How economic globalisation a code for exploitation?
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Answer:
Marco Polo was pioneering the global economy 700 years ago when he brought products from China to Italy via the Silk Road. Since then, with the development of transnational trade, the globalisation of the economy has gained increased momentum.
Today it is not at all surprising for a company to produce goods in a country other than its homeland and then to sell its products around the world.
The global economy has become so widespread that it has started to affect state politics, international relations, international law and social dynamics. But did economic globalisation, which had such a profound effect on the world, bring prosperity to the people?
This question is answered differently by the advocates of globalisation and its opponents. Advocates of classically liberal economics argue that competition and the possibility for high profit in the markets will naturally lead to the most efficient distribution of resources. According to them, economic globalisation is an opportunity to increase the worldwide level of prosperity. Since the greatest advantage of economic globalisation is that the game is played out between the winners and other winners, one of the central ideas was that globalisation would make the wealthy richer and the poor less poor.
The argument of those who support globalisation is based on the following assumption: A transnational company will prefer less developed countries with lower labour costs for production. In this way, unemployment, the chronic problem of underdeveloped countries, would be eliminated and with increasing employment, the country concerned would develop rapidly. Even though it sounds fairly reasonable on paper, the reality is not always so optimistic.
Many multinational, globally recognised brands have moved their production to countries like China, Indonesia and the Ivory Coast through subcontractors to benefit from using a cheap workforce. However, contrary to what was claimed, manufacturers caused the conditions in these countries to go from bad to worse.
Explanation:
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