The rising income gaps across the world are one of the hottest topics in political conversations. While the standard of living has improved dramatically, on average, for people around the world over the past 200 years, the disparity between the wealthiest and the poorest people has skyrocketed. There are a number of theories for what sparked this drastic increase in real personal income, but improvements in technology and globalization are generally accepted as being some of the catalysts. I don’t think many people today wish that we had not advanced and that our standard of living was about the same as it had been throughout history. However, as a result of these advancements, income inequalities have risen and many people feel that these inequalities are bad for the global population.
Economic globalization has changed the way that businesses and people handle their purchases and livelihoods. While there are some negative externalities associated with economic globalization, the advancements we have seen over the past 200 years cannot be diminished. Like almost everything, economic globalization cannot be called completely positive, but adjustments can be made in the way corporations operate transnationally.