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how globalization benefits America's economy - Essay Example

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Author : lehnermaudie

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How Globalization Benefits America's Economy Name Subject Date Summary of Author’s Argument The author believes that economic challenges such as poverty experienced in many countries around the world are something that can be turned around by instituting good policies…

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how globalization benefits America's economy

The recent advancement in Asian economy is really transforming the world and the notion that globalization only makes the rich richer and the poor poorer is disputable according to Wolf. He supports international economic integration as the reason behind success of many countries. However, Wolf says that different countries success is not attributed to full adoption of the neo liberal policies rather by instituting their own policies intended to enter market economy. He further argues that growth weighting distribution amongst nations by population shows that the most important things is the people but not countries themselves thus making it important only to consider income distribution alone. Inequality changes amongst world individuals are contributed by changes in the relative wealth of countries such that if the performance is low, the decline in inequality also changes. However, it should be noted that most countries have not fully benefited from globalization especially in Africa, Asia and Latin America countries (Wolf, 2004). The rapid growth of economies brought about by globalization has immensely reduced the level of poverty especially in east of Asia but went up in Eastern Europe, central Asia and sub-Saharan Africa. There was also general increase of life expectancy in developing countries though the growth was challenged by the AIDS epidemic and malaria. ...
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