Question

write an essay of atleast 300 words on how you think globalization affects social inequality. does it increase or decrease inequality? using daily life examples

Answer 1

Globalization surely increases inequality in any economy, where one firm optimizes on the trade opportunities does better and the one that can't perform well or fails to perform. Globalization increases inequality by increasing specialization and trade where any firm which produces the product who's demand is high earns higher profit i.e. Globalization increases inequality because it usually leads to higher profits for MNCs. Globalization can increase inequality by increasing the demand for higher-skilled work and therefore making them higher paying workers and lowering the wages of people in relatively low-skill jobs therefore some people are poorer than the others and have a better social status and that is how globalization increases social inequality within nations.