Topics: Poverty, World Bank, Economics Pages: 2 (719 words) Published: January 12, 2013
The term globalization has obtained a high sensitive charge throughout the years. Some people consider globalization to be a benefit process, at the same time as inevitable and irresistible. Other people see globalization with hostility, even fear, because they believe that it causes more inequality within countries and it threatens employment and the living conditions, therefore hampering the social progress of a country. According to Ira Rifkin, in the "Spiritual Perspectives of Globalization," it is said that globalization can be attributed to a meeting of representatives of 45 nations at Bretton Woods in 1944, which outlined a plan for economic recovery. It was then that the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development were created. These institutions blame globalization for many economic fiascos, as well as environmental and cultural factors that quote as evidence of systematic errors of globalization. Globalization offers great opportunities to reach a truly global development, but is not progressing evenly since some countries are integrating into the global economy more quickly than others. In countries that have been successfully integrated into it, the economic growth is the fastest and poverty is reduced. As living conditions have improved, it has been possible to advance into a democratic process, and economically, to make progress on different issues such as environmental and working conditions. Does globalization deteriorate inequality or does it help reduce poverty? Markets promote efficiency through competition and division of labor, i.e, the specialization that allows people and economies to focus on what they do best. Thanks to globalization, it is possible to benefit from even larger markets around the world and have greater access to capital flows and technology, and to also benefit from cheaper imports and larger export markets. However, markets do not necessarily guarantee that the...
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