Question

One argument in the debate surrounding globalization is about the inequality between developed and developing nations. Explain how reduced barriers to trade and investment might help reduce this inequality

Answer 1

Globalization means the integration of the world in thoughts, behavior and physical form.The concept of globalization is not a new concept, but it was fully urged in the 1970s–1980s

.According to globalization, by integrating political economy, socio-cultural technically and all other ways of global economy.

In this, those countries which were technically economically and socially advanced, took their country to new heights and developed rapidly, but those countries which lacked all these things and had the status of undatble Or free political system or were get freedom late. They had to face inequality in development and their development was not equal to developed countries.

In developed countries, where one side exploited the resources in a efficient manner and they brought the benefit of development to all the people, in the developing countries few people had centralization of power and other ideas were also old. Therefore, due to centralization of power, they misused resources and due to which people could not develop equally and the number of poor was more.

The developed nation had all the freedom to think and understand. They used all their things well, but were still not free from the country or were late independent, they were lagging behind in all these things and today the influence of all these would have been reflected in their inequality here.

Socio-economic and political backwardness and technology also could not enter or enter late, due to which they were lagging behind in development and their inequality was born here, like African countries still lack technology. And socioeconomically and politically unstable country.

If fair trade and investment are liberalized properly through the system of United Nations, WTO, the products of these under-developed or developed countries will be traded in different countries which will bring prosperity to their country. As well as tech capital labor will reach in those countries.When the investment reaches there, there will be development of infrastructure and which will create different types of jobs and improve the standard of living of the people and they will have to race the economy or income cycle, which will improve their condition.