Worldwide economic growth has led to staggering debates and views from prominent economists like Martin Hart-Landsberg and Johan Norberg. According to Norberg, globalization has tremendously increased the living standards in both developing and developed nations while Landsberg asserts that due to globalization there is an increase in the capitalist economy. Therefore, the two scholars differ widely on the issue of globalization.
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According to Norberg, globalization is beneficial to the human race in terms of both economic stability and improved lifestyle. Due to globalization, there is an increase in employment opportunities both in the local and international markets. People from different cultural backgrounds have the opportunity to mingle and tangle leading to the adaption of external cultures, which promotes unity. Since the commencement of globalization, people have the option to buy goods from either local or international markets.
Additionally, worldwide economic growth promotes intense competition among businesses leading to a decline in prices and quality of goods, therefore, increasing the living standards of even poor people. Worldwide improvement of technology particularly computer and internet services turns the world into a global village, which connects people from different countries instantly. Internet services enable customers to purchase goods and services through online markets, which was not the case before globalization.
Neither the elite nor the political class interferes with individual decisions in the face of globalization. People are able to run their businesses without looking up to a central power leading to a decrease in prices of essential goods with an increase in employment.
Norberg does not concur with the critiques of globalization that it has led to an increase in the gap between the poor and rich nations. According to Norberg, people should keenly consider individual improvement rather than international melioration. The growth of currency should be within national boundaries and not international. Therefore, economists should not compare growth on international levels but rather at the national level. Critiques should consider the improvement in the lifestyle of poor people or nations by observing how much they own and not how much they can purchase.
Critically, Norberg coherently supports his arguments on the benefits of globalization. Through globalization, there are worldwide changes like the use of online markets, a decrease in political interference, an increase in employment opportunities in businesses, and a lack of criticism in individual decisions on where to work or live. Consequently, there is poverty alleviation, especially in developing countries.
On the other hand, Landsberg differs from Norberg on the issue of globalization as he outlines the negative impacts of worldwide growth. According to Landsberg, capitalism is one of the consequences of globalization. The rich nations are continually growing at the expense of the poor nations, similar to rich individuals. Although there are strategic plans like international trade agreements, economic balance, and international unity, the developed countries are the beneficiaries of the plans. Due to capitalism, it is very hard for an individual from a different country to get employment in another country even though the United Nations promote equal treatment of all people.
Landsberg asserts that the deterioration or decrease in the living standards of people is because of globalization. There is a wide gap between the poor and the rich people all over the world whether in developing or in developed countries. Besides, a decrease in employment opportunities, those employed work under unfavorable conditions while earning meager salaries. Finally, most nations whether powerful or not are experiencing economic declines and instability.
Businesses are generating low profits while the prices of essential goods continually increase, which leads to a subsequent rise in living standards. Therefore, according to Landsberg, globalization promotes economic instability, individualism, poverty, and capitalism. Finally, Landsberg believes that capitalism and neoliberalism push the third world nations, to continually rely on the developed nations for sustenance. The developed countries promote economic decline/instability in developing countries.
Through the issue of funds in form of grants, the developed countries are able to control the economic and political power in the developing and underdeveloped countries. Furthermore, the world superpowers ensure that the third world countries lag behind both economically and politically.
Landsberg coherently supports his argument that globalization is not only promoting capitalism, but also poverty. Although globalization started in the 1970s, most countries particularly developing countries have nothing to show for it. There is a tremendous decline in employment opportunities and working and living conditions; moreover, the developing countries continually rely on the developed countries for economic wellbeing.
Personally, I support the Landsberg argument because the third world countries are suffering as a result of globalization. For instance, for any developing country to gain support or favor from a developed country, it has to follow rules and regulations set by the developed countries. Although the developed countries tend to help poor countries in terms of grants, they come in to control the economic power of the individual countries.
Consequently, there is an increase in poverty and economic decline. Therefore, I would recommend individual countries to strive and achieve personal success instead of depending on the world economic powerful countries for economic sustenance and wellbeing.
In summary, although globalization has advantages, the disadvantages are more pronounced. The levels of poverty and economic decline are on the increase, especially in developing countries. On the other hand, globalization gives the developed countries a chance to continue neocolonialism in developing countries. Finally, inequality and capitalism are on the rise both nationally and internationally, as a direct effect of globalization.