Markets, Politics, And Globalization: Can The Global Economy Be Civilized?

8279 words - 33 pages

Agreat deal of nonsense has been written and said about globalization in recent years. Some has come from the political right, some from the political left, some from business and political leaders, some from nongovernmental organizations (NGOs) and people in the streets. The term globalization has become so slippery, so ambiguous, so subject to misunderstanding and political manipulation that it should be banned from further use, at least until there is precise agreement as to its meaning. In particular, those involved in economic and political policymaking and debate must clarify their meaning and their messages in this sphere if they are to be taken seriously.The term globalization confuses two discrete phenomena. The first is the shrinkage in space and in time that the world has experienced in consequence of the technological revolutions in transport, communications, and information processing. Although these developments have not affected all countries or people uniformly, the world has for many become a much smaller place. References to our "global village" or "spaceship Earth" or, more prosaically, "the global economy" capture the reality that actions and decisions in one part of the world have greater impact on other parts of humanity and do so with greater speed than was experienced in years past. The behavior of the world's interrelated twenty-four-hours-a-day financial markets typifies this trend. This new globalization has bred more detailed and up-to-date knowledge of people's activities. But income and wealth imbalance have also created totally unbalanced information flows and what C. P. Snow has described as the "ultimate obscenity": the rich sitting in the comfort of their living rooms watching other people starve on color television. This new technology-driven globalization is the new reality to which we all are trying to adapt. And there truly is no escape from it.The second usage of globalization relates to matters of human policy choice--the degree to which one mindlessly submits oneself to surrounding external forces. Individuals, firms, governments, and NGOs all have choices. While globalization in the first meaning is a fact, and it may constrain some choices, it does not totally foreclose them in the way that many imply.One cannot argue--in the sense of being for or against globalization--with globalization as fact, although one can like it or dislike it. To equate globalization with external liberalization and full reliance on global "marketplace magic," however, is logical confusion and quite misleading. It is certainly convenient for those pushing an external liberalization agenda to be able to depict it as an inescapable concomitant of the globalization fact. But globalization (the fact) and external liberalization are logically quite distinct. Globalization (the fact) will proceed more quickly if all countries externally liberalize--that is, open to the world--their goods, services, and factor markets, including their...

Find Another Essay On Markets, Politics, and Globalization: Can The Global Economy Be Civilized?

The Globalization of Disease and Africa: What Can Be Done

845 words - 4 pages In Africa, death by communicable disease is one of the most common ways to die. Last year alone nearly 627, 000 people died from malaria, and over a million more from HIV/AIDS. These are diseases that can be prevented, however they still claim millions of lives every year. Why is this? One reason is because of widespread drought and famine in Africa. It’s proximity to the equator makes it a hot, dry place where water can be scarce. Where water

Globalization and Labour Markets Essay

1561 words - 6 pages . Thousands of german workers found themself jobless. This shows what big impact economics can have on labour markets and how it can affect individuals living in a globalized world. 5)Labour market policies in a global economy There has been a widely accepted consent that the labour market policies have to be revised and brought into accordance with a world economy which is guided by free trade rather than trade restrictions. Unfortunately

Brazil and the Global Economy

1804 words - 7 pages following the election of President da Silva, Brazil's FDI inflows fell drastically, due to a slowing of the global economy but quickly recovered and reached a record USD34.6bn in 2007.In response to the world oil price shocks of the mid 1970s, the Brazilian government advocated the use of domestically produced alternative fuels, namely ethanol which could be made from agricultural products such as: corn, grain, barley and sugar cane. By encouraging

THE ECONOMY AND POLITICS: AN INSEPARABLE PAIR

833 words - 4 pages 2. Introduction Has the post 1994 South African government succeeded in improving the economic status of previously disadvantage groups? In the following essay I will be discussing the co dependence of the economy and politics in South Africa. 3. Shift in political power After 27 April 1994 South Africa was challenged with enormous economic and political transformation. The power of political dominance now lied with the previously

The Politics, Religion and Economy of Afghanistan

1366 words - 6 pages New Delhi and Tehran can collaborate in Afghanistan. There ought to be a feeling of criticalness in both nations in beginning the foundation before the 2014 decisions and the withdrawal of outside troops. There are limits in both India and Iran to speed up and finish up concurrences on Charbahar and the other travel courses. The Afghanistan India-Iran trilateral ought to take a shot at these. Days after the Doha acting piece, the banner and

The Effect of Interest Rates on Malaysian Markets and Economy

1104 words - 4 pages Changes in interest rates can have both positive and negative effects on the Malaysian markets. When the Bank Negara changes the rate at which banks borrow money, this has a ripple effect across the entire economy. Interest rates can have an effect on the economy as a whole, the stock and bond markets, inflation and recessions.1.How Interest can affect Malaysian consumer's spendingWith every loan, there is a possibility that the borrower will

Globalization and the Effects on the United States Economy

969 words - 4 pages (Fox, 2010). This tends to be one of the main determining factors for businesses when they choose to move globally. The reduction of cost in offering healthcare benefits allows for businesses to increase their profits substantially. Healthcare costs in Europe are roughly half of that of United States firms and their healthcare markers show better numbers than the U.S. (Fox, 2010). Furthermore, the increase of globalization has driven down the

Escalating Oil Prices and the Global Economy

2285 words - 9 pages With the current rise in oil prices, many people are asking themselves, "What is going on?" Oil prices are of major interest to everyone not only in this country but everywhere. It seems that everyday gas prices are spiking and haven't been stable for a long time. In order to fully understand this problem and how it is affecting the global economy we need to look at the variety of factors that are involved. These factors include but are not

The Political Economy of Globalization

1180 words - 5 pages markets”. By accepting an increased volume of global trade, this government “embraced a neoclassical economy” (Mosely, 2007, p. 107); which states that globalization increases national interests. With increase of global trade, there is always a constant pressure for developing countries to adapt to economic openness; thus limiting control in certain aspects of the countries policies. Mosely seeks to argue the correlation of market openness and the

Politics and Economy of Brazil

3559 words - 15 pages reason is stability; the growth of Brazil’s financial markets, the strength of its currency and GDP growth rate can already be described as wildly fluctuating, yet the investment in high-risk industries, such as oil exploration or mining, places even the country’s development bank in a precarious position, as a large portion of its credit depends on the discovery of new oil fields of mineral deposits in Brazil (and, above all, stable commodity

Effects of Globalization: Globalization and the Effects on the United States Economy

2136 words - 9 pages entered the workforce without any prior formal education and merely gained on the job experience. Tradable industries are those which produce goods and services that can be consumed anywhere, such as manufactured products, engineering, and consulting services and non-tradable industries are the sector which produces goods and services that must be consumed domestically (Spence, 2001). During the globalization boom, many companies moved toward

Similar Essays

Globalization: Disjuncture In The Global Cultural Economy

1359 words - 5 pages The idea of globalization includes a variety of different aspects of economic, political, and societal life. In order to question of whether or not globalization has a progressive or downbeat influence in our contemporary world, we should look at different perspectives of component of globalization. According to Marx and Engels, globalization can be raised from capitalism, which a class struggle between who own the means of production and those

Globalisation "Examine How Global, Regional, And Bilateral Trade Agreements Can Impact On The Global Economy."

2315 words - 9 pages markets of goods, services and investments as well as adopting WTO norms.In order to regulate the above trade agreements and trading blocs, international organizations have been created so that problems created by the global markets and other disputes as a result of globalization can be resolved fairly. The major institutions of the global economy is the World Trade Organisation (WTO), the International Monetary Fund (IMF) and the World Bank. They

What Is Meant By The Term Globalization? What Are The Features Of The New Global Economy? What Effects As Globalization Had On World Trade And Financial Flows?

1259 words - 5 pages government's f high, medium and low income countries. However the era of globalization has not led to a more even distribution of income. The gaps between the rich and the poor countries are increasing and this is a negative impact of globalization.The growth in global markets can be seen through the growth in the trade of goods and services between nations. The market could be consumer goods and services, capital goods or intermediate goods and

"'now That The Cold War Has Ended, Realism Can No Longer Explain Global Politics". Critically Analyse This Statement

1449 words - 6 pages 1. 'Now that the Cold War has ended, realism can no longer explain global politics'. Critically analyse this statement.The rise of the Soviet Union and the United States during the 1945 period is of great importance to international history and politics. This is because the affairs of these two superpowers affected all the other nations in the globe in one way or the other. This time period of East-West tensions is popularly known as the era of