Overview
Globalization is associated with an increase in social, political and economic ties around the world. The problem of global inequality associated with the exploitation of developing countries comes along with the process of globalization. Neoliberalism, colonialism, modernization and independent development theories assume that globalization remains responsible for global inequality. It is necessary to learn how to extract both positive aspects from the process of globalization and cope with its shortcomings. One possible way to address global inequality is to strengthen the national economies of developing countries with the support of high-income countries.
Modern Tendency
Differences in the development of countries lead to the persistence of income inequality. Currently, changes are taking place in global economic well-being, with the number of low-income countries declining. China and India attribute economic success stories to their rising income status. However, wealth in most regions remains owned by the smallest percentage, while most people around the world remain poor. The level of global inequality is best seen in issues related to health, hunger and malnutrition, education and literacy (Giddens et al., 2021). High-income countries address these to help their people achieve the best possible experience. The problem of lack of access to education and medicine slow down the economic growth capacity of developing countries and contribute to global poverty.
Points of View
Currently, the main concepts that give a point of view on the problem of inequality are neoliberal theories, theories of dependence, the theory of world systems and the theory of global capitalism. According to the neoliberal current, the adoption of modern capitalist institutions should promote economic development. Dependency theory insists on the need to combat the exploitation by rich countries of the poor. World systems theory conceives of the complex global web of political and economic relationships that influence development and inequality. Global capitalism theory emphasizes the importance of an emerging capitalist class that is reshaping the world economy to its advantage. Neoliberalism is one of the most favored theories as it represents some of the ways in which global inequality can be addressed. The theory suggests that minimal state intervention while maintaining its organizational role will stimulate people to develop economically. This concept seems the most viable for me; however, a clear understanding is needed that the country must first provide citizens with the tools to do business.
Contradictions and Debates
The main controversy in talking about global inequality arises since high-income countries benefit from this state of affairs. Despite support being given to poor countries, the beneficiaries continue exploitation. Debate arises about how to deal with the negative aspects of globalization. Neoliberal theory assumes the least intervention of the state in the economy to create a free market. The theories of capitalism predominantly insist on maintaining the important role of the state as the regulator of all processes in the country. In my opinion, the path of each country is unique, and it impossible to apply general processes for managing the problem of inequality. Each country must independently determine how to strengthen the national economy.
Limitations of Analysis
From my point of view, neoliberalism seems to be more advantageous, since it represents a way to solve the problem of global inequality. However, the developed concept hardly seems applicable to countries where there is no access to education and medicine. The limitations of the analysis are connected with the concentration on the causes and trends, without providing ways to solve the global problem. I think that the only way that might work is to apply the concepts of neoliberalism with a previous strong effort to support citizens in developing countries. Such paths may include strengthening national economy, social transfers, and funded education programs.
Conclusion
Globalization is the main cause of the emerging and growing phenomenon of inequality between countries. In some regions, this gap is gradually narrowing, while in others it continues to widen. In order to get on the path to solving this problem, low-income countries need to strengthen their national economies, provide social and business support. High-income countries must provide aid and assistance and eradicate economic exploitation.
Reference
Giddens, A., Duneier, M., Appelbaum, R. P., & Carr, D. (2021). Introduction to Sociology, 12th edition. Norton.