate members of the society. Her major concern was how to eliminate poverty among the less developed countries as well as better payment for those working in sweatshops; however, she did not understand that developing countries have to go through these stages on their way to growth, the same way the industrialized states did. The New International ...Download file to see next pagesRead More
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