Leveraging Globalization to Reduce Inequality in the Global South
Globalization has created jobs by transferring low skilled jobs in high-productivity sectors from advanced economies to developing and emerging economies and, consequently, penalizing workers in specific locations and jobs. The inequities of globalization will continue to prevail unless the international business enabling environment prioritizes inclusive and equitable growth, job creation, human capital, and decent work. International diffusion of technology to developing and underdeveloped countries will not be realised unless existing structural barriers are addressed by leading governments and firms. In the absence of coherent international trade policy that ensure stability and equity, reliance on foreign investment as a development strategy may be misguided as it puts nations at risk of increasing inequality.