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TitleGlobalisation Assignment.docx
TagsEconomies Globalization International Monetary Fund Government Budget Balance Balance Of Payments
File Size202.3 KB
Total Pages20
Table of Contents
                            1. Introduction
2 What is Globalization
3 Debates related to globalization
4 Costs and Benefits of globalization process in the perspective of a small country economy
5 Conclusion
6 Reference
Document Text Contents
Page 11


3 Debates related to globalization

Hyper-globalist perspective is identified by the declining relevance and authority of

nation-states, brought about mainly through economy logic of global market (Held et al,

1999). Supporters of this view see globalization as “bringing about a denationalization of

economies through the establishment of transnational networks of production, trade and

finance” (Held et al, 1999, p.3). According to this view free trade and investment across

global markets allow people to share in the prosperity of a growing world economy

(Marston and Knox, 2011).

This view also suggests a period of global governance whereby institutions such as IMF,

WTO, World Bank etc. tends intervene in the affairs of and threatens the sovereignty of

the nation state. It also talks about global civil society where NGO's such as Greenpeace

and Amnesty International play a larger role in global politics (Held and McGrew,

2003, p.38). At a cultural level, growth of cheaper travel and of mass media has led to

dissemination of ideas, music, Art, food etc. from one culture to another. While the

Hyper-globalist perspective sees these related events as positive, the perspective similarly

accepts that globalization has created inequalities, however sees these remedied by the

advance processes of capitalist market expansion.

Secondly in the Sceptics, whilst rejecting the notion of globalization as anything

essentially new, believe that the golden age of globalization occurred at the end of 19th

century and that the current processes show, at best, a regionalization (Held et al, 1999,

p.5). From a cultural standpoint it can be argued that cultures have always mixed and

shared ideas. The Sceptics have argued that the existing economic interdependence that

describes the global system is not without precedent and would point to statistics from

over hundred years ago to back up their claims (Held et al, 1999, p.5). They also argue

that national governments are important to the regulation of international economic

activity and the continuing liberalization of the global economy only can be facilitated by

the regulatory power of national governments (Marston and Knox, 2011). Authors with a

Sceptical view reject the notions of the development of a global governance structure or a

global culture. Authors with a Sceptical perspective reject the notions of the development

of a global culture or a global governance structure (Held et al, 1999, p.6).

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