Modernization Vs. Dependency Theory Essays

For some people, globalization is so feared it is synonymous with world destruction. In the end, for all we know, maybe this will be proven before it is over. In reality however, there are many good things that have resulted from globalization(1, Premise). Let’s for a moment focus on the economy, even though there are many other advantages that have been brought forward that will also be discussed. Many Americans do not appreciate how efficient our markets are, in this case efficiency in reference to supply and demand is number one. These efficient markets allow economies to grow. As many have learned in a global world, when one economy grows, it spurs growth in all the other economies

In Held and McGrew writings they discussed the globalist and sceptics economic debate on globalization. The globalist and the sceptics both gave their own perspective on how globalization relates to economy. The sceptic believes the global economy is far from being integrated. From a sceptical analysis, the world economy activity is mainly focused on Europe, Asia-Pacific and the Americas. Thus, “This tribalization of the world economy is associated with a growing tendency towards economic and financial interdependence within each of these three zones at the expense of integration between them” (Held and McGrew p. 20) Generally speaking there cannot be integrated global economy if only dominant countries are profiting and only working with

Globalization has been a process underway for hundreds, if not thousands, of years. From the Roman Empire, to caravans on the Spice Road, to the Transatlantic Slave Trade, the process of connecting the globe in an interdependent web has been underway for a long time. Today, it seems that this process has been quickly accelerated. Since the end of World War II and the rebuilding effort that followed it, global development has increased at an intense rate fueled by transnational corporations, the World Bank, and the International Monetary Fund. These multilateral organizations have transformed our global economy and reshaped our society.

This essay talks about the major shifts that Globalization has been responsible for over the last 30 years. It considers the contrasting views of both the people promoting globalization, and the people against globalization. It is suggested by globalizations ' promoters that it drives the economy of the world towards greater wealth, while its opponents claim that globalization has led to undesirable outcomes. The essay will also focus on these conflicting views and discuss the effects from the viewpoint of the:

For the advanced industrialized countries, globalization initially benefited their interests, particularly economic, but it would only benefit them as long as there no major crises that could spread around the world. Especially following the financial crises in 2008 and 2010, the easy and uninhibited trade of globalization has stopped benefiting the countries that gain the most from it because the risks that are now prevalent with uninhibited trade are prevalent. Globalization, and the slightly more localized version regionalization, put the responsibility for a misstep in one country on the shoulders of many countries, and allow one to sink many. With all of the risks and benefits weighed, globalization without any significant change is harmful to advanced industrialized countries.

Thus, according to this theory, underdeveloped countries are perceived as "backward" compared to developed countries as models for having reached the final stage of development presented by Rostow [2]. As highlighted sociologists' modernization Talcott Parsons (1951) and Alex Inkeless (1964), changing values and social structures is a fundamental basis of the process of economic development of a country factor. Indeed, the traditional values of a country need to be replaced by modern Western values , emphasizing individualism and rationality, because without this change of mentality, traditional societies cannot develop modern institutions it are needed to promote progress and economic growth, the ultimate goals of modernization, and ensure the maintenance of order can be challenged by the changes that cause the development [3].

There is no topic in present international relations that attracts more noise than the concept of globalization. This is because of its deep controversial nature. Many scholars argue that advocates of globalization argue that it allows poor countries and their citizens to develop economically and raise their standards of living, while antagonists of it contend that the creation of an unregulated international free market has profited multinational corporations in the Western world at the expense of local enterprises, local cultures, and common people.

Different nation and states utilize unique economic philosophies to manage how limited resources are allocated within their societies. The two most common of these are capitalism and socialism. Even among these two prevailing schools of economic thought, which systems is emphasized can vary from country to country. The United States has always favored strong forms of capitalism since its inception, while China, the Eastern Bloc nations, and the former USSR have experimented with extreme forms of socialism in their recent history. Western Europe, while favoring capitalism, has implemented many socialistic policies to achieve a middle ground between the two. Within said nations, citizens often directly align their preference of economic thought to a blind patriotism to his or her native land’s policies, without a cogent understanding of how such policies work or don’t work. Such dogmatism can be mitigated by under taking a careful examination of both systems’ pros and cons.

The effect globalization has had on the global economy is tremendous. Between the years of just 1997 till 1999, the flow of foreign investment has almost doubled from $468 billion to $827 billion (What is Globalization, 1). The reason this huge surge of investments was available, was because many governments adopted a free-market economic system, meaning that the prices of goods are determined by the consumers and are not intervened by the government. Not only has it stimulated global business, but it as also helped developing nations by giving them access to foreign lending to use on their infrastructure. By using this money towards fixing roads, health care, and education, the standard of living in these countries has increased (Mohr, 1). Economic globalization

Globalization is currently a very hot topic and many people have an awful lot to say about the matter, creating different theories and points of view. A definition of globalization could be, ‘The straightforward exchange between core and peripheral areas based upon a broad division of labour, is being transformed into a highly complex, kaleidoscopic structure involving the fragmentation of many production processes and their geographical relocation on a global scale in ways which slice through national boundaries.’ (Dicken ’98).

The main question that many people ask today is whether or not the countries are becoming too reliant on the global economy and foreign producers, or globalization. Globalization, according to the Merriam-Webster dictionary, is “the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets” (Merriam-Webster). Many people in the world see globalization as either being a blessing or a curse, and necessary or completely unnecessary. This paper will explain that globalization has both benefitted and damaged the world but it is ultimately necessary.

In the late of twentieth century, the worldwide has spread with the political and economic liberalism. There is no single country would be able to survive without being engaged with global economic system. The developing countries are encouraged to liberalize and open their market. A country which isolated from the global economic system would find itself in a difficult circumstance when it seeks to

The world is becoming more and more interconnected and economic activity is becoming more and more globally oriented and integrated. Over the years global relationship and economic activates has been growing. While that sounds promising, globalization is also becoming one of the most debated issues and coming under much criticism. Mostly that is because world trade runs by industrialized countries and big corporations. While globalization can benefit some countries, it could also hurt others.

As discussed earlier, globalisation has great influence in the economic sector of a nation state, most of all if it is a member of Global South. Under the Economic Development theory, countries subscribe to the idea of globalization under the aspiration of raising the living standard of its people similar to what Global

Broadly speaking, the term ‘globalization’ means integration of economies and societies through cross country flows of information, ideas, technologies, goods, services, capital, finance and people. Cross border integration can have several dimensions – cultural, social, political and economic. In fact, some people fear cultural and social integration even more than economic integration. The fear of “cultural hegemony” haunts many. Limiting ourselves to economic integration, one can see this happen through the three channels of (a) trade in goods and services, (b) movement of capital and (c) flow of finance. Besides, there is also the channel through movement of people.