Globalization

Globalisation process has affected all aspects of the world population since it has challenged national, cultural and economic boundaries. The issue of whether this process has been beneficial or detrimental is widely debated. Although the proponents of globalisation argue that it reduces poverty and increases wealth, I believe that this process has been detrimental since multinational companies empowered by globalisation damage local economies and abuse labor force and the gap between the rich and the poor has become wider. To begin with, multinational companies harm economies and people. Companies operating in various countries are not supposed to pay taxes to the local governments, which causes economic loss for the states. Moreover, these companies take advantage of poor economic conditions in developing or underdeveloped countries by giving extremely low wages to workers including children. To illustrate, Foxconn, producer of Apple and Dell appliances, make workers in their Chinese plant work over twenty hours a day. Secondly, as a result of globalisation the rich become richer and the poor become poorer.  The priviliged minority holding over 90% of the world’s wealth give priority to profit-making and disregard well-being of the world population. In addition, conductors of globalisation process; that is, IMF and WB, destroy the local economies of developing nations by imposing harsh debt-lending policies. As a result, the countries suffering from debt spiral gradually become poorer. Yet/ However, the proponents of globalisation urge that it lessens the poverty and enhance the wealth. This argument is obviously not true. When the growing prosperity of the rich minority and the diminishing income of the lower classes are considered, it can clearly be seen that the argument of supporters is imcompatible with the reality. To sum up, it is essential that the process of globalised be radically reformed in favour of the world’s majority.