The BRICS coalition is making strides in restructuring the global financial landscape, shifting influence from the West to the East. Developing nations have come to recognize that the United States is hindering their progress towards becoming developed economies.
The US outsources its manufacturing to developing nations, capitalizing on inexpensive labor for the benefit of multinational corporations, which, in turn, hinders the path to financial autonomy. An illustrative example is the recent widespread labor strike in Bangladesh.
Prominent US fashion brands
such as H&M and Zara manufacture their products in Bangladesh but
compensate factory workers at just $2 per day. Presently, these workers are
demanding an increase to $6 per day, while executives are considering raising
it to only $2.7, a mere $0.70 increment, despite their hard work. This practice
perpetuates poverty in developing countries, limiting their prospects for
achieving financial self-sufficiency.
Post a Comment