Recently, I read an article written by my intellectual contact Johan Norberg, who, since the early 1990s, has been writing about globalization, economy, capitalism, and similar topics. Here are some recent facts and insights you can read more about.
1. Companies and investors primarily invest in relatively wealthy countries rather than seeking the poorest places for business opportunities.
2. Investments in poorer countries often increase productivity and higher labor standards.
3. Contrary to the "race to the bottom" narrative, wealthier countries tend to have stronger environmental protections, and trade accelerates the adoption of greener technologies worldwide.
4. Nobel laureate Joseph Stiglitz's claim about globalization being a "race to the bottom" has not materialized; instead, there is a trend toward better jobs, higher wages, and safer workplaces.
5. The share of the labor force in elementary and lesser-skilled jobs globally has declined, indicating improved working conditions.
6. The number of working poor has significantly decreased, with the share of employed persons in extreme poverty declining by over three-quarters from 1994 to 2022.
7. In East Asia, a highly globalized region, the share of workers in extreme poverty was only 0.5% in 2022, while less globalized regions like sub-Saharan Africa had a 38% rate.
8. Child labor has declined globally, with the share of children aged 5 to 17 engaged in hazardous work decreasing from 16% to 9.6% between 2000 and 2020.
9. Jobs, on average, have become better paid and safer during the era of globalization, contradicting the "race to the bottom" hypothesis.
10. Globalization, as measured by the KOF Globalisation Index, is associated with faster poverty reduction, and countries with open trade policies tend to have higher wages, better workplace safety, and more civil liberties.
What do you think about globalization and the future of the world?
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