The Neglected Class in the Developed Countries - Inequality in Economic Globalization

Abstract

In the modern world, economic globalization has a big influence on the environment, economy, and society at large. Although it has significantly increased global development and decreased worldwide inequality, it has also presented serious difficulties, mainly with regard to the uneven distribution of income and advantages among people in developed countries. This article investigates the extent to which economic globalization affects local stability and political shifts in the United States, focusing on the disappearance of middle-skill jobs, the rise of populism, and the fallen of the American dream. The study employs a comprehensive literature review of existing research, theoretical frameworks, and empirical studies to navigate the complexity of the topic. Economic globalization has exacerbated income inequality, particularly in the United States, leading to the disappearance of middle-skill jobs, industrial sector decline, job outsourcing, and wage disparities. The belief that economic globalization denies people economic opportunities and exacerbates inequality is a contributory factor to the rise of populism in the nation. While economic globalization has increased average incomes worldwide, it has also widened the gap between rich and poor within developed countries. Governments should focus on equitable distribution of benefits, invest in education and social reforms, and enhance communities' ability to adapt to globalization, ultimately striving for fair and stable societies that align with the goals of global prosperity.