Supporters Of Socialization: The Challenges And Cons Of Globalization

Supporters of globalization have argued that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty. They argue that it reduces barriers such as tariffs, value added taxes, subsidies, and other barriers between nations, thereby promoting global economic growth, creation of jobs, competitiveness amongst companies and lowers prices for consumers. Globalization, they further argued, also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity, creates the conditions in which democracy and respect for human rights may flourish. According to supporters, globalization

It is generally argued that globalization has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature.” The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries. Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game. Large multi-national corporations have the ability to exploit tax havens in other countries to avoid paying taxes. Multinational corporations are accused of social injustice, unfair working conditions (including slave labour wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage. Multinational corporations, which were previously restricted to commercial activities, are increasingly influencing political decisions. Many think there is a threat of corporations ruling the world because they are gaining power, due to globalization. Globalization has led to exploitation of labour. Prisoners and child workers are used to work in inhuman conditions. Safety standards are ignored to produce cheap goods. There is also an increase in human trafficking. Social welfare schemes or “safety nets” are under great pressure in developed countries because of deficits, job losses, and other economic ramifications of