Globalization widens the gap from "summary" of The Haves and the Have-Nots by Branko Milanovic
One of the key consequences of globalization is its impact on inequality. As countries open up to international trade and investment, the benefits of globalization are not distributed evenly. In fact, the gap between the haves and the have-nots tends to widen as a result of increased economic integration. Globalization often benefits those who are already wealthy and well-connected, as they are better positioned to take advantage of new opportunities in the global economy. On the other hand, those who are marginalized or disadvantaged may struggle to compete in a more competitive and interconnected world. One way in which globalization widens the gap is through the phenomenon of "skill-biased technological change." As countries adopt new technologies and production methods, the demand for skilled workers increases, leading to higher wages for those with the right skills. This can exacerbate income inequality within countries, as those with higher education and technical skills benefit disproportionately from global economic changes. At the same time, globalization can also widen the gap between countries. Developing countries that are able to attract foreign investment and participate in global supply chains may experience rapid economic growth, while those that are unable to compete effectively may fall further behind. This can lead to a divergence in economic fortunes between the haves and the have-nots on a global scale. In addition, globalization can also contribute to social and cultural inequalities. As Western norms and values spread around the world through global media and consumer culture, there is a risk that traditional ways of life and indigenous cultures will be marginalized or eroded. This can further widen the gap between those who are able to participate in and benefit from global cultural exchanges, and those who are left behind.- While globalization has the potential to bring economic growth and prosperity to many, it also has the power to exacerbate existing inequalities and create new divides between the haves and the have-nots. As the forces of globalization continue to shape our world, it is crucial to consider how to ensure that the benefits are shared more equitably and that the gap between the haves and the have-nots does not widen even further.
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