Globalization has long been criticized for making the rich richer and the poor poorer, but a new study says that argument is misleading. Since per capita income measures don’t convey the significant improvements in life expectancy, education and the supply of food, they do not necessarily indicate quality of life. Worldwide the well-being disparity between rich and poor countries is shrinking due to the economic growth and technological advances associated with globalization.
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The data suggest that globalization leads to an increase in overall well-being for both developed and developing countries. Furthermore, researchers say that wealth disparities encourage the invention, innovation and diffusion of new technologies by wealthier nations that ultimately benefit lower income countries.
Source: Indur M. Goklany, “The Globalization of Human Well-Being” Policy Analysis 447, August 22, 2002, Cato Institute, 1000 Massachusetts Ave., N.W., Washington, D.C. 20001, (202) 842-3490.
Get text- The Globalization of Human Well-Being
