Wednesday, 14 March 2018

The downside of globalisation


I would like to continue with the discussion about the damages that globalisation might make on our economy as well as society. Firstly, globalisation encourages migration (movement of people), migration does not only bring human capital, especially human intelligence, but also bring social conflicts as well. Many politicians have blamed the loosened border control for the increasing threat of terrorism; nowadays, many countries will propose more and more restricted border controls for migration. Secondly, globalisation has widened the global wealth gap that the rich has become even richer. Under a globalised system, the rich can seek opportunities across countries, since they are easier to get access to much more resources than the ordinary people, they are easier to earn much more money than the ordinary people. The speed of wealth accumulation has been historically fast. This would increase the conflicts between different social classes. This issue becomes much more serious now than previous, since the transferring across different social classes has become very difficult, especially in Europe and the US, these developed countries. When the ordinary people cannot see any surprise or opportunities in their future, they will like to see their governments to do more about the situation, including closing the border and lowering competitions from foreigners, this is the reason of rising populism in the West.

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