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Debate whether contemporary patterns of globalisation and inequality are linked to insufficient market freedom or unbridled capitalism

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Introduction

Debate whether contemporary patterns of globalisation and inequality are linked to insufficient market freedom or unbridled capitalism. Globalisation plays an important role in today's world. It is considered a blessing to some people as it has helped to stop poverty in some cases around the world along with improving the rights of women but many people do not see the benefits to an optimum level. Inequality is active all over the world and is also evident in developed countries. This essay will concentrate on whether globalisation and inequality are linked to insufficent market freedom in the world market and also lead to uncontrolled, free capitalism. During the 1800's, there was evidence of globalisation taking place because the British wanted to attempt to widen their borders therefore colonialism occurred in places like in India, Ireland , and Australia. Net outflow of capital from these colonialised countries returned to the u.k. In this respect, globalisation is not a new phenomena but it is a long drawn out process that has originated from the beginning of capitalism (Friedman, j. 1992.) Globalisation today is seen as a positive thing for many people however it is also seen as 'a threat to the local diversity and local autonomy.' (Amin, A, Thrift, N, 1994.). ...read more.

Middle

Although on the outset, it seemed like it was beneficial for the three nations involved, closer inspection would show otherwise. Again, Mexico became the net loser on this occasion again. This shows that free trade is not completely free as some countries can experience restrictions and failures which will lead to increased insufficient market freedom when the main aim of the agreement was to help prevent this from happening. There has been huge capitalist development over the past 250 years and this has increased rapidly in the last 50 years. Giddens stated that: 'capitalism tries to turn every relationship into a commercial exchange.' (Hutton, W and Giddens, A. 2000.) I believe that this is true in today's society and many people and countries across the world have had to keep up with this change in society. Today, there are less manual skill jobs as more people are working with technology and computers as the world is changing. In more developed countries this is more evident and this has reflected the unbridled capitalism. This is linked back to globalisation as this also leads to 'a smaller world.' As the capitalism and globalisation continue to grow, many people in poorer areas are marginalised from these changes and this can lead to increased inequality and polarisation between the rich and the poor. ...read more.

Conclusion

The IMF worked hard to highlight the downfalls of the market and to help countries prevent that from happening. Hollis Chenery was praised by Joseph Stiglitz for researching how markets in developing countries had their downfall and tried to find methods of prevention for this. The main solution highlighted by Chenery and the IMF was the introduction of free markets for developing countries. This was promoted in Reaganism and Thatcherism to help prevent inequality and the continuation of unfreedom in markets. This research has highlighted that there is a definite link between globalization and inequality and insufficient market freedom and unbridled capitalism. It is also highlighted that it is a vicious circle in which each of the categories can compliment each other causing more problems for the country. I believe that the best way forward is to create free markets for the developing countries and to prevent the TNC's from taking advantage them also. I think that fair trade should be promoted more so that smaller developing countries can have the chance to create a decent market and also to be helped by capitalism. In the future, I think that the problems will continue as globalization continues to occur, however I believe that if more is done to help these developing countries, the problem will not be so severe and there will be sufficient market freedom for all of the markets. ...read more.

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