Globalization And Income Inequality In The United States

Globalization has, for better or worse, altered the economic arena for every country in the world. For many less developed countries, globalization has leveled the playing field so that their economies can compete with the larger, more developed ones such as the United States and other large western economies. For instance, technical engineers in India and China are now just as qualified as engineers in America, but at half the cost. The once large and prosperous service sector in the United States as well as telemarketing services have largely been sourced to India as a large exodus of American multinational corporations find cheaper workers who deliver comparable quality. This then seems to be the essence of globalization - businesses

Globalization has had both a positive and negative impact throughout the world. An interconnectedness within the world where complicated issues can arise creating an unevenness that can contribute to a societies as well as the individuals happiness in life (El-Ojelli, 2006:p1). The negative impacts of

Globalization is defined in many ways. “Globalization generally refers to the expansion of global communications, growing social and political interdependence and the development of a planetary rather than national awareness among many of the world’s people (Anderson, 98).” The process of globalization is allowing people from all over the world be more interconnected with one another. The process is seen in many different ways. Our clothing is no longer made in the United States, today we look at the tags and see “Made in Indonesia” or “Product of Venezuela”. Many companies such as Microsoft, Nike, and Wal-Mart are reaching people in places that were not considered feasible markets only 30 years ago. Globalization has been a subject to controversy by both the richest and the poorest of countries. Outsourcing is a major point of negativity in this new interconnected world. Many jobs are lost from workers in the developed nations and sent to developing nations who will supply workers for less.

There are many different meanings to the term globalization, yet the constant throughout each meaning is the fact that globalization creates interconnectedness among citizens of the world that has not been experienced at such levels previously. Globalization as a theory is often applauded because it allows for a diffusion of knowledge as well as an increase in opportunities for most people. It does indeed create vast amounts of opportunities for both genders, yet it is biased to developed and industrialized nations. Globalization is hugely discriminatory against unskilled workers, most prominently women and children. In most countries, women

Globalization has led to a growing gap between those who have access and opportunities by which to thrive and those who do not. There are now 793 billionaires (as of 2009)—representing an essentially unimaginable amount of wealth. At the same time, there are millions of workers laboring in conditions we would likely consider inhumane, and doing so for starvation level wages. And still, there are those who do not even have access to jobs whose conditions are even worse. Globalization can benefit some but leaves other nation further and further behind.

Globalization has been a process underway for hundreds, if not thousands, of years. From the Roman Empire, to caravans on the Spice Road, to the Transatlantic Slave Trade, the process of connecting the globe in an interdependent web has been underway for a long time. Today, it seems that this process has been quickly accelerated. Since the end of World War II and the rebuilding effort that followed it, global development has increased at an intense rate fueled by transnational corporations, the World Bank, and the International Monetary Fund. These multilateral organizations have transformed our global economy and reshaped our society.

Globalization has done a lot over the past hundreds of years to influence income and wealth inequality in the United States. Once different nations started to trade goods and services with one another it was a whole new world. Trading with different states is one thing but trading all over the globe became a huge deal. It is the reason some people in the world are as wealthy as they are. Starting years ago during the industrial revolution up until now globalization has caused major changes. Starting back then people who owned small shops and then could trade and invest in larger manufacturing changed their lives. They then became some of the wealthy people during the industrial revolution then the people who used to be their equals now

Globalization has been a major contributing factor in rising income and wealth inequalities in the United States. All the better paying skilled labor jobs are now being outsourced to cut costs, and as a result we are left with the highly skilled jobs, or the low skilled jobs. The highly skilled jobs usually require a bachelor's degree, and with the rising costs of education, this limits many people's opportunities. With these jobs more in demand, and less people able to afford degrees, these wages are increasing. Conversely, the lower skilled jobs now have more people competing because some people's skills have been outsourced, and they cannot afford to attend college to retrain.This, along with the unskilled nature of the work, will keep these

Depending on the terms in which you look at globalization, it may or may not perpetuate global inequality. Globalization like the PowerPoint states is, “the process of increased interconnectedness.” In terms of globalization in a cultural form, it does not in any way, shape, or form perpetuates global inequality. If more globalization happens in a cultural sense, there would be more diversity and more diversity means that we can embrace differences. However, in terms of economics, globalization is based on status and that is where global inequality might come into play. There is a gap between the poor and rich. According to the PowerPoint, there are people who have to take that extra step to maintain a life that is still not so great by working

Globalization is often cited as a harbinger of income equality. We are currently in the midst of what is known as Globalization 2.0 or the second wave of globalization. Globalization 2.0 has been occurring at much more massive scale than the first wave and at a much more rapid pace. That being said, official statistics show that income inequality has risen spectacularly as measured by official statistics, indicating a correlation between globalization and income inequality. However, there are strong arguments that the official statistics are not reflective of the entire truth of the matter. In a paper on inequality and prices, the authors

Globalization brings a number of issues with it. The biggest of which is that, in theory it furthers the divide By the way the rich and the poor countries. When the global community becomes closer and more interlinked, there is a distinct advantage to being a more economically developed and industrialized nation. Having the infrastructure and ability to subsidize their own industries means that they have the ability to protect their own industries while other nations that may be able to compete with their prices on an international scale, tariffs make it more costly to import foreign goods into a protected market while subsidies make it cheaper to buy local goods. The most obvious example of this in the US is the agriculture and farming industries.

Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty. But the opponents general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature.”

Globalization has been and probably will always be a problem for every nation. From poverty in the obvious countries such as Africa and Russia to unemployment all over the world, a lot of people and countries have been hurt financially and economically by globalization. Joseph Stiglitz, a Nobel-prize winner and former chief-economist of World Bank, has taken into consideration all the aspects that could make globalization a positive thing for everyone. As he states in his book Making Globalization Work, there are six main areas that are all recognized by the international community that need a lot of work before globalization can really, really work. Some of the problems are small, and some are huge, and can

Secondly, the debate over income inequality effects of globalization focus on two aspects: Inequality within nations and inequality between countries. The first concerns inequality among individuals inside a country. (Wild and Wild, 2010, p. 48) Critics of globalization believes that free trade and global investment within the internalization incite transnational companies to close factories and move them from high-wage developed countries to low-wage developing countries, which increases the gap between office workers and manual workers within rich nations. (Wild and Wild, 2010, p. 48) In addition, many critics including from Bartlett and Steele (1996), two journalists for the Philadelphia Inquirer, believe that depressing wages in developed nations is the result of the large growth in the international labor force joined with the expansion of the global trade brought by the globalization. (Hill and Hult, 2014, p. 23) Moreover, Hill (2014) support Bartlett and Steele opinion as he stated that organizations that outsources its services into lower-cost foreign markets for lower labor costs were contributing to higher unemployment and lower living standards in their home nations. (Hill and Hult, 2014, p. 24) As an example to support those critics we can consider the case of Apple, the multi billions dollar company that operates its factories in China. According to an article of Oster (2017) Apple pays its workers more or less 305 dollars monthly which is less than 2 dollars

Globalization which gives us all access to each other 's special skills and products is turning the world into an integrated economy. To poorer countries globalization brings the chance to sell their relatively low cost labor onto world markets. It brings the investment that creates jobs, and although those jobs pay less than their counterparts in rich economies, they represent a step up for people in recipient countries because they usually pay more than do the more traditional jobs available there. On the other hand, to people in richer countries globalization brings lower cost goods from abroad, which leaves them with spending power to spare and a higher standard of living. It also brings opportunities for productive investment in