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US a victim of globalization?

ADDED BY PT EDITOR NOUR SCARDINA

India, September 27, 2009 (Pal Telegraph)- Progress in technology has rendered an eventual one world order and globalisation inevitable. However, globalisation has made many people in many lands to suffer. It is imperative therefore to consider the defects of globalisation and seek ways and means to remove them. To discover the flaws of globalisation there can be no better way than to study what led to the plight of its victims.

Let us consider the plight of arguably globalisations biggest victim.

Judging by the yardstick of a nations potential matched against its performance the biggest victim of globalisation could well be the United States of America. Two decades ago the US was the unchallenged leading world power. The standard of living of its people was the worlds envy. Today the US is struggling to have its say in a multi-polar world. Its economy is in a shambles. Its citizens are losing jobs, homes and social security. The US is a huge debtor to China and Japan. If globalisation allows big multinational corporations (MNCs) to exploit people worldwide how come the nation in which the largest and most powerful MNC's are headquartered is declining so quickly? The answer is, this happened because of corrupt politicians and greedy businessmen. Globalisation would be a boon if democracy was allowed to function. Globalisation became a curse after democracy and national interest were subverted by corrupt politics and corporate greed.

Consider how America got into its present mess. To keep the economy buoyant it was necessary to keep up demand. To do that wages and purchasing power also had to keep pace. Higher wages meant lower profits. To maximise profits business corporations utilized globalisation to invest in cheap labour outside the US. The obvious giant sweat shop for cheap labour was China. Violating all labour norms, ignoring minimum wage norms, the US big business and China got into a mutually beneficial arrangement. The virtual slave labour in China manufactured goods for western business firms at a fraction of the cost which would have occurred through manufacture in the US itself.
Lees verder: http://www.paltelegraph.com/opinions/editorials/2405-us-a-victim-of-globalization