Essay Globalization : Economic And Political Integration
Globalization is the process of global economic and political integration which connects countries with the facilitation of global communications. As technology rapidly developed in the past centuries, trade globalization accelerated. Global trade becomes economically and politically important to all countries. As more and more developing and low-income countries enter into the global integration, there is always an ongoing debate on the relationship between globalization and inequality - whether globalization reduces or increases inequality. In this essay, I’m going to discuss this matter in details with my own understanding and some researches. First of all, globalization does boost the economic activities and development, which would create more opportunities and in a sense encourages growth and decreases poverty. However, decreases in poverty do not equal to decreases in inequality. Despite all the benefits it created, from researches I found that globalization widens the income gaps, which worsen the inequality problems within countries and between countries.
Globalization enhances growth:
Most economists define globalization as the development of links and interdependence between national economies, and the emergence of an integrated global economy. In this daily evolving and integrated global economy, goods and services are becoming easily tradable, making multinational financial activities much convenient and efficient. It creates more opportunities,…