Globalization reduces world boundaries by extending global reach between

countries through human interactions. Globalization has become one of the

factors that drive the economic growth of todays world. The increase of the
global economy has been accompanied by enormous rising in international
trade, investment, technological innovation and migration. In the modern
world context, technology have been rapidly improving and the rising in our
standards of living have give rise to two major problems that will affect the
present and the future. As Ian Goldin have mentioned, there are two Archilles
Heels of Globalization (Ian Goldin, 2009). They are growing inequality and
complexity. The solution to tackle these problems can be found in forward-
looking strategies, policies and benefits.

The challenges are evident. There is an increase in skilled employees
incomes as compared to the less competent in labour that give rise to a rising
in income inequality in the industrialized world. Although technology has boost
an increased in workers productivity, at the same time the possibility of an
increase in their wages. Technology have helped us with our daily activities
through automation and as companies become heavily dependent on
technology, there will also be a significant number who become unemployed.
Furthermore, there is a distinction between the rich and poor countries that
are increasing proportionately with globalization.
Inequality has been rising in most countries around the world, but it has
played out in different ways across countries and regions. (Joseph E. Stiglitz,
2013). The rich countries are able to embrace technology and benefiting from
the process of globalization. However, the poor countries are excluded and
remained under developed. Unemployment in a country is one of the major
problems of financial inequality (Dieter Braeuninger, 2008). There is a distinct
association with the proliferations in unemployment, which affects the less
competent and income inequality. The panic comes in part from a rush to
lump all the blame on globalisation. Technologyan even less resistible
forceis also destroying white- and blue-collar tasks in a puff of automation
and may play a bigger role in explaining rising wage inequality and the
sluggish growth of middling wages. (James Fryer, 2007).


Inevitably, ever since the onset of globalization, the rate of people travelling
around the world has been seemingly fast in the recent years. This is
supported by the growing development of foreigners migrating into developed
countries. Another solution to solve the problem is to aggressively source for
talents. This is evident even in Singapore where high paying jobs are more
often than not assigned to another foreign talents. Even though with the up
rise in technology, with these talents, companies are forced to keep up with
globalization when they are unable to keep up with the worlds economy.
However at the same time, the pursuit of higher wages or more attractive
incentives is drawing highly educated and proficiently skilled workers towards
the host countries, hence leaving the home country dormant in its
development. Singapore realized that an economy could not succeed if most
of its citizens were not participating in its growth or if large segments lacked
adequate housing, access to health care and retirement security. (Joseph E.
Stiglitz, 2013). As far as individuals are compelled to take responsibility for our
own needs, it is encouraged as mentioned by Joseph that individuals can
contribute substantially on their individual social welfare account. Joseph also
mentioned that even though as individuals, we are to take responsibility of our
own needs, yet at the same time, he emphasized that we have to also
recognize our individual capabilities, so as to create a more cohesive society.

In conclusion, Goldin mentioned two Achilles Heels on growth in inequality
and complexity, are increasing problems of globalization. The solutions to
tackle these problems are to lay down forward-looking strategies, policies and
benefits to solve the inequality economically. As individuals, we need to be
aware and take responsibility of our needs. Furthermore, recognizing our
individual capabilities, we are able to create a more cohesive society. The
question leads to whether developed countries are willing to assist the less
developed countries to become more adaptive.

REFERENCES:

Ian Goldin, (July 2009) Navigating Our Global Future
http://www.ted.com/talks/ian_goldin_navigating_our_global_future

James Fryer, (Jan 2007) Rich man, Poor man
http://www.economist.com/node/8554819

Dieter Braeuninger, (February 2008) Has Globalization Deepened Inequality?
http://yaleglobal.yale.edu/content/has-globalization-deepened-inequality

Joseph E. Stiglitz, (March 2013) Singapores Lessons for an Unequal
America
http://opinionator.blogs.nytimes.com/2013/03/18/singapores-lessons-for-an-
unequal-america/