Globalization of Poverty

Globalization can be described as the process of international integration arising from the interchange of views, products, information, ideas, and worldviews. This phenomenon has had major growth during the 20th to 21st century due to the increase of advances in the fields of telecommunications and transportation, which lead to an increased consciousness of other people around the world. As a product of increased communications Nation-states rely on each other more than ever to achieve prosperity and maximize productivity. Little by little the world is evolving from being individual nations to a global community, however that may not be beneficial for everyone. Multinational corporations and developed countries have taken advantage of their ability to access other countries resources and markets to profit from them without making a bilateral commitment to benefit both parties. Those nations and multinational corporations hide in the shadow of financial institutions that carry out agendas to further their interests and have abused the benefits globalization has to offer.
Michael Chossudovsky’s book The Globalization of Poverty demonstrates that developing countries in the political community are being negatively affected by globalization. Financial institutions such as IMF, the World Bank, and the World Trade Organization through the administration of aggressive financial reforms in exchange of economic aid have cost the deterioration in state sovereignty and power over their own affairs. Countries such as India and Brazil are perfect examples of countries that have lost power over its own affairs due to Structural Adjustment Programs, which open countries to foreign direct investment, privatization of state enterprises, trade liberalization and deregulation, leaving the country vulnerable to manipulation from corporations and other nations. Globalization has also driven many people under the poverty line and some nation’s wages to the floor by taking