Winners and Losers of Globalization
Globalization has some clear winners and losers. It has greatly benefited the global middle group especially people in Brazil, Indonesia, and China as well as the top 1% in the world. While this is the case those at the bottom as well as the low middle class in rich countries have being left out. Globalization came with several complications for instance principles were lost as a result of fast economic growth such as human rights ecological sustainability, democracy and social justice.
Since the economic crisis that was witnessed recently, globalization effects have been felt on every scale and this includes international, local and national. Because of this fact, people, especially those in developed countries are forced to analyze their future because they are afraid of the new labor market state as well as the rapid economic growth of industrialized countries like South Korea and China. At the same time, developing countries are dealing with usual issues such as hunger and poverty.
Winners of globalization
Who are these so called “globalization winners”? They are the elite capitalist class most of who come from developed countries otherwise known as global players. This class has significant characteristics some of which include the following:
- Economic interests which are becoming global linked than exclusively national or local in origin.
- Their behavior is based on global competitiveness as well as consumerist practice and rhetoric
- They have similar lifestyles which mainly include high education patterns
Another group that is in the list of winners is consumers because prices tend to decrease because of the increasing competition. People who are skilled laborers are also winners as they adapt to new technology revolution and internationalization of distribution and production. What is more, they also specialize in competitive service and industries with high inputs of technology which makes it possible for them to boost productivity and relative wages.
Losers of globalization
Unqualified workers or those who are lowly qualified are the greatest losers and this is because they lack the skills, qualifications and knowledge that is required for them to keep up to date with technical developments. Also, in this group of losers are capitalists in developing nations because majority operates within markets where the competition is less and without any regulatory frameworks. This means they don’t have the ability to lobby governments in order to get high profit margins. Nonetheless, these profits will plummet or get reduced with introduction of foreign investment which can also produce locally through use of better technology guaranteeing high productivity.
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