— E.E. Cummings
[EDITED] The end time is near.
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Tuesday, 11 March 2014 @ 16:21
Globalization
and technological advancements has said to bring a newly integrated future to
the human population. However globalization might serve only the greater good
as not all may benefit equally. In his TED talk, Goldin (2009) mentioned that
it is crucial to highlight this danger and to realize the plausible ways to
mitigate this global trend. The
epitome of globalization is reflected through the collapse in biodiversity,
climate change, financial crises and inequality (Goldin, 2009). Of these,
Inequality is a global trend which is reflected in various ways across
countries and regions. It has caused a great divide between the haves, the
have-nots and everyone in between. This major effect of globalization has its
impact around the world, and its implications on economics, politics, society
and culture (Stiglitz, 2013).
An
analysis of inequality in today’s world revealed that people are being divided
along the line of social justice and economic performance (Stiglitz, 2013). In
order to cope with the widening gap, countries like Singapore have introduced
measures prioritizing social and economic equity. While democratic countries
such as the Nordic countries, have also proof the possibilities of achieving
growth with equality.
As
mentioned, there are many possible contributing factors causing inequality.
Income disparity amongst people is a problem that is widely faced across
borders. Inequality has risen in the industrialized world, causing the incomes
of skilled workers to rise rapidly as opposed to lowly-skilled labor. While
technological revolutions emphasize automation and an accelerated production
process (Braeuninger, 2008). Hence, upward mobility is crucial to ones’
survival. In order to break this
self-sustaining cycle of inequality, Stiglitz introduced the Singapore model
that all countries could learn from (2013). These measures were targeted at
individuals to be independent and responsible for their needs. Therefore, the
government mandated social welfare accounts for individuals to contribute to.
This ensures that their education, health care, housing and retirement benefits
are being managed.
Furthermore,
to ensure a balance between the rich and the poor, the distribution of pretax
income was altered to meet the needs of the underprivileged. Large emphasis is
placed on providing citizens with adequate education so that the nation will be
able to advance. With these measures implemented, Singapore has become one of
Asia’s economic “tigers” (Stiglitz, 2013). Singapore has achieved rapid growth
from the day of its independence, surpassing many of its counterparts.
Singapore’s growth is 5.5 times faster since 1980 when compared to superpowers
such as the United States (Stiglitz, 2013). The successes of the measures are also
reflected in the extended life expectancy rate of the nation. However, this is
made possible in a country like Singapore as it practices authoritarianism.
Hence, it is being critiqued for imposing limitations on civil liberties and
harsh criminal penalties, and having insufficient multiparty competition and a
judiciary that is not fully independent (Stiglitz, 2013). Therefore, to
continue its successes, Singapore should recognize these flaws to achieve an
open democratic society where greater equality of opportunity is present. As
every country has its unique measures to cope with inequality, the Singapore
model is one of the few which would contribute to great success if implemented
with the right methods.
Democracy
is important in promoting economic growth and greater equality. The Nordic
countries have shown an excellent example of how an open democratic system can
contribute to an impressive achievement of growth with equity. Despite adopting
slightly differing measures, each has successfully achieved the goal of
maintaining equality in their country. Based on the United Nations Development
Program’s inequality-adjusted Human Development Index, the Northern European
countries stand towards the top in contrast to the United States which is
ranked 16 (Stiglitz, 2013). Although
economic forces are global, democracy in this case has proved that it is the
driving factor behind these global economic trends. The Nordic countries have adopted
a political system where the voice of ordinary citizens is fairly represented,
where political traditions reinforce openness and transparency, where money
does not dominate political decision-making and government activities are
transparent (Stiglitz, 2013). Hence, its success is attributed to a
strong democratic society where political decisions are not profit driven. On
the other hand, countries with higher levels of economic inequality therefore
yield a higher level of political inequality. The way governments rule their
nations will be reflected in their values and impact the kinds of measures that
they implement for their citizens.
In conclusion, inequality is a persistent issue that arises from globalization. Its impact transcends nations which has result in a great divide between the rich and the poor for many generations. People are being divided economically and socially. As these effects are detrimental and will be brought to the future, it is crucial to be aware and to implement measures to mitigate them. Many countries have proved the possibilities of maintaining a balance between growth and equality. However, these successes are attributed to a broad economic model which cultivates individuals to provide for themselves and to adopt an open democracy where political decisions are not profit driven. Hence, in this rapid globalizing age, the future of our world depends largely on governmental policies and its citizens.
In conclusion, inequality is a persistent issue that arises from globalization. Its impact transcends nations which has result in a great divide between the rich and the poor for many generations. People are being divided economically and socially. As these effects are detrimental and will be brought to the future, it is crucial to be aware and to implement measures to mitigate them. Many countries have proved the possibilities of maintaining a balance between growth and equality. However, these successes are attributed to a broad economic model which cultivates individuals to provide for themselves and to adopt an open democracy where political decisions are not profit driven. Hence, in this rapid globalizing age, the future of our world depends largely on governmental policies and its citizens.
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Braeuninger, D. (2008, February). Has globalisation deepened inequality? Retrieved from
http://yaleglobal.yale.edu/content/has-globalization-deepened-inequality
Stiglitz, J. E, (2013). Singapore’s Lessons for an Unequal America. Retrieved from
Braeuninger, D. (2008, February). Has globalisation deepened inequality? Retrieved from
http://yaleglobal.yale.edu/content/has-globalization-deepened-inequality
Goldin,
I. (2009, July). Navigating our global future [Video file]. Retrieved from
http://www.ted.com/talks/lang/en/ian_goldin_navigating_our_global_future.htmlStiglitz, J. E, (2013). Singapore’s Lessons for an Unequal America. Retrieved from