Globalisation As A Tool To Combat Poverty

Added on - 28 May 2020

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Running head: GLOBALISATION AS A TOOL TO COMBAT POVERTYGLOBALISATION AS A TOOL TO COMBAT POVERTYName of the StudentName of the UniversityAuthor note:
1GLOBALISATION AS A TOOL TO COMBAT POVERTYGlobalisation is one of the worldwide phenomena observed in modern times. It is aprocedure of communication and coordination among the general populace, organizations &institutions, and administrations of various countries throughout the world; it is driven byworldwide exchange and interaction, which is supported by data innovation and advancementin information technology. This system has direct impacts on the planet, on people’s culture,on environment, on political frameworks, on monetary improvement and flourishing, and onhuman physical prosperity in social orders the world over.How is globalisation supposed to contest poverty when global actors exploit the verynature of its existence for their own interests?Though the picture from outside is rosy from where it seems the gap between thedisparity between the poor and rich countries of the world is reducing progressively, but theeconomic disparity among people within the nations are far from getting uniform (Milanovic2016). One of the theories that aim to explain this scenario states multinational companies orMNC’s in poor nations regularly utilize skilled specialists and pay lofty pay packages, but theunskilled poor remain in the same place because of lack of exposure to quality education andcompetitive training. Other financial hypotheses attempt to clarify why disparity indeveloping and growing nations has achieved such statures. Nobel laureate,Simon Kuznets,contended that developing disparity was unavoidable in the beginning times of improvementof economic condition of a country (The Economist 2018). He figured that the individualswho had cash in the first place could see enormous increases from investing, and could in thismanner advantage from development, though those with nothing would stay in the sameposition of poverty and neediness.The issue of the impact of globalisation on the poverty context is complex.Globalisation has a number of key players who are directly or indirectly responsible for the
2GLOBALISATION AS A TOOL TO COMBAT POVERTYprocess. The political leadership of the advanced countries are very effective in the spreadand expansion of globalisation internationally. However, widespread corruption in thepolitical fraternity has blocked the benefits from reaching the poorer section of thedeveloping nations, which would reduce the disparity of wealth distribution.
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