Many lower class citizens are at or below the poverty line and are have and unavoidable disadvantages and poorer chances to discover life’s possibilities. Regardless of the potential and ambition that a lower class individual could possess, he or she will not be given opportunities to succeed like a higher class individual. People who are considered lower class do not have access to many of the resources like a wealthier societies do. Based on their economic situation, they automatically start behind the eight ball. Wealthier societies have exceptional educational services which include better teachers, utilities, and curriculum, whereas poorer societies just get by on the bare minimum.
The benefits of globalization are unevenly distributed, and it causes hardship for poorer countries. The gap is widening between developed and developing countries. About two-thirds of the developing countries remain on the margins of the globalization process and are considered "nonglobalizers." Globalization can result in unemployment as businesses relocate operations to lower-cost areas. Many of these outsourced jobs don't pay decent enough wages to lift workers out of poverty.
Were they beneficial for the consumer? At first the expansion of big business was good for the consumer by bringing more goods at a cheaper price but as time went on they noticed a monopoly affect in where big corporations, and the greed that ran them, could increase the rates of their goods and the consumer would have to pay or do without. What types of backlash arose due to Big is was do to Business? Many Americans felt uneasy about the rise of giant corporations and their increasing influence over people’s lives. Workers had virtually no bargaining power with their employers and were extremely vulnerable to economic downturns, which left them unemployed at a moment’s notice.
The local economy and the global forces and economic pressures have affected people’s prospects in achieving a rich lifestyle and rely heavily on government entitlements and programs which so many criticize as going in the wrong direction. But in reality, entitlements like Medicaid, food assistance (SNAP), Medicare and Social Security have helped so many Americans survive through these hard times, although many of these programs do not form part of the American Dream in many minds. In the past many Americans depended on manufacturing jobs for their livelihood. When they got a job, there was a great amount of certainty that they could rely on it to progress and sustain a healthy lifestyle for their family to buy a home, car and everything that came with it. Today those jobs have gone to other developing nations who can afford to hire employees at low wage.
The greater the inequality, gap between the rich and poor, the worse developed the country is. However, income inequality doesn’t give the actual amount of money in the country, so economic development is not clearly
As a consequence many LDC nations rely on foreign health and economic aid putting them in a situation of unrepayable debt, so even less money can be spent on infrastructure and supporting the economy. As a consequence due to low levels of development FDI is more likely to look elsewhere where the economy and governments and stronger and more stable and where there are educated people. South Korea is not extremely religiously orientated, with half of all adults professing no religion. This could be seen as a reason for preventing development in other nations, as religion and tribalism segregate the nation and can lead to conflicts which damage the
Negative public perceptions of this process can sometimes trump private or public efforts to revitalize communities. Nearly anywhere one turns in the United States, especially in the older communities of the North East and South, has a case of economies and employment rates suffering the most from post-industrial globalization era. This is due to the concept of using gentrification as a means to economic development has become so popular and
As a result, socialism is the superior compared to other systems. The free enterprise system is a pretty free place to live in, but think about it, it’s not as great as you think because some people are separated by the wealthiest and the less unfortunates. This system makes the rich richer and the poor poorer; that’s why many people could live through either poverty or wealth. Citizens have “suffering and unfulfilling lives that are simply the fault of the individuals whose lives go badly” (Unknown) because several people are too lazy to work which leads to distress. As the needy people put up with a horrible life it often leads to debt or financial needs.
Over the course of the last few decades globalization has turned the world into an integrated economy instead of what it has been for most of its history, a series of relatively isolated economies. The more trading that takes place, the more wealth is created, and global trade across international frontiers has created more wealth than ever before in human history, and had helped lift more people out of poverty than ever before. Because of globalization, democracy has become an international norm. With the ‘international norm’, democracy brings values that are very important for the welfare of the people and the economy. In poorer countries, globalization brings the chance to sell their relatively low cost labor onto world markets.
Not only have countries been given the opportunity to exploit their comparative advantages but they can also change their comparative advantages using technology, this gives them the chance to move up the value chain, which improves the living standards of people in poverty and increases their income. However globalization has also had a negative affect on countries. It puts countries, poor countries in particular, in risk. “A housing loan crisis in the US eventually translates into rocketing youth unemployment in Spain. A banking crisis in Cyprus sends shares on the world’s stock exchanges lower.