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Globalization And Inequality In The United States

1695 Words7 Pages

Running Head: GLOBALIZATION AND INEQUALITY 1

GLOBALIZATION AND INEQUALITY 2

Globalization and Inequality
Mai Yang Vang
Northcentral Technical College

Author Note
This assignment is being submitted on May 14, 2018 to Kimberly Reed?s Introduction to Business Course at Northcentral Technical College by Mai Yang Vang.

Globalization and Inequality Globalization is a process in which national economies are incorporated into technology, trade, labor, investments and capital flow. This is made possible through removal of ethnic barriers to allow the flow of capital, services, goods and labor across nations worldwide. Quotas and taxes that govern trade are lowered or removed to allow open and free trade across the world so as to enhance …show more content…

The economic inequality gap between societies and nations is as a result of various factors that are interconnected. Such factors may include unequal salaries and wages, the salary difference between skilled and unskilled employees, centralization of wealth in possession of few companies or people. Economic inequality in the current economies is majorly caused by how capitalist market determines wages. The supply and demand of goods and services in the market are the factors that determine wages for work. There will be a high supply of labor if many individuals want to do the job but if a few numbers of people have jobs to be done, the demand for that job will be low. Suppose the supply is higher than the demand, then low wage will be the …show more content…

However, poverty is a major effect of globalization on the developing nations. The positive results of globalization are unequally shared. Most nations are excluded from these gains. This implies that the income gap between the nations is widened by globalization. There are other factors that cause poverty in most developing nations such as weak reforms and poor governance, but poverty is majorly caused by globalization (Nissanke & Thorbecke, 2010). Globalization leads to a distribution of resources. The industrialized countries are made richer while the poor countries are made poorer. Most African countries have benefited from globalization economically but after some time, they start depending on the developed countries. African nations are large consumers since they export diminished goods and services and import an extensive range of goods and

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