The Relationship Between Globalization, Economic Growth And Income Inequality

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relationshipThe Relationship Between Globalization, Economic Growth And Income Inequality
 
Discourse on Globalization began in the 1980s and gained momentum over the following decade to become common in modern academic and political talk.  In addition, a small tax on the massive international financial transactions within a casino economy 75 , 76 (95% of which are purely speculative and hence unconnected to real economic activity) could yield more than $150 billion a year—more than enough to fund the Millennium Development Goals, which would vastly improve the incomes, health care, and educational facilities of half the world`s population.Globalization can be defined from various aspects not only in respect to economic activities, but also to political, technological, cultural interactions and taking into account many key factors such as standardization, transportation, communication, trading, migration, etc.  It will pursue this by focusing on: greater innovation, strengthening the private sector focus, enhancing aid for trade, disability-inclusive development, economic diplomacy, working with the most effective partners, responsibly engaging with risk and applying safeguards, actively managing fraud and anti-corruption, following value for money principles and transparency.
 
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Humanity, many argue, is moving rapidly toward a politically borderless world.4 The collapse of the Soviet command economy, the failure of the Third World`s import-substitution strategy, and the outstanding economic success of the American economy in the 1990s have encouraged acceptance of unrestricted markets as the solution to the economic ills of modern society.The solutions to reduce the negative aspects of globalization and reduction of its threats and challenges may be studied at three levels: A) scientific and cultural elite; B) National governments and units and government officials and politicians; C) the developing world, particularly the great family of Islamic world and regional and interregional conferences and organization.
 
Despite the growing importance of the market, historical experience indicates that the purpose of economic activities is ultimately determined not only by markets and the prescriptions of technical economics, but also (either explicitly or implicitly) by the norms, values, and interests of the social and political systems in which economic activities are embedded.The attacks and significant loss of life in the United States in September 2001 (7), the response of governments and international bodies to those attacks and the launch of the ‘war against terrorism`, alongside the increase in religious and ethnic tensions world-wide, have highlighted questions of peaceful co-existence and the nature of global conflicts.

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