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A Review Of Inequality And Globalization Case Studies Economics Essay

Globalization is defined as the worldwide movement toward economic, financial, trade, and communications integration according to www.businessdictionary.com. Globalization has been evolving for thousands of years; countries have been buying and selling goods to each other from great distances since the Middle Ages. The recent trend of globalization has been motivated by policies that have opened economies both domestically and internationally. Technology has been another driving factor for globalization. Information Technology has given the world a means of pursuing economic opportunities.
There are multiple issues that have arisen due to the globalization of markets from around the world. International trade and transport are hindered by complicated, lengthy and frequently altered procedures and documentation, different requirements in different countries, duplicated inspections, high charges, the lack of effective interagency coordination and cooperation among ministries and agencies involved in trade and transport facilitation, overlapping and conflicting conventions for trade and transport facilitation and the absence of effective information and communication technology applications for trade and transport facilitation. These situations create high costs in trade transactions and delays in the cross border movement of goods and services.
Globalization has caused the conditions of inequality and discrimination to deteriorate. Women in society have seen a significant impact as a result of globalization. A demand for cheap labor, combined with a loss of jobs held by men which reduced the customary family income has lead to an increase is the number of women in the labor market. Women who either cannot find factory work or whose family situation prevents them from working in a factory, have had to seek work in the informal sector under some of the worse labor conditions in existence. This had lead to inferior quality labor opportunities and puts underemployment just as big a problem as open unemployment.
“Labour market deregulation has been an important issue that has arisen. Formal regulations have been eroded or abandoned by legislative means; and implicit deregulation, whereby remaining regulations have been made less effective through inadequate implementation or systematic bypassing. Such deregulation has been based on the belief that excessive government intervention in labor markets – through such measures as public sector wage and employment policies, minimum wage fixing, employment security rules – is a serious impediment to adjustment and should therefore, be removed or relaxed. Deregulation might mean more employment for women, but the danger is that such employment would tend to be on less favorable terms. The question is whether the market can be left almost entirely to determine the price of female labor and the conditions of female employment” (Lin, 1999, p19-20).
However, the biggest issue arising from globalization appears to be in human rights violations. The enjoyment of fundamental aspects of the right to life, freedom from cruel, inhuman or degrading treatment, freedom from servitude, the right to equality and non-discrimination, the right to an adequate standard of living (including the right to adequate food, clothing and housing), and the right to work accompanied by the right to just and fair conditions of labor, There is the concern that countries cannot fulfill their international human rights obligations.
U.S. Tariffs and Trade Barriers The U.S. government uses tariffs and nontariff barriers to protect industries from foreign competition. U.S. tariffs today peak at around 20% in comparison to 1933 when 33% of imported goods were subject to a tariff and that rate was at 60%. In 1947 the United States and 22 other countries entered into the General Agreement on Tariffs and Trade (GATT). In 1986 they entered into negotiations again and formed the World Trade Organization (WTO) in 1994. Since 2001 they have been focused on the Daha Development Program to open trade between developing countries and developed countries. The United States also became a party in the North American Free Trade Agreement (NAFTA) to open trade between the United States, Canada, and Mexico in 1994. Furthermore, in 1994, Asia-Pacific Economic Corporation (APEC) led an agreement to open trade between China, all the economies of East Asia and the South Pacific, Chile, Peru, Mexico, and the United States. Tariffs are still used by the United States on goods like textiles and footwear. They face high tariffs of about 10%. Our textbook gave an example that if you bought a pair of blue jeans bought for $30 you pay about $7 more due to the tariff on that product (Parkin, 2008). Tariffs are a strong impulse due to the revenue they produce, and they allow the government to satisfy special interest groups and corporations who then make donations to their candidacy. Non tariff barriers include putting quotas on imports and voluntary export restraints.
Current Trade Issues and Integration On the economic side, there have been important changes in trade, macroeconomic, public sector, and regulatory policies. Reduction of trade barriers occurred multilaterally, pursuant to GATT/WTO negotiations; regionally, as a consequence of different trade agreements in the American continent; and unilaterally, depending on specific liberalization programs in several countries. Other economic changes, including liberalization of the current and capital accounts of the balance of payments, national treatment of foreign investments, markets deregulation, and privatization of public enterprises, led to larger capital flows and foreign direct investment in the Americas (Morley, Machado

Overview Of The Economic Growth Of Poland Economics Essay

Poland’s economy looked bleak during the 1980s. Few would consider Poland as a business hub due to its low economic growth and soaring inflation rate (Nuti, 1986). Fast-forward to the 21st century, Poland’s economy has changed tremendously. It is not just the only European country to survive the current recession but it is still experiencing rapid growth [1] . What could have possibly instigated Poland’s this drastic change in the time span of only 2 decades?
This essay will use the PESTLE [2] analysis to understand the positive force that initiated the economic growth and also examine the causes that might hinder Poland’s future economic growth. Porter’s Diamond will be used for the critical evaluation and support of the PESTLE analysis.
Political Reform The fall of communism in 1989 had led to vast improvements in Poland’s economy. One might disagree with that because the event took place over 20 years ago, however, the effect of political change does not happen overnight and there would be a time lag involved (Gillespie, 1999). The most significant change after the fall of communism is in stabilising the country. Poland is the 29th politically most stable country with the index score of 4.5 (Economic Intelligence Unit, 2009). This provides a sense of security for investment and business, for example, if Poland is in an unstable situation akin to the current Libyan crisis, people would avoid investing in the country.
In contrast to a communist state, a democratic country allows the voice of people to be heard, and their opinions and views to be realised. Citizens in democratic countries tend to have greater respect for the leaders they chose for themselves compared to otherwise. For example, in a company, a bottom-up leadership has a better effect than a top-down leadership because workers would respect the leader and this allows employees to bring out best of their skill set and experience. Similar principle applies for macroeconomic levels. Additionally, a democratic country is highly likely to prosper due to reduced frictional social interactions among citizens (Kariel, 1956).
Furthermore, the Polish government has developed a radical program known as the “Shock Therapy” to curb hyper inflation. Poland was once ruled under a planned economy system. “Shock Therapy” is a transition from a planned economy system to market economy. It is a sudden release of price, followed by the removal of subsidies and large scale privatisations of previously publicly owned companies (Murell, 1993). This program has both short and long term effects. The planned economy provided employment to almost every citizen but with inflation rates of around 600% (Cottarelli

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