Various economic experts believe that the words globalization and inequality are deceitful and are self-contradictory. Globalization is generally understood as a new modern day trans-world business concept but in fact this modern-day concept has been in existence for a very long time.
This can be corroborated from the fact that even during the Harappan civilization, the concept of globalization existed. During that period, most people in ancient India were farmers and they mainly grew wheat, rice, and cotton and in coastal India, people produced salt. The farmers of India had trans-national business relations with West Asian countries, the most prominent of them being Iraq (then Mesopotamia). They traded articles like gold, silver, metals, potteries, gems, cotton, silk, food grains, honey, and spices like cinnamon and pepper. The economy of ancient India also had a strong cross-border trade and commerce relation with China and they mainly traded food grains, spices, cottons, gold, silver, and metals. Further, a more organized form of trans-world trade has been in force from mid-14th century and it started as a means to explore new business destination and opportunities.
But the more modern version of globalization is allegedly doing more harm than good to the weaker sections of world population. The critics' definition of globalization and inequality varies from country to country and mostly the definition of globalization and inequality as defined by these economic experts is biased. This difference of opinion crops up from the fact that the basic parameters which defines globalization differs according to the economic status and economic policy of the respective country. For example, a labor earning US$ 3 in Bangladesh can not be defined 'poor' but his counterpart in United States or any other developed country shall be defined poor by their economic standards. So the existence of a more generic definition of globalization is in fact very cumbersome to arrive at. In modern times, globalization has been defined as an "open-market policy" or "boundary-less trade" adapted to ensure the free flow of commodities and workforce across different nations of the world. The term 'globalization', when defined under the light of economic globalization, will include the value of increase in trade, foreign investment, and work force migration. These parameters are a combination of parameters like improvements in technology, decreased transportation costs, and market penetration capability etc. In fact, this is a combination of deliberate economic policy choices promulgated on behalf of governments of different convention countries. This is done to liberalize their economies and involve these countries in the development of global market. Therefore, it can be well understood that the policy aspect of globalization is an aggregated value that results from the choices of all the convention countries and not of any individual nation. This is practiced to integrate the economy of the convention countries with the global economy. Further, if globalization is viewed as an aggregated value of increased integration of all the convention countries, then the need to consider the 'integration process' of these convention countries into the global economy to act as one unit becomes most important.
The definition of 'inequality' is a genuinely complex idea. The meaning of inequality varies significantly according to economic status and economic policy of any nation. Experts are of the view that inequality crops-up from poverty and thus these two factors are interdependent. Further, these experts also believe that globalization and inequality has in fact deteriorated the condition of the poor, especially of the developing countries. They argue that with the growth of globalization and rising price index the effective increase in the income is not rational. Thus the conditions of the poor have worsened in spite of the fact the economic condition of that particular nation have grown in the positive direction. The major concern for these critics is the 'polarization of distribution'. Further, parameters like access to basic needs like health care, nutritious food, proper shelter and basic education are also important parameters that should be taken into account while defining inequality.
If we delve deep into the definition of 'inequality', it can be well understood that inequality breeds poverty and the reverse is also true. Thus, to remove these 2 demons from the modern world, a progressive and simultaneous eradication process should be implemented across all demographies of the world.
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