THE SOCIAL IMPACT OF ECONOMIC GLOBALIZATION: A CRITICAL REVIEW OF THE EFFECTS OF GLOBAL TRADE AND ECONOMIC INTEGRATION ON SOCIAL STRUCTURES AND INEQUALITY

Abstract

Economic globalization refers to the process of increased interconnectedness and interdependence among the world's economies, facilitated by trade liberalization, foreign direct investment, and technological advancements. While this phenomenon has spurred economic growth in various regions, it has also had profound and complex implications for social structures and inequality. This critical review examines the social impact of economic globalization by exploring the multifaceted effects of global trade and economic integration on social structures, income distribution, and social equity. Through a synthesis of existing literature and case studies, this paper highlights how globalization has exacerbated income disparities, altered social hierarchies, and contributed to the marginalization of vulnerable groups, particularly in developing economies. The review also discusses the role of international organizations, governments, and local communities in shaping these outcomes and proposes pathways for mitigating the negative social impacts of economic globalization.