The Future of Economics - engine of souls

mre · Senior Member

The Future of Economics

sagitta620lyc · Member

Globalization, the wealth divide, and income will change in the 21st century. Outsourcing and production of products in other countries, already occurs. globalization in the future will be even more prevalent.

Chris C · Member

i believe globalization will become more common, throughout the world. Industries are realizing they can get people in other countries to do the same work Americans do, and for a lot cheaper. The wealth divide will begin to grow larger as the rich get richer and the poor get poorer. Income should become higher for the average person because of minimum wage, but with prices of everything rising because of gas, or other reasons it wont help.

sagitta620lyc · Member

Companies in America look to foreign countries for cheap and efficient production of goods. These countries include mainly china for general manufacturing and places such as Vietnam and the Philippines for many of the manufacturing of clothing. Since there are no regulations for working conditions and wages, sweat shops and cheap labor in these countries are abundant. In America labor is expensive. All workers must receive at least a minimum wage and there are many strict regulations on working conditions and hours. Many companies are even required to provide basic health insurance and workman's compensation. Because companies want to make the most money possible, they will go for the cheapest labor for manufacturing. In the future this will be even more prevalent and many new companies will continue to outsource. The working class in America will also continue to shrink.

Amanda F · Member

globalization, the weath divide, and income, i think, will change drastically. Like china becoming increasingly important in economic power. The world developing closer links in trade, investment, and production. More and more goods are being produced by global international companies with productions around the world. This enables cheaper labor and access to local markets. The income of wealth being an essential feature of the market economy. As for income, minimum wage is not enough for middle class to survive on. I suppose the increase in minimum wage would help others but at the rate of inflation it may all stay the same.

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