Joseph Schumpeter's description of capitalism as an economic system that operates through an ongoing process of "creative destruction" provides a useful framework for examining some of the defining features of an increasingly integrated world economy. Indeed, much of the debate surrounding "globalization" centers around whether technological advancements which have reduced cross-country barriers to the commercial, cultural, and political exchange, have thus far produced a net of benefits or losses. Are we better off because of …
showed first 75 words of 1043 total

showed last 75 words of 1043 total
…the other hand, this also tends to increase income inequality which often coincides with increases in relative poverty. How do we resolve this conflict? Is the real problem poverty or wealth? Globalization can reduce absolute poverty, but it doesn't raise wages on an equal basis, and as a result, some will become extremely rich. For those who believe absolute poverty deserves more attention than wealth or income inequality, globalization is a phenomenon to be embraced.