How does globalization impact inequality?

Can you explain how globalization affects economic inequality?

Globalization can both reduce and increase economic inequality. It often leads to growth in developing countries, but can also widen the gap between the rich and the poor within and between nations.

What are some specific examples of this impact?

For instance, in countries like China, globalization has lifted millions out of poverty. However, in developed nations, it can lead to job losses in certain sectors, increasing inequality.

Are there any policies that can help mitigate these effects?

Yes, policies such as progressive taxation, education and training programs, and social safety nets can help address the inequalities exacerbated by globalization.

What role do multinational corporations play in this?

Multinational corporations can drive globalization, but they may also contribute to inequality by prioritizing profits over fair wages and labor practices.