Ifra Iqbal
April 18, 2016
Globalization 441
Professor Garclon
Final Exam
In this paper you will understand the shift of the development to the globalization project. In doing so you will learn what “globalization” means as a project and as a process and why it is described as being in crisis. Next you will learn about the financial and farming dimensions of the problems confronting the globalization project. With that you will thirdly learn about how global warming presents multiple challenges to globalization. I will also discuss the emergent “sustainability project”, with particular attention to agricultural, “green technology” and environmental movements. Lastly I will analyze how terrorism and the emergence of Trumpismo
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The debt crisis transformed the development project into a globalization project.
In 1997 Asian financial crisis, exposed Indonesian military regime in social rebellion against cronyism and neoliberal austerity, called IMF policies into question. During this crisis the IMF had worsened the finical crisis because of speculator fear. (Mc Michael 282). In 1997 Asian financial crisis had the government control half of their industrial assets, and invest in infrastructure. With this the government was not capable of meeting a number of demands from private economic sector. The free market economy was opposed to state move to increase the profit of the free market economy and the government took this step because it was being pressurized by people. The market –induced crisis in Argentina reveled the legitimacy crisis of the globalization project at the same time it exposed ambiguities of sovereignty (Mc Micheal118). With this the market-induced financial crisis, matched a disturbing democracy and by a regime that surrounded the sovereignty in its financial policy, and citizens responded with forms of direct democracy with violence. The crisis of globalization is as a manifested in both its material and failures and resistances. (McMichael 119).
Next is the financial and farming dimensions of the problems confronting the globalization project? In 1955 the Agreement
Globalization’s impact on sustainable prosperity is examined in the source. It does this by asking a question. Also examined is the impact on all people and this would include both developing nations as well as developed nations. The source is also somewhat leading the reader to question the extent of the impact, which implies that there is a positive impact on sustainable prosperity. Also the fact that it states, “for all people” implies that all people benefit. While globalization may contribute to sustainability to a limited extent or in certain circumstances, on the whole, globalization degrades rather than builds sustainable prosperity. This will be explored through looking at globalization’s systems and forces, specifically consumerism, the media and transnational corporations.
That this was also the decade in which globalization came into full swing is more than a minor inconvenience for its advocates” (Rodrick). If globalization is supposed to present an advantage to developing countries, why have there been so many setbacks? Indeed, both sides will have its winners and losers regardless of which side of the development coin they live on, but for the most part globalization has lifted millions out of poverty, improved the standard of living, and increased life expectancy rates all while keeping developed nations relatively competitive to their developing counterparts. Globalization’s value is that it seeks to create an economic equilibrium in the world, where parties are free from barriers and can benefit from one another through a more efficient allocation of resources. This allows all participating nations to contribute to an integrated economy and where all nations willing to embrace globalization have the potential to benefit. Regardless, the path to successful integration to the global economy has not always been easy. There is contention towards globalization as some argue that it is detrimental to developed nations, while many developing countries that were forced to hastily open up their markets and integrate failed. However, if implemented properly, globalization has proven that it can benefit all parties involved and that the potential gains outweigh the losses.
In this week’s “Working with Evidence”, the primary focus was on globalization, which is the process of businesses or other organizations developing international influence or operations on an international scale, after World War II. Based on the provided six images and the text of Chapter 23, it presented different ways various groups of people experienced globalization since the end of World War II. To begin, visual source 23.1 (‘Globalization and Work’) shows a Chinese-owned company producing jeans in a small country in southern Africa called Lesotho - this image shows the economic benefits of globalization. Many companies in wealthier countries would often find advantages to build facilities in places where labor is less expensive or environmental regulations are less restrictive. However, some companies would abuse the process of economic globalization as shown in visual source 23.3 (‘Globalization and Protest’). Visual source 23.3 shows a protester in Sao Paulo, Brazil, holding up a sign that reads “A better world according to Monsanto is a world with more cancer.” The company Monsanto is a major producer of herbicides, genetically modified foods, and many highly controversial chemicals such as DDT, PCBs, Agent Orange, and bovine growth hormones. In dozens of developed/developing countries activists have demonstrated or riot against government policies that removed subsidies raised prices on essential products, frozen salaries, or cut back on social services. Although
At this point of time, globalization has grown to be a phenomenon that is significantly important economically, politically, and culturally. The amalgamation and incorporation of the world economy around the globe has reshaped business. Not only this, it has created "new social classes, different jobs, unimaginable wealth, and, occasionally, wretched poverty" (Kiggundu 2002, p. 4) by restructuring the lives of the individuals. For some, globalization is associated to modernism and contemporary practices. Others understand it as American domination (particularly those living in Asia). On the other hand, some people believe it to be the emasculation of America (Kiggundu 2002, p. 4).
The world is not a large and strange place anymore. The world is a place that is interconnected and intertwined. The world has become from a place that each country and their peoples are separate and isolated to a place that each country and their peoples are part of a global network. Thanks to globalization this is occurring. Globalization is the ‘international integration” or ‘de-bordering’ – “a number of highly disparate observations whose regular common denominator is the determination of a profound transformation of the traditional nation-state” (Von Bogdandy 2). Globalization is connecting different people from different cultures and backgrounds together. More and more corporations are entering new foreign markets to sell their
Thousands of years ago, people have been interacting with each other at distance, such as through the Silk Road, which connects Asia and Europe. Nowadays, driven by international trade and information technology, the interaction, in other words globalization, has been spurred. Globalization has effects on culture, on political systems, and on economic development around the world. In “My Summer at an Indian Call Center”, Andrew Marantz recounts his experiences working at a call center in India and explores the cultural effects of globalization. Thomas Friedman, on the other hand, looks into the impacts that globalization has on economy.
During the last decade of the twentieth century, the word ‘globalization’ has become an increasingly prominent feature of political, social, and economic discussion in academic and policymaking circles, as well as in the media. The processes and outcomes of globalization drew attention and debates that had one thing in common. The research shows that nearly everyone agrees that globalization is a trend that is changing the face of the world, and as a result the world society lives in a more ‘globalized’ world. Nearly two and a half decades passed since 1990s, and studies have been conducted to examine the causes and consequences of globalization. Moreover, nearly every person experiences some type of globalization and can testify firsthand the effects it has on their life, society, and the state. The analysis of the effects that globalization dynamics have on the world society indicates that globalization has a significant positive impact via spreading opportunities and wealth across nations, stimulating innovation and productivity, enhancing the economic development of poorer countries, and helping to improve living standards.
‘Globalization: What’s new? What’s not? (And so what)’, portrays the speed in which globalism has increased through many different factors; economically, military, environmentally and socially. This is an idealist analytic approach, not set in stone. This leads on to
Globalization involves a variety of links expanding and tightening a web of political, economic and cultural inter-connections. Most attention has been devoted to merchandise trade as it has had the most immediate (or most visible) consequences, but capital, in and of itself, has come to play an arguably even larger role than the trade in material goods. Human movements also link previously separate communities. Finally, there is the cultural connection. All the individual data would indicate that we are undergoing a process of compression of international time and space and an intensification of international relations. The separation of production and consumption that is the heart of modern capitalism appears to have
The concept of globalization is a complex and peculiar one, failing to be definable by a single, precise definition. Centrally, globalization involves information and goods being exchanged amongst different countries. These interactions and interchanges among countries globally over time is due to an increase in communication and transport networks. Globalization is often divided into three main areas being economic globalization, cultural globalization and political globalization. All three are vital areas to one’s life and globalization is said to have a large impact on each. Although globalization is controversial in the aspect that it cannot be declared just how much of an influence the notion has in the world. Political scientists such as Muhammad Ijaz Latif, Anton Pelinka and Martin Wolf all discuss this issue in their respective pieces as well as differing aspects of globalization such as the role the European Union plays in relation to globalization, the different perspectives of globalization and the challenges of the nation-state in regards to globalization.
Many historians and sociologists have identified a transformation in the economic processes of the world and society in recent times. There has been an extensive increase in developments in technology and the economy as a whole in the twentieth century. Globalization has been recognized as a new age in which the world has developed into what Giddens identifies to be a “single social system” (Anthony Giddens: 1993 ‘Sociology’ pg 528), due to the rise of interdependence of various countries on one another, therefore affecting practically everyone within society.
The rise of globalization following WWII generated three important factors that define today’s world. McNeill and McNeill agree with Pollard, Rosenberg, and Tignor that multiple economic changes, such as the creation of financial institutions like the International Monetary Fund (IMF) contributed to the globalization of the world economy. Carter and Warren further this argument by claiming that globalization has caused shifts in the modern economy, namely the rise of Asian economic powers. However, all three historians agree that the rise of globalization goes hand in hand with the rise of inequality in today’s world. Gaps in power, wealth, and access to information have only widened due to the trend of globalization. The final key factor defining our world today are the ongoing processes affecting development countries. McNeill and McNeill argue similarly to Carter and Warren that the end of imperialism generated new nations who quickly realized the free market was a pathway to stability. However, Pollard et al. and McNeill and McNeill place importance on financial institutions like the IMF forcing developing nations to reform their economies to be subservient to the world’s economy. Together, these historians argue that the trend of globalization following WWII caused factors like the modern global economy, the rise in inequality, and the development of new, decolonized nations to be key determiners in the world today.
The three major international economic institutions are the International Monetary Fund (IMF), the World Bank and the World Trade Organization; this book mainly focuses on the IMF and the World Bank, due to the author’s first-hand experience with both institutions. The IMF, a public institution built as a guiding hand for economic stability around the world, has brought false
It is known that the economy is definitely effected by globalization, but not always in a negative way. In a sense, the world revolves around some situations dealing
“Globalization is today's reality. Like it or not, the move to a world economy is a fact of life. At some point in the 1990s the process achieved critical mass and people started to sit up and take notice. Many were apprehensive.