How Has Globalization Shaped Globalization?

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HOW HAS NEOLIBERALISM SHAPED GLOBALIZATION? INTRODUCTION The concept of neoliberalism, for the past two decades, has not only been the centrepiece of formulating policies in the United States and United Kingdom but has further pitched its tentacles in Japan as well as a part of Europe. However, several moves has been taken to propagate the concept into ‘Third World’ countries in which it has being successful, although its influence is yet to spread completely across the globe, as severe resistance has been put up against it. Neoliberalism and globalisation are two separate phenomenons’ in which each has helped to facilitate the other. This essay will explain neoliberalism as an ideology and the impact it has had on globalisation in the…show more content…
Neoliberalism was introduced as a new economic system to help solve the crisis at hand happening in the global economy. After the First World War, different countries began to experience economic break down because during the war their economy was destroyed for example Britain and Germany, before the war these countries where very successful but after the war America emerged as a world super power becoming the strongest country in the world and dominant in the global field. (Harvey 2007) This encouraged America to lend funds to other nations to help them rebuild up until 1929 when the Wall Street Crash occurred and led America to recall all their loans from the countries resulting to the crisis famously known as ‘The Great Depression.’ This event took the global economic system by surprise and led to its revival of a new economic system that would incorporate liberal values into an international economic system. Neoliberalism is a conviction that supports reducing state intervention and maximising the economic freedom for individuals. The International Monetary Fund, United Nations and World Bank, are all international organisations that attempted to achieve global cooperation amongst nations and carry out neoliberal policies (Harvey 2007). Neoliberalism, according to Litonjua (2008) is the main influencer of globalization and that globalization itself can be described as both the effect of, and the move towards, global
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