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5 Cards in this Set

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Would you like to live in a society where the rich and poor are equal? Economic globalization has been a concept that some say helps to achieve this. This is a two-sided issue, though. While many people agree that economic globalization has many benefits, especially reducing poverty throughout the world, others believe that it actually worsens poverty. We believe that economic globalization does not reduce poverty.

A common idea is that economic globalization allows money from rich/developed countries to be brought to developing countries that help them build/improve infrastructure in their countries. "Informal" work has accounted for 60 percent of new jobs in developing economies. This “informal” work is mostly forced labor, as explained in our first point. The rich countries have good jobs, but the poorer ones sometimes do all the labor and it only benefits the rich. The theory of comparative advantage says that poor countries produce goods requiring large amounts of unskilled labour. Rich countries focus on things requiring skilled workers. For example, Thailand is a rice exporter, while America is the world's largest exporter of finacial


have good jobs, but the poorer ones sometimes do all the labor and it only benefits the rich. The theory of comparative advantage says that poor countries produce goods requiring large amounts of unskilled labour. Rich countries focus on things requiring skilled workers. For example, Thailand is a rice exporter, while America is the world's largest exporter of finacial

services. The theory of comparative advantage also says that unskilled workers in poor countries are high in demand and skilled workers in those same countries are less popular. The reason rich countries use this to their advantage is because if they hired skilled workers, they would have to pay them more, whereas by using unskilled workers, they can

fire them easily from their companies and get more money for themselves. This causes issues within the country itself, because while more employers compete to get jobs, only the unskilled workers receive wage boosts. This results in inequality within the country itself.

Another misconception is that economic globalization helps with cultural exchange. When a new cultural concept is introduced to a country, people will easily get inspired by it. This may not sound like a problem, because learning about new things is never a bad thing, but the truth is that small things like this end up changing the entire culture of the original

country. Cultural diversity is important, too, and we wouldn’t want any countries to lose its cultural identity due to globalization. According to Richard Barnett and John Cavanagh, “the impact of this homogenisation on the rich cultural diversity of communities all around the world is immense.” “The sudden influx of Western Influence has caused some Ladakhis...

Ladakhis... to develop feelings of inferiority," Helena Norberg-Hodge said after observing the cultural aspect in a city called Ladakh, India.

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