What Have Been Some Of The Failures Of Globalization

1. What is globalization? List two factors that lead to the development of globalization.

Globalization is the arrangements governing the movement of goods, services, and capital across borders attempting to ensure stability. One of the more important aspects of globalization is the freer movement of goods and services across borders. One of the factors that led to globalization was the aftermath of World War II where the economy was left in a disaster. Globalization helped restore global economic order, brought hundreds of millions out of poverty, and created a new global middle class. Another thing that led to the development of globalization was the need to improve other countries’ income and equality. However, this didn’t work out because the whole idea of globalization was mismanaged and instead caused a decline in capital as well as inequality between the people. Other factors that lead to the development of globalization were reduced tariff barriers and the interconnectedness of the financial and economic systems around the word.

2. What have been some of the failures of globalization? List

It not only widened the inequality gap between the rich and the poor but it also deeply weakened many communities. For example, before globalization when a company grew, the community celebrated together, but after the increasing inequality it split the communities. Under globalization, labor was commodified, where the cheapest labor was the most important thing for them regardless of the consequences. Not only did globalization not live up to its promises of hoping to make the economy a better one, it also didn’t abide to the “free trade” exchange that was in place. It was called free trade but it was really managed trade for corporate and financial interests. In addition, the economic model that’s been convinced to be the best, the globalized free market economy, has not been good for most of the