Economic globalisation refers to the free flow of goods, services and labour between nations (IMF 2008). According to the World Bank (Soubbotina 2014), nations are grouped into two categories, developing and developed, based on their global economic strength, education, employment, healthcare, sustainability and government. The World Bank focuses on the economic growth of a nation because they believe that this, coupled with strong government leadership, plays an important role in alleviating poverty and inequality within it’s borders (Soubbotina 2014). It can be argued that economic globalisation has had some benefit for developing nations; even in terms of the amount of aid and financial assistance they receive. However, the issue of whether economic globalisation has alleviated poverty and inequality in the developing world is very much in doubt.
With countries such as China experiencing significant gains in the economic market, achieved greatly through an influx of foreign direct investments (FDIs) as overseas companies search for cheaper labour, the issue of whether a stronger economy has alleviated poverty and inequality amongst it’s citizens remains in question. Sub-Saharan Africa represents a large percentage of the poorest nations on the planet (Mathunhu 2011). Due to a number of issues including political corruption, geographic difficulties and a recent reliance on foreign aid, Africa has been adversely affected by economic globalisation. Whilst research from the World Bank and International Monetary Fund shows increases in the average minimum wage globally, suggesting improved living conditions for people around the world, those who study the effects of economic globalisation on a more intimate level, argue that this in...
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... behind the nation’s economic success. In China, the influence of foreign direct investors puts pressure on the local businesses to provide cheaper and faster services. This then filters down to the workers whose rights are then restricted to ensure cheaper factory costs.
The difficulty with studies into the levels of poverty and inequality within a country and on a global scale is the ideologies of the organisations conducting them that can . As such, it is difficult to paint a truly unbiased picture of the current state of global poverty and inequality. What is possible however is to at least garner an idea of the extent of these issues and start working towards alleviating their effects. Ultimately, the issue of poverty and inequality is not simply an issue for those countries affected. Instead, it is an issue that the world, as a global market, needs to address.
Many of us view poverty as mainly a third world issue, because it tends to have little effect on the majority of individuals on a recurring basis. Yet, it is a difficult situation prevalent in all types of civilization, despite the overall advances in technology, medicine and education that one country may have over the other. Poverty does not necessarily have to affect a specific individual, but as a country, it affects all levels of production; even when the production of a single country begins to falter, it could potentially have major effects on others, creating a continuous cycle.“Poverty is color blind”, it does not discriminate, and is a societal problem that needs to be dealt with today (Fullerton, par. 3). If not helped or solved,
Poverty is not just an issue reserved for third world countries. Instead, poverty is a multifaceted issue that even the most developed nations must battle
Smith, Stephen C. Ending Global Poverty: A Guide to What Works. New York: Palgrave Macmillan, 2005. Print.
Unlike the North – a term in vogue today, among others, for highlighting the difference between the rich, industrialised nations of mostly Western Europe, North America, Australasia, and the rudimentary economies of Latin America, Asia and Africa – underdevelopment, characterised by low income levels, poverty, low living standards and other socio-economic ills seem to be a defining feature of countries in these regions, collectively described as the Global South. Thomas (2003), Hershberg and Moreno-Brid(2003), and, Solimano(2005) suggest, for instance, that the socio - economic structure of most Latin American countries remains defined by vast inequalities in income and wealth distribution, poverty, volatile growth, high mortality rate and a high level of economic vulnerability. In Asia, a number of countries including the large economies of India and China have made improvements in the 21st century in terms of reducing poverty. Yet, 22% of the developing countries in Asia live on a dollar a day . The situation is bleaker in the South and Southeast Asia region where 38% leave on less than a dollar a day and over 48% of the population living below the regions individual country poverty line . Likewise, absolute poverty is on the rise in Africa - generally recognised as the world’s richest continent in terms of natural resources - despite a recorded decline in global poverty rates (Bhattacharyya: 2005).
Abbate, Cheryl. "Global Poverty." Philosophy 2310. Marquette University. David A Straz Jr. Hall , Milwaukee, Wi. 23 April 2014. Class lecture/PowerPoint
...en have lived in poverty in 1997- more than in any year since 1966 to 1990” (Sherman and Sandfort). This article focuses on the importance of ending poverty on all levels. To be able to do this, it would take the cooperation of people from every level of the system. Government policies would need to be made or stepped up to represent the people and give back what they constantly take away. Each state can take similar steps to reassure persons in their own regions they will be well taken care of. However, the last level is where the average person can begin to get involved-your own community. Each community involves a number of people who are responsible for studying and documenting data concerning poverty which provides assistance to different leaders in the community and will enable leaders in the community to reach out to more people that are affected by poverty.
Due to the phenomenon of globalization, a substantial part of manufacturing has been moved overseas and goods are constantly being shipped all over the world. These processes are contributing to the advancement of international trade and economic improvement of many lesser developed countries. Unfortunately, globalization has also led to a significant growth of worldwide inequality. While the Western world has largely benefited from the changes, many countries in the developing world are facing great troubles adjusting to the new reality of global interconnectedness. Economic constrictions, unemployment, the weakening of government, corruption, and military conflicts are pushing people to leave their homes and seek better lives elsewhere.
As J. Samuelson stated in his article Rx for Global Poverty that the developed world abolished starvation, homelessness as well as material deprivation, but other countries are still facing the problem of poverty. This shows that poverty is an urgent issue as there is no equitable distribution of wealth on the whole scale of planet earth.
In the world today there is a lot of poverty. There is a great divide
Globalization is the new notion that has come to rule the world since the nineties of the last century with the end of the cold war. The frontlines of the state with increased reliance on the market economy and renewed belief in the private capital and assets, a process of structural alteration encouraged by the studies and influences of the World Bank and other International organisations have started in many of countries. Also Globalisation has brought in new avenues to developing countries. Greater access to developed country markets and technology transfer hold out promise improved productivity and higher living standard.
Globalization, love it or hate it, but you can’t escape it. Globalization may be regarded as beneficial from an economic and business point of view, but however cannot be perceived the ditto when examined from the social sciences and humanities side of it. Globalization can be argued as a tool for economic growth, advancement and prosperity through co-operation between the developed and developing countries. The pro-globalization critics argue that the benefits that globalization brings to developing nations surpasses or outcasts the negative impacts caused by globalization and may even go a step further to state that it is the only source of hope for developing nations to prosper and stand out. However, the real question to be asked is as to what extent are the positives argued upon without taking into account the negative aspects of globalization towards developing countries. Moreover, how many developing countries out of many are exactly benefiting or even prospering from globalization is another question to consider. Therefore, my paper will dispute that indeed growth and advancement provided by globalization to developing countries is beneficial in short-term, but in the long-run, it will only bring upon negative impacts and challenges due to the obstacles involved such as exploitation of labour and resources, higher increase in poverty, and effects of multi-national corporations on local businesses and the economy, and to an extent the effects on the developing country itself.
As one of the biggest problems facing the world today, poverty continues to have significant negative implications for the society. The effects of poverty are extremely severe and far-reaching, so much so that it was one of the top Millennium Development Goals agreed upon at the Millennium Summit of the UN back in 2000 (Hatcher, 2016). To understand the effects that poverty has on the society, one must critically analyze the societies in which poverty is rampant, as well as analyze poverty from the relative perspectives that it presents. The core aim of this paper is to develop a holistic understanding of poverty and elaborate on the diverse ways in which it continues to affect societies across the world.
Globalization, the acceleration and strengthening of worldwide interactions among people, companies and governments, has taken a huge toll on the world, both culturally and economically. It’s generating a fast-paced, increasingly tied world and also praising individualism. It has been a massive subject of matter amongst scientists, politicians, government bureaucrats and the normal, average human population. Globalization promoted the independence of nations and people, relying on organizations such as the World Bank and also regional organizations such as the BRICs that encourage “a world free of poverty” (World Bank). Despite the fact that critics can argue that globalization is an overall positive trend, globalization has had a rather negative cultural and economic effect such as the gigantic wealth gaps and the widespread of American culture, “Americanization”; globalization had good intentions but bad results.
Globalization has been a start of a new modernized era in history. The source states that as an individual you are given prosperity, stability, and also predictability, and also points out that it helps developing countries modernize and catch up with developed countries, and also reduce poverty since new businesses are formed allowing more employment in the country due to the subsidies that wealthier countries give to them. The person who wrote this source is a pro globalist, and has probably experienced the prosperity that was given to them because of the global trading system. His perspective on globalization suggests that globalization is the key to advancing technology, good relations between countries, and is beneficial event in history. One should embrace the global economy as it creates many roads to achieve your goals in your life, and also for the weaker countries that needs support, but to a degree that the government can intervene with the market.
Poverty is an issue dealt with throughout the world, but we are not all aware of its conditions. Poverty is a very serious problem around the world. Poverty is defined as the equality of poorness and impoverishment -- (the state of having little or no money and few or no material possessions). A question to ask ourselves is: “Should poverty be defined strictly in terms of monetary income, as opposed to some qualitative formula which takes into consideration styles of life as well as material possessions?” (Sheppard 13) Because there are so many different ways we can express the term poverty, maybe there should be a certain way we can determine poverty worldwide?