Question

Will globalization and neoliberalism solve Latin America’s basic problems of social inequity?

Answer 1

Answer-Latin America is struggling with the problem of social inequality which means the distribution of income in Latin America is very unequal by which rich people are becoming more rich and poor peoples are becoming poorer.To reduce the social inequality in Latin America, globalization and neoliberalism can help as-

By globalization, foreign competitors will enter the market which will increase competition and it will result in reducing the cost of the commodity for consumption. The rate of commodities will be cheaper as compare to before globalization. By globalization, there will be the set up of new industries in Latin America, by the establishment of new industries it will also generate employment for the people Latin America and it will also help in reducing in social inequity. By globalization, people of Latin America can integrate with global goods and services, which will definitely improve the social standards of the people of Latin America.

Neoliberalism-

Neoliberalism means the removal of government regulations from the market, removal in the unnecessary taxes and trade restrictions from the market, it also refers to the making market more liberal to encourage the investors to invest and by the practice of neoliberalism there will increase in the establishment of the new industries which will create job and income level of Peoples of Latin America will increase , it will also help in affordability of the people and will result in improvement of social inequality.