Globalization Influences on Modern Society Essay

2383 Words Dec 19th, 2012 10 Pages
Globalization Influences on Modern Society Globalization is killing the globe. Globalization is a way of interaction between the people, transnational agencies, organizations, and governments of different nations. Globalization is not new. Thousands of years ago, people began commercial activity between lands separate by vast distances. The Silk Road was the most famous line that brought music, culture, ideas, foods and routes connecting East and West. Fischer’s article “Globalization and Its Challenges” shows economic globalization grew up in the period before 1914, but was set back by the two World Wars and the Great Depression. The international financial order that was established at the end of World War II sought to restore …show more content…
At present, the investments only focus on the countries which are wealthy. The rich are getting richer, and the poor are becoming poorer. The local factories face competition from international companies. Some of the local factories may shut down. Earlier people had steady jobs, but now people live in a world of losing their jobs. People face a problem of job competition, which has led to reduction in wages. In “Globalization and Inequality” Kremer shows the income inequalities become more serious from the last two decades of the twentieth century did not result from a decrease in the incomes of the poor countries. Rather, the polarization was driven by a very high increase in the incomes of the wealthy in the rich countries, creating a larger income gap between rich and poor and this gap has become much more extreme (30). Brazil and South Africa have the highest income inequality and the survey data shows the wealthiest 20% of households are about 25 times richer than the poorest 20%. Another survey which from World Bank show, between 1980 an d1988, the increase in the number of poor was 59.3 million in Africa, 26.7 million in South Asia, and 10.5 million in Central Asia and Eastern Europe (46). Of course, income inequalities alone are not enough to explain how globalization affects our society. For example, Business Week reports: “Many people oppose the Three Gorges Dam in China

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