Finally, one of the key objections directed against economic liberalization policies of both China and India is their tendency to create wealth for a few and poverty for the many. It is a well documented fact that the Chief Executive Officers of many MNCs, who are at the forefront of globalization draw unreasonably high salaries, while workers in lower positions get paid only a fraction. In the thirty odd years since the ascent of globalization, the inequalities in distribution of wealth has kept widening, leading to greater discontent among the large majority of people. In this regard, the proposal made by Indian born economist Amartya Sen makes much sense. Sen had done extensive studies on poverty and famine in Third World countries including India and China and has come to the conclusion that globalization is not ineffective in and of itself. He argues that unfettered capitalism across national borders is to be encouraged, but the accrued wealth has to be more evenly distributed among the people (Henry, 2009). In other words, what Sen proposes is a benign form of globalization, whose benefits reach all strata of society. Renowned economist Joseph Stiglitz is also not in favour of globalization as it exists today. He condemns the prevailing system as following market fundamentalism and suggests that proper governmental regulation is essential for reducing disparities in wealth and also to reduce poverty levels (Henry, 2009).
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