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Can Market Forces And Free Competition Alleviate The Poverty? Queen Mary University Of London Essay

2405 words - 10 pages

Undoubtedly,the world have witnessed the significant development of economic globalization in the last few centuries.‘‘Economic globalization stands for opening economy which includes the flow of capital,people, technology, commodities and how involved a country into world economy.In some regions , such as the European Union, a large region almost the whole continent has opened up to the free mobility of capital, labor, goods and services’’ (Market Business News,2017).As Business Dictionary(2017) defined that, market forces are determined by demand and supply which represent the impact from self-interested suppliers and consumers on price and quantity of the commodities and services provided in the market. In other words, when excessive demand leads price and quantity of supply to increase,oversupply may result them to decline.‘‘In an opening economy,free competition refers to a situation in which business activities could operate freely without any interference from the government controlling”(Financial Times,2017). Although there are subtle differences between market forces and free competition,it may be reasonable to regard both of them as a whole in this essay.As two prominent features of economic globalization,it seems to be justified that market forces and free competition have stimulated the persistent growth of economy in most countries and regions.However,a growing number of reports have indicated that some poverty-stricken countries which were used to be rich are experiencing low income,intact welfare or other poverty-related problems now.Consequently,there is a thought-provoking controversy about whether market forces and free competition could alleviate the poverty.This essay will argue that poverty,according to some corporate activities in representative poor countries,could not be reduced by the opening economy.Conversely,the poverty tends to be contributed by the market forces and free competition in some regions.In one hand,the optimism on the potential of opening economy to reduce the poverty may be triggered by inappropriately analyzing the booming economy of individual cases like China and certain social initiatives like ‘CSR’ ,which will be discussed in the first section.On the other hand,some possible explanations,such as invisible regime indirect or direct control on the political economy of poor regions,drawbacks of informal markets as well as powerless business behaviour,will be discussed specifically to consider in which way corporate activities tend to contribute to poverty.
Actually ,it is unfair to completely deny the effect of marketing economy,since indeed it has generated enormous economic benefits in some countries and possibly enabled them to get rid of poverty.Hence,many pro-globalisers insist that global integration has enormously reduced the poverty in some countries,for example,the tremendous...

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