The Pros and Cons of Globalization

Global Finance pic
Global Finance
Image: finance.laws.com

The chief executive officer of Financial Research, Training & Consulting, LLP, Antonios “Tony” Antoniou spent the better part of 15 years as a professor of finance and economics at Brunel University and Durham University. During his time in academia, Antonios Antoniou taught courses in several areas of global finance.

In the wake of rapid globalization occurring over the past several decades, winners and losers have emerged in regions throughout the world. Perhaps no group has benefited more from globalization than the so-called “global middle class,” which includes emerging economies such as those of China, India, Brazil, and Indonesia. While the top 1 percent of the world’s earners have seen significant gains from globalization, those at the bottom of the economic ladder have seen their situation in the world economy worsen.

According to economist Branko Milanovic, ensuring shared prosperity must involve high growth rates among nations at the bottom, which has already occurred in places such as India and China. Milanovic also suggests a global wealth redistribution plan, although efforts to date have been unenthusiastic at best. Finally, Milanovic contends that free migration of labor would allow people the chance to prosper, regardless of where they end up.

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