In a recent article, The Globe and Mail discussed how globalization is contributing to the growing income polarization in Canada.

the article stated that “An analysis of top earners shows their annual incomes have more than doubled over the past three decades while the median taxpayer’s income has changed very little…”

The article continues on to illustrate how the change is substantially contributed to by globalization, for a larger market increases the demand of highly educated and skilled employees with an increase of opportunities.  This results in massive competition, where only few can succeed and the majority fails to live up to the newly raised standard.

Although the Globe and Mail brings up some valid points, globalization, overall, is beneficial for Canada and the world.  It allows for specialization which frees up countries resources which can be put towards innovation and growth.  As well, globalization allows wealthier companies to aid and support companies that may be struggling economically, through projects and initiatives, such as the Arc initiative.

Globalization may be having a negative effect on incomes in Canada now, but in the long run, globalization will allow our world to become a more innovative society

Sources:

http://www.theglobeandmail.com/news/national/time-to-lead/how-globalization-has-left-the-1-per-cent-even-further-ahead/article15433419/?page=1