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Globalization

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Gerald Kimanthi
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15 views4 pages

Globalization

Uploaded by

Gerald Kimanthi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1

Globalization

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2

Globalization

Globalization has indeed spurred economic growth and integration and has offered

unparalleled opportunities for trade and investment. Nevertheless, as demonstrated in Episode 3

of Commanding Heights, it has not equally distributed the benefits, which have been reflected in

reduced real wages, higher unemployment, and increased inequality. In as much as the forces of

globalization have propelled economic growth, the same forces have polarized society and

economy, especially in developing countries where internal industries may buckle under the

pressure of competing with global giants.

Various adverse implications of globalization can be mitigated through sensible policies

and well-timed selective interventions. First, investment in education and skill development

programs could prepare workers for a rapidly changing global economy. This will reduce the

negative shock of real wages and unemployment to the extent that workers will now be better

equipped to compete in more advanced sectors.

Besides, one of the most vital ways to reduce inequality is to strengthen social safety

nets. Governments are in a position to implement progressive tax policies and target support to

workers who have become displaced. For instance, universal basic income programs or

retraining could offer a cushion for those losing jobs due to automation or outsourcing. It can

also be furthered that fair trade policies can balance out the benefits of globalization among

nations. This would involve enforcement of labor rights, environmental protections, and

assurance that multinational corporations do not exploit low-wage countries at the expense of

their workers' wellbeing.


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In conclusion, the negative impact of globalization can only be tackled through multiple

avenues-education, social support, and fair trade policies-all combined to make globalization

work for all, not just a privileged few.


4

Reference

https://www.youtube.com/watch?v=SgFrBedelIA

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