Essay about Globalization: The Explotation of the Poor By the Rich

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The concept of Globalisation is a contested terrain. Authors such as Jameson (1988) discuss globalisation as a new marvel, as yet out with any specific field of academia, defining it as an “immense enlargement in communication with more tangible and immediate world markets than earlier stages of modernity”. McGrew (2000, as cited in Marsh, Keating, Punch and Harden 2000, pg. 380) has identified that globalisation is not a new concept but its fervour has certainly magnified. This essay will outline and describe the main features of globalisation focussing on the economical dimensions, although these decisions are affected by politics, which in turn affect the environmental and cultural aspects of life. With this in mind consideration will…show more content…
Thirdly, social interaction can now happen instantaneously. Technological advances such as internet or satellite communication connect people from different parts of the globe in real-time. Local events are shaped by situations occurring globally, for example fighting in Afghanistan can be watched virtually bullet by bullet. Fourthly, individuals consider themselves to be part of a worldwide collective, rather than only connected to their immediate localities or countries. To understand the emergence of the free market it is useful to look back to the end of the Second World War. A conference attended by the global North, led by America and Britain was held in Bretton Woods. The outcomes significantly impacted post war economics developing state-run capitalism such as; protection of national economies, expansion of international trading and cutting import duty. The international monetary fund (IMF) and the World Bank (WB) were established providing capital to rebuild Europe. Multinational agreements were signed actuating the world trade organisation (WTO) Steger (2009). Harman (2000) claims significant economic growth was the result. Unemployment fell, wages and living standards improved significantly; the welfare state was introduced in Britain and New deal in the US. However, by 1973 recession struck the West.

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