Economic Globalization refers to boundary-devoid commerce or free market strategy embraced to guarantee unrestricted movement of workforce and commodities across various countries in the world. It encompasses the measure of growing trade, foreign ventures and labor migration. Modem globalization is inflicting more damage than benefits to feeble global population sections. Globalization causes increased inequalities providing ample access to world resources to some people while extremely limiting access to other groups.
In addition, inhabitants of nations in Third World countries have been marginalized and impoverished, ecosystems destroyed and natural wealth depleted thanks to globalization (Musgrove, 2004, 13). Present monetary growth has resulted in elevated living standards for majority of First World people and higher livelihood standards for numerous formerly poor Third World inhabitants. However, a greater number of persons have not benefited from globalization of have had their livelihoods deteriorate. Globalization has thus been regarded as a major cause of global stark poverty, environmental and cultural destruction and hunger.
Globalization has sanctioned systematic utilization of environment and manpower, dictated monopolistic commodities and services pricing, criminal dodging of lawful controls, increasing debt for Third World nations, increasing disparities between economic strata and destruction of culture in communities. Globalization supports the privatization of alls sectors; services and commodities, education, health care, water, plant/ animal/ human genes. Parameters such as access to basic health care are considered in defining inequality.
Poverty causes inequality and vice versa. Inequality and globalization have worsened the welfare of poor people particularly in Third World countries. The increase in revenues that accompanies increasing globalization and soaring price indices is irrational. The contentious issue is polarized distribution. The Center for Economic and Policy Research argues out that numerous nations recorded significant reduction in economic development rates, heightened child mortality and lowered longevities between the years 1992 and 2002 (Holtz, 2007, 24).
An ideal situation would be whereby benefits accruing from globalization are equally distributed to all persons. This would facilitate widespread access to quality education, particularly of advanced education; quality health conditions by way of advanced medical attention, particularly communal health care that is universally affordable; land availability, by initiating land reorganization; credit plus necessary monetary facilities access and similar capacity-enhancing social conditions.
Globalization disproportionately minimizes overall wealth and revenue by altering distribution patterns thus making persons relatively or even absolutely badly off. The ensuing inequality is the bone of contention because all inequalities, be they income or life expectancies, are related to power differentials. Healthcare is part of power systems and so is political influence and say. Globalization ought to mange power inequality.