Globalization has many critics especially in poor countries. Globalization has many critics especially in poor countries. The dismal working conditions for employees in some export industries have given the global market the image of one that serves only the rich.
But in reality globalization has created millions of jobs around the world and helped lift people out of poverty.
The challenge now is to manage the benefits of the global market.
A recent international labor organization study on the social impact of globalization says four thirds of Foreign Direct Investment (FDI) flows in the last decade have gone to a dozen countries.
China that absorbed nearly a quarter of FDI’s in the nineteen nineties while east Asian tiger economies and Latin America absorbed the rest.
The other 176 developing countries had to share a quarter of the FDI flows.
Critics of the open global market concept say it thrives on using the poor for the benefit of people in rich countries.
They say this inequality has spawned terrorism and is responsible for a lot o