Globalization Poverty and Economic Development

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Name Instructor Course Date Globalization, Poverty, and Economic Development Response 1: Stiglitz on Globalization Globalization by its very nature aims to achieve an increased interaction among the world’s countries through an elaborate economic process that has both the cultural and social constructs. But as Stiglitz rightly observes, globalization can create a scenario whereby powerful countries win over the economic, social, and even cultural dynamics of less developed nations. More importantly, Stieglitz posits that the resulting inequality in such countries can be resolved by first understanding the causes of the inequity together with unraveling the reason behind the lapse in globalization (Stiglitz 15). As such, it will be possible to understand both broader and specific issues that arise from the gap between the increase in productivity and the commensurate wages. Furthermore, enhancing the capacity of the financial sector, curbing market power, reforming corporate governance, improving the bargaining rights of employees as well as increasing the minimum wage is crucial to bridging the gap of inequality (Stiglitz 17). Response 2: Marber on Globalization Admittedly, globalization has been more fundamental than it has been detrimental to the world. Whereas rich countries are more likely to benefit from the impact of globalization than their undeveloped counterparts, globalization has been crucial to enabling their connectivity and ability to trade together. In my opinion, Peter Marber is right in arguing that globalization has improved the living standards of people and reduced the poverty levels significantly. Even so, there is a school of thought

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