Globalization and Work

Globalization and Work
Institutional Affiliation
Dimensions of Globalization
Globalization refers to the global integration of economic, financial, trade and
communications. Globalization is a process, and it cannot be achieved overnight but is
influenced over the years. Globalization is marked by free trade, capital flow, and tapping of
cheaper foreign labor markets across national frontiers. Globalization can be taken as a process, a
project and as a practice. This paper focuses on the three mentioned dimensions of globalization
in details.
While taking globalization as a process, the interconnectedness between globalization
and financial markets is evident. Capital markets are considered to be the major factor
contributing to globalization as it succeeded in becoming globally liberal. The financial markets
primary aim is to obtain profits. However, there are other aspects related to it. In a bid to
conform to international financial market standards and requirements, many countries have
become globalized. Globalization, in this case, is achieved through a process.
No country is self-sufficient in a global economy. Each state is involved in the trade to
sell the surplus produce or purchase what such States lack. In world trade, exchange of goods or
services takes place across nations and promotes economic efficiency hence products are
available in wider varieties and at a lower cost. Global trade grows and faces changes and legal
regulations over time, and this is, therefore, a process as it has sequences and rules.
Foreign direct investment (FDI) refers to an investment made by an individual or a
company to an international company either in one's country or another country. The mentioned
aspect of investment has become a crucial engine of economic growth among nations. The FDI
has influenced both economic conditions and policies in various countries. Economic distance
between countries has reduced, capital movements exploded, transfer of wealth and knowledge
have increased and trade. Foreign direct investments are a key driver of globalization.
Globalization can be taken as a project, that is, several planned endeavors are undertaken
to bring about globalization. Neoliberalism refers to a collection of economic policies that argue
for reduced state involvement in the economy and endorsement of free enterprise
entrepreneurship to boost the well-being, economic effectiveness, and personal freedom. It is a
core set of capitalist ideas as opposed to a formerly usual form of liberalization. Neo-
liberalization is believed to be the primary driver of globalization, and it can be seen as the effect
of global neoliberalism.
Neoliberalism has influenced many states though they may not illustrate a firm
commitment to domestic neoliberal ideas. International Financial Institutions (IFIs) have
promoted removal of capital controls, and trade barriers while attempting to make the global
economy liberal. On the other hand, trade globalization can be attributed to neoliberal
institutionalism or classical liberal theory that promulgates that a nation can increase its
economic gain by specializing in production and trade of goods it can produce cheaply.
However, the neoliberal policies on economic have accelerated income inequality hence
jeopardizing expansion and risking economic growth in the world. Due to neoliberal
globalization, some states have the better economy than others as economic growth favors some
nations better than others.
The consideration that globalization is the international aspect of a wider component of
neoliberal reform leads us to a conclusion that the current escalation in the inequality among
different income levels is as the result of neoliberal reform. Neoliberal reform has led to an
increased income inequality in various ways. For example, the neoliberal reform of welfare and
tax systems has contributed to less social security and less progressive of tax regimes, thus
escalating the inequality in the distribution of the post-tax income among different income levels.
Besides, the neoliberal reforms have led to labor market inequality in some ways. For instance,
the highly-skilled workers and managers have been favored by the neoliberal reforms. Also, the
reforms have increased the wages for the highly-skilled employees, on the other hand, reducing
the salaries of the less-skilled people, thus leading to the inequality in different experience levels.
Over the years, there has been a diminution in trade barriers such as quotas and tariffs.
This decrease has resulted in increased world trade with relation to GDP and output. The World
Trade Organization's (WTO's) policies on lowering trade barriers are as a result of neoliberal
institutionalism theory as they emphasize economic efficiency and business gains due to
comparative advantage. Globalization has led to large-scale technological advancements which
have contributed to reduced demand for unskilled labor. Also, foreign direct investors go for
highly skilled workers; hence there is the increase in unemployment. For most developing
nations rise in unemployment, lack of job opportunities and deterioration of wages are among the
adverse effects of globalization.
Globalization has another dimension, that is, globalization as a practice. Practice refers to
the application or use of an idea, belief or methods. Development of an international regulation
for minimum labor standards is a practical approach resulting from globalization. International
labor standards are practices that are stipulated by international actors, as a result of value acuity
aimed at protecting fundamental worker rights, improve employment terms, and enhance job
security for workers globally. The purpose of labor standardization is to initiate a worldwide
minimum extent of employee immunity from inhumane labor practices through global
acquisition and implementation of the said initiative. Global labor standards have high potential
in improving working lives of significant numbers of people all over the world. The development
of an appropriate regulatory body for enforcing basic international standards could serve as a
model governing international economic activities more generally. Therefore, international
regulations on minimum labor standards are a practice that promotes globalization.
In summary, globalization has a positive impact worldwide. The process of globalization
has been influenced, over the years, by development in different fields. Globalization has
promoted increased trade and exchange of goods and services at a global level which has helped
many states to obtain what they do not produce and export what they produce in plenty. As a
result, goods are availed in plenty and at a considerably lower price. Globalization could take
three dimensions, in that; it can be considered as a process, a project, and as a practice.
Chaudhury, S. K., Sarkar, S., &Panigrahi, A. K. (2014). Foreign Direct Investment (FDI). New
Delhi: Avon Publications.
Clark, C., & Clark, E. A. (2016). Challenging Neoliberalism: Globalization and the Economic
Miracles in Chile and Taiwan.
In Navarro, V. (2007). Neoliberalism, Globalization, and Inequalities: Consequences for Health
and Quality of Life. Amityville, NY: Baywood.

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