chapter 23 and visual source

Growth Instability and Inequality
The impact of these economic links has a prompted enormous debate and controversy. Amid the swirl of contending opinion one thing that seemed reasonably clear was economic globalization accompanied and arguably helped generate the most remarkable court of economic growth in world history. On a global level, total world output grew from a value of $7 trillion in 1950 to $73 trillion in 2009 and on a per capita basis from $2,652 to $10,728. This represents an immense rapid and unprecedented creation of wealth with a demonstrable impact on human welfare. Life expectancies expanded almost everywhere infant mortality declined and literacy increased.
Far more problematic have been the instability of this emerging world economy and the distribution of the wealth it has generated. Amid overall economic growth peridics crises and setbacks have shaped recent world history. Soaring oil prices contributed to a severe stock market each in 1973-1974 and great hardship for many developing countries.
But nothing since the great depression more clearly illustrated the unsettling consequences of global connectedness in the absence of global regulations than the old wide economic contractions that begin in 2008. An inflated housing market or bulb in the U.S. collapsed triggering millions home foreclosures growing unemployment the tightening of credit and declining consumers spending. Soon this will rippled around the world and Iceland rapidly growing economy collapsed almost overnight as three major banks failed the countrys' stock market dropped by 80% and its currency lost more than 70% of its value all in a single week. In Africa reduced demand for exports threatened to halt a promising decade of economic progress. Sierra Leone for example some 90% of the country's diamond mine workers lost their jobs. The slowing of China's booming economy led up to unemployment for one in seven of the country's urban migrants forcing them to return to already overcrowded rural eras.

Visual source 23.1
Globalization has bound the various peoples of the planet more tightly together and in some respects has made us more alike. Almost all of us for example live in a nation state and see the health wealth and prosperity that modern science and technology promise. And there are other ways we are different divided and conflicted. There is a big gap between wealth and the rich countries of the global recent rift in the human community.
The experiences of globalization for some peoples living in Asia, Africa etc has been that of working in foreign owned productions facilities. Companies in wealthier countries have often found it advantages to build such facilities in places where labor is less expensive or environmental regulations are less restrictive. The worst in them in terms is child labor low pay few benefits and dangerous working conditions have been sweatshops. Abuses generated an international movement challenging those conditions.