Inequality is exacerbated by globalization from "summary" of Globalization and Its Discontents by Joseph E. Stiglitz
Globalization has undoubtedly brought about significant changes in the world economy. While proponents argue that it has led to increased economic growth and prosperity, critics point out that it has also exacerbated inequality. This is particularly evident in developing countries, where the benefits of globalization have not been evenly distributed. One of the main ways in which globalization has exacerbated inequality is through the process of liberalization. As countries open up their markets to foreign competition, local industries that were once protected are forced to compete with more efficient foreign firms. This often leads to the displacement of workers in traditional industries, who may not have the skills or education to compete in the new global economy. Furthermore, globalization has also increased the mobility of capital, allowi...
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