Globalization’s motives are idealistic, as well as opportunistic, but the development of a global free market has benefited large corporations based in the Western world. Its impact remains mixed for workers, cultures, and small businesses around the globe, in both developed and emerging nations. Globalization is the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade. Not only is there going to be rising concern about the negatives of globalisation problems, but the world economy is heading into a much tougher period. In particular, it is going to be very hard to deliver rising living standards when the proportion of people of working age is falling, not just in the developed world but pretty soon in most developing countries, too.
This introduction contrasts three competing interpretations of globalization which appear in contributions to this issue. The market-centred approach is contrasted with a state-centred perspective, and finally with a people-centred interpretation of the nature and impact of globalization. The paper then draws together the lessons for developing countries which follow from the analyses of trade, investment, finance, policy choices and reactions against globalization. This paper is an attempt to understand the enigma that is globalisation. The paper relies on the global capitalism approach, which locates the dominant global forces in the structure of an ever‐more globalising capitalism.
- In this regard, it is important to remember that the ancient silk road was the most prosperous platform from the 7th to the 9th centuries under its bipolar hegemony, with the Tang Dynasty to the east and the Sassanian Persian empire to the west.
- And it’s true that a system that took corruption and undue political influence out of economic decision-making could indeed benefit the poor.
- Global care chains also contribute to a larger, neo-colonial process – a “global care drain,” in which care is systematically extracted from people in poor countries and transferred to individuals in affluent nations .
- That’s because there is growing evidence that globalization itself is quietly transforming – and how it ultimately evolves may be markedly different from what most business leaders might expect.
That meant making labour cheaper and regulations looser, often in countries that had once tried their hand at socialism, or had spent years protecting “homegrown” industries with tariffs. Chinese venture-capital investment in America dropped to $400m in the first quarter of this year, 60% below its level two years ago. Multinational firms may cut their cross-border investment by a third this year.
One important reason is that global economic institutions are neither adequately representative nor fully democratic. Women are virtually absent from the formal decision-making bodies of institutions such as the WTO and the World Bank, and these institutions tend to be unofficially dominated by the interests of wealthy nations and multinational corporations. As with human rights, feminist philosophers have argued that globalization has contradictory implications for democratic governance. On the one hand, neoliberalism has diminished national sovereignty, further excluding women and the poor from democratic processes . Yet globalization also connects people across national borders, creating transnational communities that offer new avenues for democratic participation.
Moreover, a fractured world will make solving global problems harder, including finding a vaccine and securing an economic recovery. France and Britain have squabbled over quarantine rules, China is threatening Australia with punitive tariffs for demanding an investigation into the virus’s origins and the White House remains on the warpath about trade. Despite some instances of co-operation during the pandemic, such as the Federal Reserve’s loans to other central banks, America has been reluctant to act as the world’s leader. China’s secrecy and bullying have confirmed that it is unwilling—and unfit—to pick up the mantle.
Yet the challenge of how to make globalization fairer remains for feminist philosophers, as well as all others who strive for equality and justice. Other feminists focus on the relationship between structural injustice and refugee determination. In particular, they argue that legal definitions of refugeehood are insufficiently attentive to gender-based injustices, leading to the wrongful exclusion of vulnerable migrants who have strong moral claims to asylum.
Thus, it is amply clear that, if taken in the right spirit, the concept & practices of Globalization will help us in improving our lives and productivity. We can still keep our nation back by harping upon the outdated ideologies that have become obsolete even in the regions where invented. Or, we can equip ourselves to take maximum advantage of opportunities thrown open by Globalization and help our country to realize its true potential. The world today is more united and concerned about common problems being faced by the people- be it global warming, terrorism, or malnutrition etc. natural disasters faced or atrocities encountered at any part of the world attract immediate attention all over. Celtic Tiger refers to the country of Ireland during its economic boom years between 1995 and around 2007.
This approach to competition is gained via diversification of resources, the creation and development of new investment opportunities by opening up additional markets and accessing new raw materials and resources. Diversification of resources is a business strategy that increases the variety of business products and services within various organizations. Diversification strengthens institutions by lowering organizational risk factors, spreading interests in different areas, taking advantage of market opportunities, and acquiring companies both horizontal and vertical in nature. Globalization is a process of growing exchange, interaction and integration between people, governments and private organizations across the globe. International trade, capital flows, migration, technological transfer and cultural exchanges are some of the typical manifestations of this process.
The globalization debate is often posed in terms of how or how much to raise barriers. We would be better served by focusing on how to reshape the rules and policies to enhance the benefits and reduce the costs of globalization, for both countries and people. As an analogy, think of sea level rise and the choice between building ever higher but brittle seawalls versus enhancing the absorptive capacity of living shorelines. With new producers appearing frequently, there are more people and businesses competing for a share of the global economy. This leads to competitive markets that offer higher quality of goods as well as more affordable prices.
But the maquila sector remains an island and has failed to stimulate Mexican industries — one reason Mexico’s globalization has brought disappointing growth, averaging only 3 percent a year during the 1990’s. For the rest of Latin America, and most of the developing world except China , globalization as practiced today is failing, and it is failing because it has not produced growth. Excluding China, the growth rate of poor countries was 2 percent a year lower in the 1990’s than in the 1970’s, when closed economies were the norm and the world was in a recession brought on in part by oil-price shocks. Latin American economies in the 1990’s grew at an average annual rate of 2.9 percent — about half the rate of the 1960’s. By the end of the 1990’s, 11 million more Latin Americans lived in poverty than at the beginning of the decade.
Early work in this area highlights the ways in which gender, race, class, culture, and immigration status intersect to produce disproportionate burdens for immigrant women. Subsequent work discusses the feminization of labor migration, with a focus on domestic workers. Finally, more recent contributions explore the relationship between transnational migration and various forms of structural oppression. Gendered and racial stereotypes have played an important role in the establishing this gendered division of labor. In particular, employers tend to perceive women, particularly Asian women, as “tractable, hard-working, dexterous—and sexy” . Governments have been quick to capitalize on these perceptions in their efforts to recruit foreign investment.