Globalization and Inequality

Paper Summary:

The paper discusses how globalization and in particular, the relocation of American manufacturing and factory jobs to foreign countries, has created a strong divide between socio-economic classes in the US. The paper illustrates this with statistical evidence that shows the growing inequality within the United States. The paper therefore believes that in order to tackle poverty and the growing inequality between the classes, globalization needs to be reduced. The paper realizes, however, that this may not happen since it is the rich who are benefiting from globalization, and it is the rich who most often control the direction of the economy, business trends and the government.

From the Paper:

"Globalization tends to be one of the trends in the modern world that individuals either love or hate. One of the main reasons for the strong dichotomous views on globalization is related to the varied impact that globalization has on different segments of society. Generally, globalization has helped individuals who are capable of making use of the 'smaller world,' while it has hurt those who do not have the resources to gain access to the world beyond their own country. Within the United States, globalization has helped the economy to grow and do well, but it has done so at the cost of creating greater inequality within the nation. In other words, globalization has helped to polarize the social statuses of individuals living in the United States. The rich have become richer while the poor have become poorer, and thus, globalization has severely impacted the levels of inequality within the United States."

Sample of Sources Used:

• Agnew, J.A. (1988). Beyond Core and Periphery: The myth of regional political-economic restructuring and sectionalism in contemporary American Politics. Political Geography Quarterly, 7, 127-139.
• Bluestone, B. (1994). The Inequality Express. American Prospect. No. 20 (Winter) 81-93.
• CTT (2004). Currency Tax: Financial Terms Glossary. http://www.currencytax.org/glossary.php
• Economist. (1996). Equality: Opportunity Knocks. 10 August, 42-43.
• Krugman, P. (1994). Peddling Prosperity: Economic Sense and Nonsense in the age of diminished expectations. New York: W.W. Norton and Company.

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