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Multinationals and Global Business

  • 14 Pages
  • Published On: 08-11-2023
How Global Integration may or may not determine the specific shape of Milanovic’s ‘elephant chart

Introduction

The concept of global integration determines the fact of issues that are associated with slow income afflict on the low as well as middle-class labors involved in a widely attributed area in this world of globalization. At the same time, it cannot be denied from the basic fact that an “economic policy has circled a chart that immensely look alike an elephant figure. This figure has been impersonated with global inequality, as per the concept of Mr. Milanovic’s well written book (The Economist, 2020). Distinctive idea that has been incorporated, as per Milanovic’s chart has mainly pointed out the key concerning perceptions of the world suffering from major loss of the global trade and business.

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The essay has mainly dealt with the key concerns of globalization that has increased international economic integration, which have influenced over time and last few decades over the income distributions of population. In other words, the below graph shows what it had shown on behalf of income status of people as well.

Discussion

Political significance on Branko Milanovic Doubts

According to Lošonc (2016), on Branko Milanovic, it could be recognized that it has been ambivalent in terms of globalization perceptions. In this regard, from a symbolic point of view, it has been considered that globalization has conducted a good deal of understanding about financial crisis. This tried to throw light on the ground of capitalism as well as pleaded for emerging middle-class people. In fact, it has also been invariably focused on an industrial revolution based on the balance study between income and the inequality levels as well. On the contrary, Begović (2020), commented that relying on the concept of Capitalism would be another manner of depending on the Karl Marx’ views that capitalism incorporated and accommodated within the society having money-making state of mind. Besides, it also treated on the particular fact that economic success of political capitalism would impact on rebalanced state of economic power and strengths. For example, if there is a high income ownership, there would be a higher rise of income share. This particular example has been mainly explained by Milanovic that there is an imbalanced state of income levels within the rich and the poor. It specifically informed about financial assets that are with the rich as well. It has been well acknowledged with this contradiction.

Apart from that, van Beek (2017), argued with respect to the above stated perceptions that with an uneven shift of population had suppressed on the income levels of the nations as well. This context has been mainly addressed on the basis of global overview and stagnation levels of income as well. Growth in average per capita household income

Growth in average per capita household income (Source: Corlett, 2016)

This particular graph has thrown focus on the real world view that the global income distribution of the year 1988 with 2008 seems to be farfetched, as per changing globalization and the nature of earning capacity as well (Corlett, 2016). In accordance with the key concepts of aggregate standard of living, the chart determines the growth prospects among people in a country. In other words, there have been constant operations on the global income level that mainly underpins on the elephant curve. Hence, this kind of data set has influenced on a big variation that has been developed among economies of the world as well.

The Rising inequalities among population in countries

Rising inequalities among the population has also played a significant role behind other countries as well. Ravallion (2018), opined that inequality comes from the perceptions of audiences’ capacity of enhancing themselves compared to the standard of living from various aspects. On the other hand, it cannot be denied that inequality also affects on the overall income growth that has been changing from time and evolution of global income as well (Lošonc, 2016). For example, depending on various kinds of population data that belongs to mostly family size and pattern as well as housing cost as well.

Initial income distribution and its expected growth process
Initial income distribution and its expected growth process (Source: van Beek, 2017)

This graphical pattern has thrown light on the simulated income from the individuals so that initial percentile seems to be final. Moreover, it has been analyzed in a historical pattern of data that global inequality has been summarized in the form of divergent growth as well as in a different pattern. According to van Beek (2017), the World Bank’s debate has questioned upon the key concerns about politicians and economists on emerging movements from behalf of the populists. In this regard, Milanovic’s works and his principle identification of his theory have mainly considered some sections of development in the income levels. Hence, there have been a lot of controversies about these facts and figures that has mainly focused on the major areas of growth and progress, which are undeniable from this point of time as well.

The UK experience on the perspective of Globalization

Globalization has been mainly dealing with some key issues and challenges that are more associated with the alignment of digital-driven era as well as having mainly concerns about economic globalization as well as digital and cultural globalization as well. Gasparri (2016), stated that transatlantic trade and investment partnership have helped in simulated application between trade and partnership during the time of agreement. It determines the fact that while having a serious role behind trade routes among US or with Islamic trading partners, this contract is a useful one in case of any mode of transferring the order and delivery on time as well (World Economic Forum. 2020). For example, it has been encountered from an online review that the EU and US partnership had formed some difficulty in terms of negotiation process within overseas dealings. It involved numerous types of demands and expectation on political ground with a pressure of presidential selection process (BBC News. 2020). This is one such scenario that can be managed under this trading policy as well. Based on this type of experience in globalization with trade and commerce, it can be understood that the ministers of all such nations have a presidency itself (Herrenbrueck, 2019). In this respect, the above example, it seems very transparent and clear that the relationship between Great Britain in association with rest of the world has always been in state of flux. Apart from that the “elephant curve” that has been focused with a particular controversy here has made it possible for many researchers and scholars to have a look into the data of globalization data that are mostly throwing emphasis on the scale of economies (Yao, 2017). Hence, this situation between Britain and other countries during the time of Globalization had its immense influence on worldwide economy as a whole.

Comparative Analysis on the global data of US and other countries on global integration

With the idea and principles of global data pattern of several countries, it has been integrated well in accordance with the purpose of Atlas method of income distribution that has focused on gross national income of the nation as well. As Ikenberry (2018), had discussed on the key concerns of liberal international order in between nations like United States as well as countries such as Hungary, Poland, Philippines and Turkey and other regions on the flow have made it a possibility of expansion of trade and commerce. In other words, it has found that liberal democratic practice had been a glimmering and political experiments in terms of autocracy as well as traditionalism methods are concerned (Morgan, 2020). So in that case, it cannot be assumed that as per this ideology is concerned, it would be easier to have this fostering of peace and domestic obligations as well. However, with the glimmering vision of the eighteenth and nineteenth century research and analysis, it can be acknowledged that there is a great emergence of modernism and industrialization in terms of entering into liberal mode of contracts in between western and eastern countries (Pereira et al. 2020). It depicts on the key areas of empirical model and data that has been considered here are mainly drawing attention towards enhancement of global data as well as increasing growth of Human Capital Index and Education as well. For example, it cannot be denied that potential factors from external environment have been effective in terms of measures as well as ability of mobilization of the country as well.

The influence of major factors on the rise and fall of inequality among global integration

There have been ultimate identified factors that are mostly affecting on the rise of in equality of global data integration. In connection with the basic factors above, it can be acknowledged that business research and investigation has been well planned as well as motivated in terms of economic improvement of a nation (Pereira et al. 2020). For example, MNCs have high capital-intensive sectors as well as dualism in terms of high production process and accrued profits.

Foreign Direct Investment

According to Misztal (2020), it has been stated that foreign direct investments on production of global units of business transformation. In other words, this kind of strategy works in compliance with the significant differences of opinions as well as motives behind measurement as well as overarching themes, as per economists’ views. For example, when the economists and many researchers often made trade contract in foreign nation, it used to be a rising tide where it used to be winners as well as losers also (Roberts, 2020). This can be shown below in the graph as : The changing pattern of income in people From this graphical presentation and analysis above, it can be retrieved that the elephant graph tries to locate and point out the key percentiles having the real income at the end of the month. For evidence, only rising economies such as like China and India has been specific one in terms of real income percentage in this respect that can be observed (Roberts, 2020). In other words, at the end of the discussion above, it shows a good growth of equality between states as well as inequality among the states that are more likely to have economic growth. In fact, due to the influence of political factors like TPP and NAFTA, the agenda of the Asian decades stated that ASEAN states in Australia would be playing deeper role against such mega-regional trade and relationship between international associations as well.

Education and Human Capital Index

It has been well known and recognized with the sense and perception that educational role in a globalization environment works in a positive aspect. In other words, it brings some equality among the income levels of people in different nations as well. Pereira et al. (2020), has mentioned in respect of this index that econometric cross-sectional study had found that growth prospects or inequality reduces, as per type of investments behind education system. This has been mainly linked to the concerns about human capital index that are focused with less scope of finding fair opportunities in respect of socio-economic circumstance that are quite weird in terms of other investors on the same. On the contrary, Park (2020), have argued with the view that it depends on the country’s GDP that the government takes decision as well as effective investments for educational equality in a nation compared to others as well. Average Education Level in the Country

Average Education Level in the Country (Source: Park, 2020)
The graph highlights the key changes overtime that has taken place in the education system due to global integration. Since 1950 onwards till the year 2010, it has been scrutinized well that the coefficient decline with the growing time that has shown an average slopes of down fall (Park, 2020). This pattern has identified with an inverse relationship within educational attainment along with educational inequality that is studied with cross-sectional views here. Hence, this in terms of the above statement has thrown light on only concern that international income levels have much priority compared to the other nations. In fact, IMF data has been evident for such an allegation on the human capital index in association with professional and potential data analysis.

Information and Communication Technologies

The other factor like ICT has played a significant role behind infrastructure building as well as enabling modern computational tools and technologies. As influenced by Kharlamova et al. (2018), technological attributes influences on labor productivity in developed nations. This in fact, has made this viewpoint in respect of other channels and sources that made it possible for larger economies that focus on the nature of working progress. In other words, there has been a case study from EU nation that made it possible for the country’s growth prospects. Apart from that Robinson et al. (2020), opined further on the digital inequalities, as per enraging trends in nations that are evolved with radical changes. This has been key prospects of cyber safety as well as mapping out assistive terms and technologies in case of digital consumption. For example, if nation is technically advanced in all aspects such as Korean nations, US-based neighboring countries, technically skilled staffs would be able to provide more productivity on respective sectors of services (Ikenberry, 2018). In that case, naturally the nation would develop with good economic outcome. This kind of concern and topic has been mainly concerned with more knowledge and development of power of technology as well as socio-cultural networks as well. Hence, this could be well performed on the basis of augmenting software platforms.

Potential ways of minimizing inequality in the global integration

Inequalities might be reduced in nations, as it would be liberal in terms of internationalism as well as world order that need to be followed. The dramatic upheavals have tremendously influenced on the contemporary pattern of rise and fall of fascism as well as war (Ikenberry, 2018). Based on the above graph of “Elephant Curve” it has been mutually attained with respect to liberal hegemony and order of making assurance about weakening order of grand shifts as well as allies with unipolar moments. Certain moments takes place if there is an alignment of two nations for peace and unity against growth and development of the economy. For example, Japan and America has gone into certain legal agreement of trade managing security and trading run with flexibility in the business (Öniş, 2017). It determines that liberalism works in respect of having economic openness as well as having cooperation with collective interdependence of modern problems as well. Apart from that controlling the ways of inequalities in nations has multiple options to find a complete possibility of poverty eradication from all nations (Roy et al. 2018). However, it can be more acknowledged along with the closed interrelationship between democratic governments. For example, if there is a combination of persuasion and coercion between different states, it would be automatically acting an equal and unique imperialism (Parmar, 2018). In other words, embracing the culture and community through diversification would be a key scope of having a transformation between nations worldwide. This transformation has been formed by the planned process as well as global leadership position. Apart from the potential role of imperialism is concerned, it would be applicable for another name of brand to have some eradication or controlling the inequalities that is distinct from other types of researchers (Roy et al. 2018). Sustainable practices in this respect have thrown light upon the key area that needs to be reduced that may remain for long-term prospects. This tries to demonstrate on the fact that broader or multifaceted steps of sustainable practices can be managed under the trade-offs adaptation as well as mitigation options against critical pathways. Hence, this type of multidimensional initiatives that has been taken could be possible for a nation to have and concentration on major concerns about adaptation as well as mitigation of problems. On the other hand, it has been argued by Kochan and Riordan (2016), that the pattern and style of changing the perception of inequality and establishing transformation would bring a new change in the “Elephant Curve” that may look different in terms of potential options of reversals as well. In other words, industrial relationship plays a significant role in managing and controlling restrictions against unethical practices that involves inequality within any internal association. In other words, it tries to throw light on the emerging forms here that are mainly the restructuring of organizations under the strategic guidelines of the Government of the country as well (Yao, 2017). Therefore, it cannot deny from the key fact that enforcement of law against equality in society in all aspects, working merit, performance, education as well as technically advance and ethically corrected. Hence, considering this overall analysis of the arguments and contradiction above, it has been acknowledged that global integration would be effective in terms of good opportunities and growing econometric study. This gave a tremendous growth prospects along with the key trends modification as well as future challenges and concerns.

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Conclusion

From different perceptions and views that have been positive as well as negative made some clear evidence that needs to be well informed as well as adjusted by the scholars that global integration has its effective focus on the growth and development nature of its own potential areas as well as global transformations. This transformation as well as pattern of interrelationships between global nations can be changed with diplomatic spirit so that involvement or engagement could be well utilized by its actions that that has been dealt with the analytical changes.

Moreover, the number of factors that has been discussed and thrown various perceptions above can also be strengthened under the guidelines of nations’ constitutional laws or regulations. Although laws might be applicable in all countries, however; drawing on inequalities that appeared due to global integration, as per Milanovic’s “Elephant Curve” needs some emphasis on its development in the younger generations especially. Thus, with the working values in any sectors, it would be widely circulated as well as making assurance about its positive outcome at last.

References

BBC News. 2020. Globalisation: Where On The Elephant Are You?. [online] Available at: [Accessed 10 August 2020].

Begović, B., 2020. Capitalism, Alone: The Future of the System That Rules the World by Branko Milanović. Panoeconomicus, 67(1), pp.127-137.

Corlett, A., 2016. Examining an elephant. Globalisation and the lower middle class of the rich world, Resolution foundation report.

Gasparri, C., 2016. The regulation of public procurement in the European Union: the simulated application of the transatlantic trade and investment parternship.

Herrenbrueck, L., 2019. No Elephant in the Room? Noisy Convergence and the Global Growth Incidence Curve (No. dp19-06).

Ikenberry, G. J. (2018). The end of liberal international order?. International Affairs, 94(1), 7-23.

Kharlamova, G., Stavytskyy, A. and Zarotiadis, G., 2018. The impact of technological changes on income inequality: the EU states case study. Journal of international studies, 11(2).

Kochan, T.A. and Riordan, C.A., 2016. Employment relations and growing income inequality: Causes and potential options for its reversal. Journal of Industrial Relations, 58(3), pp.419-440.

Lošonc, A., 2016. Branko Milanovic: Global inequality: A new approach for the age of globalization, Harvard University Press, 2016. Panoeconomicus, 63(4), pp.493-501.

Misztal, P., 2020. foreign direct investment, production factors productivity and income inequalities in Selected CEE Countries. TalTech Journal of European Studies, 10(1), pp.146-172.

Morgan, J., 2020. Inequality: what we think, what we don’t think and why we acquiesce. Real-World Economics Review, (92), pp.116-133.

Öniş, Z., 2017. The age of anxiety: The crisis of liberal democracy in a post-hegemonic global order. The International Spectator, 52(3), pp.18-35.

Park, K., 2020. Trend of income inequality in Asia and effects of education. Contemporary Educational Researches Journal, 10(2), pp.42-59.

Parmar, I., 2018. The US-led liberal order: imperialism by another name?. International Affairs, 94(1), pp.151-172.

Impasses exploration:

It is important to find out both the agreed and disagreed factors. The source of the disagreements should be pointed out. Like the Facts or data, Methods, Goals and Values of beliefs and thoughts.

Pereira, A.I., Pereira, M., Gonçalves, P.L. and Paúl, T., 2020. Econometric cross-sectional study of the impact of globalization on income inequality.

Ravallion, M., 2018. Inequality and globalization: A review essay. Journal of Economic Literature, 56(2), pp.620-42.

Roberts, A., 2020. Being Charged By An Elephant: A Story Of Globalisation And Inequality. [online] International Economic Law and Policy Blog. Available at: [Accessed 11 August 2020].

Robinson, L., Schulz, J., Dunn, H., Casilli, A., Tubaro, P., Carveth, R., Chen, W., Wiest, J., Dodel, M., Stern, M. and Ball, C., 2020. Digital inequalities 3.0: Emergent inequalities in the information age. First Monday, 25.

Roy, J., Tscharket, P., Waisman, H., Abdul Halim, S., Antwi-Agyei, P., Dasgupta, P., Hayward, B., Kanninen, M., Liverman, D., Okereke, C. and Pinho, P.F., 2018. Sustainable development, poverty eradication and reducing inequalities.

The Economist. 2020. Shooting An Elephant. [online] Available at: [Accessed 10 August 2020].

van Beek, M., 2017. The Debate on Globalization and Income Inequality: Analyzing Branko Milanovic’s Contribution to the Discussion (Doctoral dissertation).

World Economic Forum. 2020. A Brief History Of Globalization. [online] Available at: [Accessed 11 August 2020].

Yao, C., 2017. The Effects of the Transatlantic Trade and Investment Partnership (TTIP) on the Cheese Trade between the EU and the US. University of Idaho.


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