Poverty and Inequity in the Era of Globalization: Our Need to Change and to Re-conceptualize

Globalization and its Negative Consequences The peculiar current form of Capitalism rechristened as 'free market economics' goes by the motto of "trade, not aid", no matter how uneven the former may be, and despite the fact that equal relations between unequals simply reinforce inequality. In line with the above, Globalization – Capitalism's corresponding new flagship – is creating wealth for the few and depressing local wages and conditions of employment for the many. It has also brought about a shift in power: the nation state has weakened and has markedly reduced its social accountability. In the Globalization context, the privatization called-for often ends up meaning denationalization and an acceleration of poverty, of disparities, of exclusion, of unemployment, of alienation, of environmental degradation, of exploitation, of corruption and often brings about violence and conflict. All these add up to marginalization on a massive scale. The effects of Globalization are thus producing big winners and losers. [2–4]