Globalisation and International Politics Name Instructor Task Date Overview The present time, in which we live is fascinating, for the significant amazing changes in the landscape of international political economy has been a characteristic of the past few years…
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Fortunately, the poor countries’ debt relief deal by the World Bank and the International Monetary Fund (Rosenberg, 2005, 45), has been one among the significant changes, which have resulted from the strong protests and demonstrations, linked to international political economy. Adding to that, the workability of markets has not been up to the expectations of many key players in the markets. For instance, the past few years have marked significant progress for many nations in terms of progress, while some states have had their development deteriorate. In some cases, the progress in development of some nations has altered within a small margin over the past few years, as the political economies of such state has been affected by globalisation in small extents. All the happenings in the past few years have seen the challenging of institutions, strategies and beliefs. As an example, the functionality of the institutions concerned with the economic governance at the global platform and the development doctrines that are internationally accepted have faced attacks from the western economists (Stiglitz, 2003, 97). At the same time, global issues have pressurised the urge of addressing the big problems that have prevailed in Africa over the past few years. ...
The term is mostly associated with the economic aspect, which involves the production of services and goods, and how they are distributed – the progress in reducing the factors that inhibit trade internationally. Such factors often include import quotas, the export fees and tariffs (Sepulchre, Arcak & Teel, 2002, 524). Thus, globalisation defines the process by which national economies integrate increasingly, to global economy. On the other hand, the term ‘political economy’ refers to the study of how goods and services are produced, bought and sold (Amoore, 2000, 72), and how these processes relate with the government, custom and law. These processes also relate with how the wealth and income of a nation are distributed. The term owes its origin to the moral philosophy, and has grown over time to be the study of the states’ economies. Globalisation and the political economy have interconnections to the sense that, in the present world, most issues surrounding globalisation are politically oriented, and thus, globalisation is a major factor in the political economy. Globalisation plays a vital role in shaping the international political economy in a diverse spectrum. Ways in which Globalisation Shapes International Political Economy In the better internalisation of the basic organisation of our societies, the strong interrelation between wealth and power has been a critical factor. For the past few years, the richness in the political economy has been unveiled by international relations. Currently, the international relations are a key issue that explains the operation and evolution of the economy of the present world (Dilip, 2001, 168). The relations often include public policy shaping, the steps taken by regulatory systems and
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The Professor helped to find a new economic policy and is known world over for questioning reigning international economic policies. The subject of enlightment is focusing partially on increasing concern about retrogression in the United States of America in comparison to the global picture (Stilglitz, 2009).
In the words of a realist, International politics is a world free from all legal ad moral restraints, where the powerful, and the not so-powerful states possess the freedom to act in instinct, at their own leisure and liberty, and ultimately to use force with impunity (Dino Kritsiotis, Introduction, The power of law as international language).
On the other hand, however, there are commentators who believe that the effects of globalization are not completely positive. They feel that globalization has resulted in a new form of imperialism that is perpetrated by people who belong to the countries that are developed.
This ideology is actually a response to the contemporary realism or neorealism which establishes the anarchic nature of the international system and considers the states of the world to be working for their own benefits. Neoliberalism does not reject the anarchic nature of the international politics and international relations but considers the possibilities of cooperation and a decentralized system through which various states can achieve their national goals and objectives.
For several decades, a concern in the discipline has been how to face the evident exclusions of the realist paradigm, including the functions of transnational as well as local-level players and of thoughts in international politics.
According to Rothenberg (2003), “globalisation is the acceleration and intensification of interaction and integration among the people, companies, and governments of different nations” (pp: 1). Today, with the altering viewpoints, globalisation has emerged as “neologism of the new millennium” (Putko, 2006: 1).
Products of whatever kind and products that threatened world extinction began to dominate man’s quest for progress and development. That is materialism at its worst, or at its best. Recent authors and commentators assert that globalisation began at the end of the Cold War which was in the period 1989-1991.
The author states that Globalisation implicitly decides and influences the boundaries of social knowledge which political subjects are incapable of controlling thus making them lame before the face of changes. Additionally, globalisation has been considered as part of the common sense of human being.
Has globalisation started the process of promoting a single common world culture? Has globalisation led to inequality of nations and has it widened or closed the gap between the developing and developed economies? These questions help us to provide adequate understanding of the process of globalisation.
Globalisation and internationalisation are two similar and often confused terms, though the first is used in a wider sense and is gaining in recent usage whilst the second is more specific to firms. Porter (1990, p. 64-65) defined Internationalisation was defined by Porter (1990, p.
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