Who benefits from Globalization

Who benefits from Globalization There are various arguments regarding beneficiaries of globalization. Are they the citizens of the poor or rich nations who benefit from globalization? In theory, globalization should benefit citizens of both poor and rich nations (Fischer, 2009). However, this is not the case. Instead, poor nations benefit from globalization at the expense of their rich counterparts (SinghaRoy, 2001).Advertising We will write a custom essay sample on Who benefits from Globalization? specifically for you for only $16.05 $11/page Learn More We may argue that developments and expansions of globe trades have positioned rich nations against their emerging counterparts. This has resulted from the working class or middle class in rich nations, who are responsible for economic developments, work hard in order to change or raise living standards of people in poor nations. When Britain was the superpower many centuries ago, it traded with the poor USA. Consequently, they established long-term relationships and interests. The trade raised living standards of the US citizens and its economy. As a result, the US became the superpower. This is the same way globalization should benefit emerging economies like China where most people are poor. However, some critics argue that globalization is not beneficial to poor countries because average wages in such countries continue to deteriorate (Rodrik, 2002). However, this claim is not true. The reason is that export of jobs and investment opportunities to poor nations offer opportunities for labor employment. As a result, globalization reduces widespread rates of unemployment in such countries and increases wages and average incomes of such citizens. A closer look at India shows this analogy (Ganguly-Scraseis and Scraseis, 2009). Today, India has more engineers than America. Most of these engineers do not have jobs to match their education levels. Consequently, they resort to odd jobs. However, globalization has changed t his situation in India. The main reason is that developed nations can outsource their jobs to engineers in India by using Internet technologies and software. This implies that citizens of rich nations must compete among themselves and with citizens in emerging economies such as Japan, China, Philippines, and India, where employers outsource these jobs (Steger, 2009).  Based on the shift of jobs from rich nations to poor countries, globalization has created issues of ethical dilemmas for employers who export jobs to poor nations. Ethical issues arise in many ways. First, such employers leave citizens of developed countries without jobs. Second, they aim to exploit abundant and cheap labor in poor countries. Some people from rich nations believe that they also generate higher-skilled jobs, which are more important to their economies than labor-intensive jobs they export to poor countries. Therefore, employers must face issues of exploitation of cheap labor in poor countries and expo rtation of jobs, which local citizens should do.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In this respect, rich nations must realize that they are not beneficiaries of globalization. Therefore, rich nations must invest in creativity and talents in order to drive their economies. The explanation is that poor citizens are taking current jobs in rich countries. Therefore, rich countries must invent new jobs. Globalization has created competition across the globe at the expense of citizens in rich nations. As a result, rich nations must improve their skills in order to remain competitive. It seems that the ultimate beneficiary of globalization is humankind. However, globalization has introduced many challenges to citizens in rich nations in terms of loss of income opportunities. Therefore, the ultimate losers are citizens in rich countries. Only citizens from rich nations, who have advanced skills and talents, shall remain relevant in globalized economies. References Fischer, T. (2009). What is wrong with globalization. Durham, NC: Carolina Academic Press. Ganguly-Scraseis, R., and Scraseis, T. (2009). Globalisation and the Middle Classes in India: The Social and Cultural Impact of Neoliberal Reforms. London: Routledge. Rodrik, D. (2002). Globalization for Whom? Harvard Magazine, 104(6), 1-3. SinghaRoy, D. (2001). Social development and the empowerment of marginalised groups: perspectives and strategies. Thousand Oaks: Sage Publications. Steger, M. (2009). Globalization: A Very Short Introduction. Oxford: Oxford University Press.Advertising We will write a custom essay sample on Who benefits from Globalization? specifically for you for only $16.05 $11/page Learn More