Globalisation amongst other concepts such as internationalisation and universalism dominated the threshold of the 21st century. In its original definition globalisation refers to the ‘rapid increase in shared economic activity placed across national boundaries’. In essence this goes beyond the international trading of goods; the manufacturing of the goods, how they are delivered, the services in sales, and most importantly the distribution of capital. Globalisation was generated to improve the standard of living and circulate capital among the rich and poor, although in reality this has not been the case.
Globalisation rather has increased the gap between the rich and poor largely due to the negative effects of global trading, finance systems, ideologies, political policies, elites, privatization and many more. One of the main causes that contributed to the gap in wealth that has come upon to my attention is privatization. The main purpose of privatisation is to create competitive pressures in the marketplace to promote efficiency, yet history has dictated otherwise in many developing countries; as public services such as healthcare, education, water and many other services have become privatized giving elites the ability to increase prices that many cannot afford. The presence of competitive pressures has turned to senseless greed in contest, whereby these wealthy corporations employ many; in bad working environments whilst paying poor wages. These corporations do not find ways in false attempts to improve the livelihood of many; however they can successfully find a manner in which to compete with other businesses to gain a profit advantage over them; as a result exploitation has become a norm to generate wealth.
Globalisation as the ideal concept to distribute wealth is not all bad!! The process of distributing wealth is the main problem and the governments of each country should be held responsible. Globalisation has helped countries like India and China to grow through the medium of technology. However, other developing countries fall back when it comes to advance technologies as they do not have the means to invest in these expensive technologies. Thus, the solution is for governments to use globalisation efficiently. This can be done by using China and India as examples but replacing technology with a prominent talent of the specific country. This and many other formats of efficient globalisation can help the distribution of wealth become even across the region. While the solutions seem quite straight forward, the governments make it more difficult by increasing privatization in many sectors, and hence the frontrunners of the globalised world will continue to be the wealthy elites and the poor people in developing countries will persist to lose out.