HANDLING CHALLENGES OF GLOBALIZATION

GET A SIMILAR PAPER ON;TALENTEDESSAYWRITERS.COM
Name:
Course:
Tutor:
Date:
Globalization was initially aimed accruing benefits to everyone (Stiglitz & Ellwood, 2010). However, this has not been the case, and globalization has left some people suffering. Something needs to be done. According to Stiglitz and Ellwood (2010), there are global inequalities that arise from globalization. Globalization has grown more economically that it has grown politically. In that case, political action needs to be taken to curb the rising odds brought about by globalization. Legrain (2004) also posits that the globalization is bringing about increasing poverty and inequality worldwide since the national governments are have lost their ability to monitor and control their development policies and strategies. Even though globalization has lifted millions of people out poverty, the process has been uneven, owing to the fact that it has been selective. It has indeed left others in poverty and even brought about poverty to others. The regions best known to have gained from the globalization are Asian countries, mostly China and India. Why? The multinational have decided to outsource their services to the east where the costs are lower. In so doing, the multinational have created employment in the east and unemployment in the West. Millions of people in the United States and Europe have lost their jobs.
Going by the above-mentioned authors, I would support the idea that the governments need to take action to ensure that the onset of globalization does not leave the nation poorer. Stephens (2014) talks about the corporate social responsibility. By definition, corporate social responsibility is where the companies extend the benefits to the societies. In other words, corporate social responsibility implies that the companies ought not to be concerned with their profitability alone, but also the welfare of the communities in which they are operating. In support of this, I am of the opinion that this is a good starting point for a political action- that is, the governments should strive to enforce corporate social responsibility. The multinational venturing in outside market would be required to meet certain CSR requirements by both the home government and the host government. As such, the western governments, before allowing the multinational to outsource labor and other services, should ensure that only a considerable portion of these are outsourced. This would ensure that there is not much of unemployment that is created. French (2000) posits that a good place for the governments to start is by hundreds of declarations, agreements, and action plans. This is in support of the opinion that regulations, or what I call political actions, should be enforced to save the world from the odds of globalization. That is to say that the political growth should be accelerated to match the economic growth of globalization.
Stiglitz and Ellwood suggest some ways to deal with the challenges of globalization. One of these ways is to ignore challenges and accept the resultant inequalities. In as much as the nations initiated and facilitated the growth of globalization, the same way should the nations strive to avert the negativities of the same. This suggestion by Stiglitz and Ellwood is indeed a dangerous one as it can see the fall of the western economies and the rise of the eastern economies. Accepting the inequalities would also imply accepting poverty and retarded economic growth, which government would want this? None. The second suggestion is resisting fair globalization, where the economies protect themselves by paying lip attention to the proponents of free trade and free markets. Indeed, the ‘corrective mechanisms’ of the free market have failed, and it would be time for government intervention. This is where my opinion lies- that is, taking political action to correct the negativities of globalization.
According to Stephens (2014), the proponents of the free markets or liberal markets have fully retreated and there is no way can be heard unless they were fighting for the cause of better globalization rather that the case for globalization. In full support of this, I would consider the concept of liberal markets void since it has failed to fulfill its expectations. It is now seen as c plot by materialists who intended to amass wealth for themselves without considering the welfare of the rest of the community. The fight, as for now, if the course of action to take to make globalization better in terms of reducing the existing inequalities. French (2000) supports this when he talks about the UN’s sustainable development. As the case currently is, the rate of development is unsustainable, and if allowed to continue, the future generations will have nothing to live by- that is, the resources will soon be depleted. The future generations need to be safeguarded, and the concept of sustainable development will help save the situation. As in the film The Big Sellout, privatization, though known to help encourage growth, will have negative impacts on the future generations. The poor will get poorer because they need resources to get rich, and when these resources are all privatized, no way for the poor then to acquire resources (Opitz, 2007).
GET A SIMILAR PAPER ON;TALENTEDESSAYWRITERS.COM