How does globalization affect wages around the world?

How does globalization affect wages around the world?

Globalization can lead to wage increases in developing countries due to access to larger markets, but it may also suppress wages in developed nations as companies seek cheaper labor.

Can you explain how this impacts workers in developed countries?

In developed countries, globalization can result in job outsourcing, which may lead to wage stagnation or job losses in certain sectors, particularly manufacturing.

What about the benefits for workers in developing countries?

Workers in developing countries often benefit from globalization through higher wages, improved working conditions, and more job opportunities as foreign companies invest in their economies.

Are there any negative effects for those workers as well?

Yes, while there are benefits, workers in developing countries may face exploitation, poor working conditions, and job insecurity as companies prioritize profit.