Q1. Summarize the Globalization Debate. What Are the Major Interest Groups in the World Economy? How Are They Affected by Different Element of Globalization?

2682 Words Jul 23rd, 2011 11 Pages
Q1. Summarize the globalization debate. What are the major interest groups in the world economy? How are they affected by different element of globalization?

INTRODUCTION
Today and more than ever before, the world has become a “global village” with the expansion of the communication networks, the rapid information exchange, the gradual shrink of borders and of attachment to identities and citizenship, the lifting of the barriers of visas and passports, the consecration of a new era when national sovereignty and the authority of the nation-state is fading away in favor of regional groupings, international organizations and international legality and law. This means the beginning of the return to the universal trend which is imposed by
…show more content…
A vibrant debate on these issues has developed in which it is possible to distinguish three broad schools of thought, which we will refer to as the hyper globalizes, the skeptics, and the transformation lists. In essence each of these schools may be said to represent a distinctive account of globalization an attempt to understand and explain this social phenomenon. For the hyper globalizes, contemporary globalization defines a new era in which peoples everywhere are increasingly subject to the disciplines of the global marketplace. By contrast the skeptics, such as Hirst and Thompson, argue that globalization is essentially a myth which conceals the reality of an international economy increasingly segmented into three major regional blocs in which national governments remain very powerful. Interestingly, none of these three schools map directly onto traditional ideological positions or worldviews. Within the hyper globalist’s camp orthodox neoliberal accounts of globalization can be found alongside Marxist accounts, while among the skeptics conservative as well as radical accounts share similar conceptions of, and conclusions about, the nature of contemporary globalization.
Moreover, none of the great traditions of social enquiry liberal, conservative and

More about Q1. Summarize the Globalization Debate. What Are the Major Interest Groups in the World Economy? How Are They Affected by Different Element of Globalization?

Open Document