The Political Economy Of Globalization

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.

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

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.

Globalization is the process by which the markets of different countries become integrated due to the exchange of goods, services, technology, and capital. Globalization depends on social, economic, and political factors, and continuously alters the way that the world works. All the vital components of the evolving global, political, economic and social institutions being examined seem to constantly converge and to perpetually intertwine during the day to day administration of global affairs. Diplomacy is employed to keep a measured balance between conflict and cooperation. The global guarantees of international law are placed in sharp contrast to the grim reality of human rights on daily basis and policy is dictated by the scales of political power and the urgent priorities of economic necessity. To understand how the globe functioned in the past and how it wishes to function in the future, we must study each factor separately and observe its inevitable interactivity with the other factors that occur. It is important to note that none of the dynamics can be given greater weight in comparison to the other crucial instrumentalities.

• Describe the concepts of capital and globalization presented in the introductory essay. Karl Marx is describing capital as a social order based on the class of people (Longhofer).

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 affects everyone, whether intended, directly or otherwise; it has gradually increased its presence in our daily lives. In this essay, I will point out who are the ones benefited and the ones injured from it by breaking down the question in four broad aspects: economic, political, socio-cultural and environmental. Seemingly, I will analyse the causals for this particular outcomes and distributions that indicate that globalization is creating further divergence in our world increasingly fragmented and unequal. The globalization winners – predominantly developed countries, the top 1% wealthiest demographic segments, transnational companies (TNC’s), supranational

There is controversy over when globalization began because there is no crystal clear start to globalization. Some people believe that globalization started when the Buddhist leader Chandragupta combined aspects of trade, religion, and military to create a protected trading area. Others believe that globalization began under Genghis Khan’s rule. The Mongolian warrior-ruler created an empire that had trade integrated into it. There are also some experts that believe that the rise of globalization was linked to 1492, the year Christopher Columbus made his first trip to the New World.

If we want to fully understand the importance of globalization and its effects on the world’s economy and society now and its potential for the future, it is vital that we study its past and how it has originated. The history of Globalization is broad and diverse therefore it is only possible to outline some of the main areas. Globalization isn’t just a modern day phenomenon. Trading activities date from the very earliest of civilizations, but it was the Middle Ages in Europe that initiated systematic cross-border trading operations carried out by institutions of a private corporate nature. By the end of the 14th century it is estimated that there were as many as 150 Italian banking companies already operating multinationally. (Dunning, 1993) This is not exactly globalization, it is however international trade. International trade is one of the main concepts behind globalization.

‘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

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.

Globalization and Its Discontents is an incredibly easy read that provides remarkable insight to some of the world largest public institutions. Joseph E. Stiglitz takes the reader on a journey into this world via his own personal experiences as the chief economist at the World Bank in the 1990s. He draws on examples from the East Asia crisis, the transition from command to market economy in Russia, as well as Latin America to support his argument for change in global public institutions. At first glance, it would be expected that the piece would focus entirely on globalization and the potential problems that are experienced from

Globalization is the proximate and multidimensional set of political, economic, social, and technological integration around the globe. The increasing interconnectedness among countries can be seen through the prism of globalization. Essentially, the lives of people living in distant cities like Bangalore and Silicon Valley are brought closer as a result of this phenomenon. Drivers of this adjacent include; the expansion of trade, technological exchange, labor movement and investments (Stearns 2017). The discourse of globalization encompasses several multidisciplinary themes. The paper, however, concentrates on the economic factors, “which, entails the closer economic integration of countries of the world through increased flow of goods, services, capital and even labor.” (Stiglitz 2007: 4). The paper focuses on economic globalization and elucidates whether the globalization has reduced poverty and inequality or had reproduced the reversed implications. Meanwhile, the paper reveals if the developing world has benefited from the set. This seems to be the central question that policymakers, development economists, and politicians have been grappling with for years. The paper is presented in three parts. Part one reflects on the historical context of the problem statement. The second part compiles literature and juxtaposes with cases to corroborate the globalization-poverty-inequality triangle. Finally, the conclusion represents the author’s viewpoint on the

Globalization is defined as a worldwide development, the process of spreading ideas. More recently, globalization has become more focused on economics, the spreading of capitalism and opening international trade. Globalization through the past 50 years has developed a bad reputation, one that does not benefit countries the way people thought it would. Joseph E. Stiglitz, in his book, Globalization and Its Discontents, stresses that modern globalization is a good thing, but has not been done correctly in the past few decades. The ideas behind globalization have the potential to benefit the world, specifically developing countries. Stiglitz goes into detail about how the problem falls with the misguided attempts of the international economic institutions to solve developing countries’ economic problems. Something has gone very wrong with globalization, and the purpose of this book is to shed some light on where it went wrong. Stiglitz presents the problems with the international economic institutions’ damaging policies and their effects using ethnographic field work and historically comparative methods.

Economic globalization has become the most important feature and a general trend of present world economic development. Globalization is a phenomenon and also a process of development of mankind and human society (Hamilton, 2008). It is the essential feature of the modern age. Globalization is the cross-border flows of capital and goods, including capital, labour, technology and natural resources (Bożyk, Misala & Puławski, 2002). Economic globalization is a historical process, and the germination of it could date back to the 16th century. After the industrial revolution, capitalist commodity economy, modern industry and transportation have been developing rapidly. The world market was fast expanded and the foreign trade was