WINNERS AND LOSERS OF GLOBALIZATION

Image

This blog would give an insight on the winners and losers of globalization. One of the most obvious winners has to be China. As Dickens said “Development and underdevelopment are two sides of the same coin, although their relationships are more complex”. Development can be illustrated as economic growth with increasing prosperity while underdevelopment instigate to uneven distribution of prosperity. Scholars have argued if globalization has more negative effects than the positive. According to the BBC World Service, a survey was conducted in 34 countries; with 65% of the poll believing that development was too fast and wealth have been distributed unfairly.

 

Developed nations have an upper hand in terms of trade, investment and access to latest technologies while on the other hand, developing countries or nations depends on development in developed countries. If rich countries suffer, poor nations suffer a lot more.

 

Image

Dickens also believes winners of globalization are the elite transnational capitalist class. The capitalist class are more globally linked. Consumers can also be seen as winners because of competition in the market which tends to make prices at a lower rate. Furthermore, skilled labour are also in that bracket of winners, because, they can easily adapt to new technology and to the internationalization of production and the distribution, they could also branch out to other competitive industries which allows them to increase their productivity and their relative wages.

Image

One of the biggest losers are the unqualified workers because of their lack of knowledge or skills to keep up with the development of technology. According to Branko Milanovic the two groups of winners of globalization the rich and middle classes of the market economies for example, China, Brazil, Indonesia and India. A survey was also put together by the World Bank to confirm who the real winners and losers were. The survey was conducted based on the last two decades of globalization, on who gained and lost between 1998-2008. The biggest losers or non-winners from the past 20 years were mostly countries in Africa, certain countries in Latin America and the former communist countries who had no income gains. Their decline was a result (Africa and Eastern Europe) of their failure to adjust well to globalization 

 

                                                                                                            EMMANUEL ADEWOYIN

                                                                                                            M00476497

 

 

Reference

 

http://www.globaliz.info/winners-losers.html 2012, University of California

 

 

http://www.theglobalist.com/the-real-winners-and-losers-of-globalization/

 

http://www.worldbank.org/en/news/feature/2013/10/25/The-Winners-and-Losers-of-Globalization-Finding-a-Path-to-Shared-Prosperity

Advertisements

One thought on “WINNERS AND LOSERS OF GLOBALIZATION

  1. Great post! We have all been looking at specific issues or winners and losers but you have taken a step back and looked at the big picture. Really enjoyed reading what you had to say as we have similar perspectives- Balqis Hindash Mdx Dubai

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s