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The Political Economy Of Globalization Essay

1180 words - 5 pages

Globalization exists when neither distance nor international boundaries obstruct economic transactions. Furthermore, globalization increases political relations among a wide variety of people and nations. Globalization, according to L. Mosley “disregards political boundaries” (Mosely, 2007, p. 107); it establishes a sense of openness and acceptance throughout corresponding countries. In “The Political Economy of Globalization”, Layna Mosely asks the question: “Does economic globalization alter the capabilities of national governments. Globalization does benefit countries financially and increase “overall national welfare”, but how does globalization influence governments? (Mosely, 2007, p. 107) According to N.Klien, Globalization and economic prosperity work correspondingly with national reform, he discusses this correlation with globalization and its involvement in South Africa. With a disgruntled political structure, a state regardless of resources and potential can still endure collapse. Political unrest in South Africa has resulted in turmoil throughout the state; political instability and restrictions implemented on various associations (WTO, GATT) has made it difficult to succeed. I believe that globalization, rather then harming the nation state is actually facilitating it; the existence of domestic associations can reject or accept any notion of globalization. Globalization has surely made an impact to both developing and developed nations, only causing them to adapt to these circumstances.

In “The political economy of Globalization”, Layna Mosely exemplifies the various change and influences made by globalization. Globalization has lifted political boundaries; this is a result of “deliberate decisions by political leaders to embrace more open 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 influence is demonstrates in government policy making.
Trade openness is higher “in low income countries”, as Mosely explains “greater trade openness offers governments the promise of improved economic outcomes” (Mosely, 2007, p. 108). These economic outcomes range for higher rates of growth, poverty mitigation, increased standard of living and increased educational levels. If this is the case, then more governments would tend to embrace it. Consequently, Mosely beings to acknowledge the disadvantages of economic openness and its oppression on developing countries, she does so by presents the “race to the bottom” theory(Mosely, 2007, p. 110). Mosely clearly illustrates the benefits of economic openness, but with increases economic activities...

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