Do you think globalization will help or hinder the growing gap between upper and lower class?© BrainMass Inc. brainmass.com June 3, 2020, 7:04 pm ad1c9bdddf
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Popular economic theory holds that globalization should help poor countries get richer. The problem, according to Bruce Scott, professor at Harvard Business School, is that popular economic theory works best in rich countries.
Speaking recently at RAND, Scott contended that the golden opportunities of globalization glitter for only about 15 percent of the world's population. So rich countries get richer, and Third World countries are little or no better off.
The key to a country's wealth, he said, is the integrity of a country's underlying social structures and government institutions?such as democratic elections, educational systems, and judicial systems. Such foundations uphold economic markets, not the reverse. Economic theory works where the foundations are already in place.
He challenged the notion that disadvantaged countries could compete on an even playing field with advantaged ...