Globalization number of concepts which try to

 

Globalization is a term
which has sprung quite a number of interpretations and debates, and thus the
journey of finding an adequate meaning is an ongoing roller coaster, they are a
number of concepts which try to understand the term globalization, its genesis,
its evolution, and the overall outcome of the concept its self, on a national
level or scale and or international level. Thus in this essay i will try and
answer the question leaning on the concepts that are evaluating globalization.
Starting from the year 1989 we see a frequent use of the word globalization and
entwined with the words, market institutions, ecology, finances, life styles,
communications, laws, civil society, migration, production, wars, etc. By year
1951 we see the word globalization being included in the Webster dictionary and
to date a lot of dictionaries have followed suit.

Pro globalist, anti-globalist,
have risen in the plight of the term globalization all with their own
supporting theories about what really globalization entitles in their
perspective. In this essay I will lay down the definitions of globalization
pointed out by the theoretical approaches. In this essay I will further narrow
the research about globalization by critically pointing out what each theory
assert globalization as, the sceptics, hyper globalist, transformationalist. As
to no secret that globalization has no single sided explanation I will  therefore as well look into a number of  theories in answering to what they assume
globalization is, the liberals, Marxist, feminist, to mention to but a few. But
in general I will focus on three aspects of globalization which are economic,
political and cultural globalization.

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“We are living in a
global world”, these are words most of us are certainly familiar with now days
or the rather the phrase we have bumped on to here and there on several occasion.
Globalization, what is it really? How do you define it? What is included in it
or what words entails it. In educational institution or in general without any
other theory or critical analysis to it, a random google search will tell you
that globalization is ‘the process by which businesses, other organizations
develop international influence and  or
start operating on an international scale’, other sources will assert to it
being “the increasing interaction of people, states, or countries through the
growth of the international flow of money, ideas, and or culture. In economic
terms globalization is known as refers to the free movement of goods, capital,
services, technology and information this explanation is more less the same as
the one I mentioned before.

 

Firstly I will look
into the neo-liberal paradigm’s explanation of globalization , as it  is known the neo liberal or liberal ideology
is in support of privatization of economic activity and resources and taking
them away from the public sector, ie laissez faire to economic development
leaning on the capitalist economic system, and thus in that manner they view
globalization in economic terms, Litonjua (2008:254) argued in text that
globalization is the “global spread of the economic system of capitalism,
promoted by the ideology of neoliberalism, the goal is a wholly  deregulated global market society”.

 With neo-liberals who evolved from the
classical liberalism ideology the global political economy has to be
deregulated in favor of free trade, free movement of finances (money), services
and capital thus a triumph of the markets over states, as from the Bretton
Woods System, when the main bodies of financial intergration emerged, IMF,  World Bank, and the institution of trade
GATT  which later became WTO all being
the brain child of the US, created during the Cold War, in the battle field
with communism.

The IMF as a global financial
institution, defines globalization as “increased integration of economies
around the world, particularly through the movement of goods, services, capital
across borders. As it can be clearly seen it also see globalization in economic
terms. The WTO was created to advocate for free trade amongst the nations and
to set rules which were binding to its members when they are ratified in that
manner, countries will start trading more and in the aspect of the cost
efficient way of comparative advantage. With globalization under economic terms
we have seen an increase in FDIs in countries, meaning now money is flowing
into different countries easily, and the banking sectors are more and more
become integrated. Despite the issue that they is clear unevenness interms of
financial flows they has been evidence of increased integration of the
financial world (Taylor 1996; Lane and Milesi-Ferretti 2003; Obstfeld and
Taylor 2004).

 

Economic globalization
is entailed by a number of theories and logics but in my aspect of defining
what globalization is I will stick to but a few which I think makes more sense
and its clearer when it comes to defining what globalization really is. I will
lean to the writings of Grieco and Ikenberry who asserted globalization as ‘the
emergence and operation of a single worldwide economy’ (Grieco and Ikenberry
2003:2017). By a single worldwide economy globalization is again seen in
economic terms, the increased integration in major economic functions, the
movement of capital, the trade industry, production. With the aspect of
production we have seen an increase in TNCs moving their production to
countries where labour is cheap and resources readily available, outsourcing
has become a profit maximization tool for large corporations, in the textile
industry we have seen Bangladesh being a haven for many corporations in the
clothing industry.

In understanding economic
globalization, they are  theories
associated with it, structural, conjunctural, and constructivist ,for the
structural theory they focus mainly on organizing principles of domestic and
international systems, to the conjunctural, unique configuration of social
forces and historical circumstamces, and but not least constructivist theory
assert that the role of ideas is crucial in shaping how agents view and act the
world ” Discourse of globalization”, globe talk constructs the way the world is
understood and acted on by social agents. Mcgrew A. The logics of economic
globalization. In Ravenhill J, editor, Global Political Economy. 3rd ed.
Oxford. 2011. p. 275-311.

 

 

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