The line of living standard between rich and poor is accelerating alarming rates. Organizations like World Bank and IMF, for instance, provide huge loans and funding for projects primarily aimed at obliging the Neoliberal politics of globalization. The formation of an unrestricted international free market has benefited multinational companies and corporations in influencing the political decisions. These corporations are continuously deriving huge benefits at the expense of local enterprises, cultures, and people, mostly in the western world.
Privatization of national holdings has led to job insecurity and lower standards of living. Employees are being recruited on contract basis reducing job incentives. A lot of people are even working at less than minimum wages due to far greater job competition that has affected their normal living standard adversely. Additionally, employees are living in a constant fear of losing their jobs to competition.
Developed countries worldwide have strong standards for pollution control. Firms take advantage of the countries with poor environmental regulations and are continuously setting up industries degrading the environment for financial gains. The popular fast food chains such as McDonalds and KFC are attracting more people to consume junk food giving rise to various health concerns.
Businesses in developed countries are outsourcing jobs to cheaper developing world consequently leaving their own people with less job opportunities. For instance, the cost of manufacturing goods and wages are low in China and India. Many local talents like programmers, writers, scientists, accountants and teachers have lost their jobs as a result of outsourcing to these countries.
One of the major adverse effects of globalization is child labor exploitation. Child workers are recruited at comparatively negligible cost and are ...Show more