Paper1 - Balloga 1 Abram Balloga Lowell Turner Govt 330...

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Balloga, 1 Abram Balloga Lowell Turner Govt 330 6/6/2007 Debate of Globalization Globalization and how to properly foster a world economy is the source of much contemporary debate. The debate is not only economic, but also political, philosophical and ideological. The implementation of worldwide capitalism is desired by rich nations because of a strong Western belief that free markets lead to increased and accelerated wealth. However the vast majority of citizens in the desired world state live in poverty. Furthermore, as Western ideologies of capitalism and democracy continue to spread, so does the wealth gap between developed and third world states. Credible experts Bruce Scott, Jagdish Bhagwati, Johan Norberg and Amy Chua view this issue and its problem in different ways. Though their arguments for or against the current implementation of globalization may differ on the broadest points, they focus their arguments on different micro examples and do not necessarily directly disagree. Bruce Scott believes that globalization is indeed increasing the wealth gap between rich and poor countries. There is a large and rapidly increasing surplus of labor supply in developing countries, but the global labor market cannot reach an equilibrium wage due to restrictions on immigration. Scott argues that a large migration from poor countries to rich ones will lower wages in rich states and raise wages in poor states until a common world real wage is reached. This is one way to battle inequality though he does not believe in or condone its political feasibility. He only asserts that for the world to act
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This essay was uploaded on 09/20/2007 for the course GOVT 3303 taught by Professor Turner, l during the Spring '06 term at Cornell.

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Paper1 - Balloga 1 Abram Balloga Lowell Turner Govt 330...

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