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,...
Similar Posts
Trade deficits can impact a country's economy
A trade deficit occurs when a country imports more goods and services than it exports. This imbalance can have significant cons...
The West's rise is influenced by geographic factors
Geography has played a crucial role in shaping the rise of the West. The physical terrain of Europe, with its numerous peninsul...
Globalization
Globalization was the new reality, a force that transformed every aspect of American life. It had no borders or boundaries, flo...
Economic power dynamics shape international relations
The relationship between economic power and international relations is a complex and intertwined one. Economic power dynamics p...