ABSTRACT
All sorts of people in different places are affected by globalization. Take, for example, these three, documented by the World Bank:
These examples begin to reveal a complex and volatile interdependence that would have been unthinkable just 25 or 30 years ago. Joe lost his job because of competition from poor Mexicans like Maria and now her wage is held down by cheaper exports from China. But Joe now has a better job and the American economy has gained from expanding exports to Mexico. Maria’s standard of living has improved and her son can hope for a better future. Joe’s pension fund is earning higher returns through investments in growing enterprises around the world; and Xiao Zhi is looking forward to higher wages and the chance to buy consumer goods. But not everyone has benefited, and economic globalization has come under attack by some in industrial countries where rising unemployment and wage inequality are making people feel less secure about the future. In particular, production line workers in affluent countries are fearful of losing their jobs because of cheap exports from lower cost producers. Others worry about their employers relocating abroad in search of low wages and lax labour laws.
