It’s important to look at exactly how globalisation has tipped the scale when it comes to equality.
Anyone who knows me knows I’m difficult to anger. The surefire way to get me fired up, though, is to remind me about inequality: how much growing up poor, for example, can limit a person’s educational opportunities, housing security and their ability to climb out of poverty.
First, it’s important to look at exactly how globalisation has tipped the scale when it comes to equality. The World Inequality Database, which keeps an eye on the ultrarich, suggests while inequalityWhy is this? Because when countries trade with each other, they tend to export the things they are good at making or, more accurately, the things they can produce at low opportunity cost.
But it’s not just income that we should be looking at when it comes to the impact of globalisation. A big benefit of trade is that consumers pay less. They also often get access to a wider range of goods. Consumers in Japan, for example, may get access to better quality and cheaper beef from Australia, while Australians have benefited from cheaper high-quality electronics from Japan.
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