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Why is Singapore attractive as a location for new factories owned by foreign companies.

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Introduction

Discuss the socio-economic impacts of globalization on Singapore in the perspectives of: a) a) White collared workers b) b) Blue collared workers (10 m) a) Powered by advances in telecommunications, transportation and finance, globalization empowers consumers to purchase the best the world has to offer and gives producers the tools to find buyers anywhere. This will mostly benefit the white collared workers more as they will have the spending power to take advantage of this. Technology will also be effected in a positive way, in that, by the more internationalized the world economy is, the more use producers will get out of different production processes and other invented processes available in other countries. The faster diffusion of knowledge will raise the level of goods produced as well as advance technology in a worldwide prospective. With technology more widespread, Singapore will be able to make positive advancements, increasing the economy, and in turn, helping and increasing the national economy. ...read more.

Middle

Globalization may also have a adverse impact on Singapore's economy, as with globalization there is most likely industrial development brining along an improvement in people's standard of living, thus people will demand for higher pay and foreign investors leave for less developed countries with lower cost productions. b) Globalization will have an adverse effect on manufacturing employment, which will be mainly felt by blue-collared workers. As globalization develops and Singapore continues its industrial development, it will focus more on information-base industries and R&D thus less emphasis will be placed on manufacturing and also mechanization will enable good to be produced more efficient, these may lead to a decrease in need of blue collared worker and thus a higher unemployment rate. Also technology-driven shift in labor demand away from less skilled workers and toward more skilled workers because of the sharing of information through globalization. ...read more.

Conclusion

will gain from freer trade, the majority of the lower-skilled workers will most probably lose out, as they fail to cope with the rapid changes in technology and skills requirements. Another case of inequity will be between the wealthier who has access to the Internet and poorer people who do not even have access to the basic computer. In other words, the social inequality will be aggravated in the new global age if Singapore intends to globalize and carve a niche in the Information Technology market. This may also his lead to a societal divide, which can take various forms. For example, the individual level; on the family unit level where parents complain that they can't catch up with what the kids learn, using experienced by most blue-collared workers and some white collared worker. There may also be a possibility of ethnic division in Singapore's multiracial society when certain ethnic groups are lagging behind in the digital know-how, i.e. more blue-collared workers. * ...read more.

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