Globalization is the increasingly closer integration of countries and peoples of the world brought about by the enormous reduction of transportation and communication costs and the breakdown of barriers to the flow of goods, services, capital and knowledge. Think of it as a tidal wave of change brought about by the impact of new technologies. Television, the internet and other forms of rapid communication have increased mobility and commercialization of ideas. Different aspects of globalization include free movements of capital, trade, cultural and political differences.
However, in recent times it is alleged that globalization makes the rich richer and the poor poorer. It takes from the poor to the rich–Robin Hood in reverse.
The UN reports, that gaps in income between the poorest and richest countries have continued to widen. This widening of the gap is happening at a faster pace. The gap in income between countries has also widened. A recent UN study by ILO called for a fair globalization. They show that global trade increases wealth but the trade benefits are uneven.
Like most economic changes there are winners and losers. What is a fair division of the growing pie? This increasing speed and scope of globalization have raised several ethical concerns. Analyse with examples.
20 marks / 250 words.
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