Globalization And Its Effect On Society

1240 WordsOct 29, 20145 Pages
Globalization and the use of new technologies and how it strengthens or weakens global inequalities Globalization is a very important force in the new world and it continues to impact the lives of individuals as well as groups world over. The role and affect of globalization has broadened over time. It has resulted in the lessening of trade barriers, integration of the economy of the world, increase in opportunities for groups and individuals alike and an increase in the economic well being and income levels of individuals and groups. However, critics of economic globalization argue that it has led to an increase in the unequal distribution of income. They say that although, groups have seen growths in their income levels, there are groups which are facing the adverse affects of globalization. It has driven some individuals much deeper into poverty (Ekmekcioglu). The developed countries and big multi-national corporations reap the most benefits of globalization as it opens up more opportunities for them as well as increases the markets they operate in. It is, however, difficult for third-world countries to reach their full potential because they are not able to avail the opportunities presented through globalization. James K. Galbraith in his article defines globalization as a perfect crime. He says that in poorer countries globalization is a synonym for imperialism and colonialism (Galbraith). Researchers still have not been able to answer the question whether
Open Document