Economics and Income Inequality Essay

Submitted By Maddy-Lynn

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Journal 2
Workers Get Smaller Slice of Bigger Pie
Medin V
Summary
The topic covered in this article is globalization. The article talks about how many workers in Canada are in fear that globalization is a threat to their incomes and jobs. The latest to recognize this fear is the International Monetary Fund. The IMF believes that globalization and technological change have increased the size of the economic pie. This means that without globalization, our economy would not be as big as it is. To prove this, the article states that globalization has created cheap imports, which makes consumers better off. Also, globalization and technology have made economies more productive by forcing businesses to become more competitive. With this though, comes something that can hurt the Canadian economy. Businesses are shifting from uncompetitive activities, such as the clothing industry, to more knowledge based businesses, requiring workers with higher skills. Because jobs are now requiring workers with higher skills, people who aren’t highly skilled are losing jobs. This overall increases the level of income inequality in Canada and other countries involved in this. The IMF predicts that globalization, and technological change, will continue to force change in the mix of industries in Canada and the skills required for workers. This in the end will mean more plant shutdowns and more layoffs in Canada.

Cause-Effect Predictions
1. If globalization and technological change occur, then the economic pie will increase
2. If technological change

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