Globalization

This is because the average worker earns around $42 a month, or $500 a year. Compared to the paycheck of the Nike CEO, the inequality is shocking grotesque. As Clair (2008) states: “Knight, who owns 100 million shares of Nike stock, pulls in roughly $80 million in dividend payments each fiscal quarter. At that pace, a Vietnamese worker would need to toil for nearly 4,000 years to equal Knight’s annual income” (counterpunch.org).

Globalization is not positive for everyone. According to Went (2000), it is “being used as an excuse to give unaccountable, bureaucratic international organizations more and more authority to decide and punish and increasingly to limit the scope for economic or social choices at the national and regional levels, by means of international treaties, rules and structures” (p4). Globalization has led to a persistent dictatorship of the market, greater social inequality within and among countries, and a flattening of wages, working conditions and social security. National states or trade unions are increasingly powerless in the face of globalization.

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