Globalisation

Globalisation

The topic chosen was one of those topics talked among Singaporeans and economist, especially during the General Election 2011 because it effect on majority of Singaporeans. This portion of Singaporeans affected by this issue is the lower and middle class citizens. The topic is about the financial situation of Singaporeans which is the widening income gap, a by-product of globalisation.

The general public always talked about the effects but never mention on how it started in the first place and what causes the income of Singaporeans to vary to such an extent. By understanding the root of the problem first, the side effects can then be handled in a more constructive way so as not to jeopardise the livelihood and deteriorate the financial health of Singaporeans even further.

Globalisation have make the world seems smaller and individuals feel closer with the existence of better and faster communication and transport systems. As such, it has led to Multinational Corporation, MNC, outsourcing to third world country to tap on the potential of that market. Globalisations have resulted in further development of those emerging markets, and it has mainly help the country to prosper financially. Hence, it may look like MNC have made good progress and have helped created jobs for the poor and help to boost their standard of living.

However, like everything in life, there are always two sides to a story. Globalisation has further improved the financial situation on the individual in the developing country on a micro level. On the macro level, it gives rise to the widening income gap in the country with the poor becoming poorer and the rich becoming richer.

Globalization have cause an ease in the transfer of money all around the world, crossing the seven seas. The rich people from those rich countries sees a big business opportunities and potential in the developing and third-world countries, making use of the cheap labour so as to...