How does globalization and living standards?
Answers
Despite the conclusions one might draw from the constant barrage of media negativity, never before have people lived longer, healthier, and wealthier lives with lower risks of malnourishment, illiteracy, or death by war or natural disaster. In a recent report for the Swedish government, Cato senior fellow Johan Norberg has documented the largest, most rapid rise in human living standards ever, which occurred over the last four decades. He will review the factors that generated these advances and explain how even more economic liberty, free trade, and globalization are necessary to sustain them.
==>In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods.
==>The benefits of globalisation accrue more to the developed countries as they are able to expand their markets in other countries. It compromises the welfare of people belonging to the developing countries. A market-driven globalisation increases the economic disparities among nations and the people.
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==>New research shows globalisation is improving quality of life and equality for more people compared with three decades ago. The University of Cantabria study used the UN Human Development Index, which covers almost 90% of the global population, as an indicator of quality of life.