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Midterm - Essay Example

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1. Introduction In the recent years, globalization has emerged as major socio-political and economic process that has ushered in new era of interdependency of states and blurred national boundaries. The advancing technology has been one of the most influential factors to redefine communication and process of development (Guttal, 2007: p.525)…
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Midterm Essay
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Download file to see previous pages Thus, globalization per se, is vital ingredient of development that is distinct in its economic integration of resources, transforming social values and shifting power dynamics across nations. 2. What is globalization? Brawley (200, p.21) asserts that globalization is driven by technology that accelerates integration of economic forces vis-a-vis market, firm, production and national financial system on a global scale with wider ramifications on the socio-political dynamics of nations across globe. The multi-dimensional aspects of globalization emphasize new business imperatives that promote significant shift in division of labor and acts as catalyst for new socio-political order. Guttal (2007, p. 524) rightly argues that neo liberal policies facilitate process of globalization and various factors like fiscal reforms, liberalization of trade, convergence of knowledge and technology etc., undertaken on national level encourage creation and distribution of wealth across larger area of political economy. Globalization therefore leads to new global economy and development where benefits cascade down to more people in the world. 3. Why globalization? Change is inherent part of development and process of globalization emerged gradually from the fundamental compulsions to infuse financial aids to poverty stricken nations, who were stripped of their wealth by the colonial rulers by the wealthy nations. But the aids were conditional to local reforms and economic liberalization that attracted foreign businesses (Schaeffer, p.8). This gradually led to globalization where emigration and immigration of people was seen as important part of growth, creating not only wealth but also influencing the socio-economic and political transformation of states. Today, it is intrinsically linked to development and serves as a major tool to advance and promote the interests of people from diverse background across the globe. Hence, it has emerged as hugely crucial process that impacts growth of individuals, business and nations and promotes creation of wealth leading to development. 4. Government controls and Global compulsions In the current environment of globalization and highly competitive business, inter-dependency of resources has compelled nations initiate reforms and economic liberalization for attracting foreign investment. Economy today, is market driven that has necessitated opening of domestic market for global businesses. The major stumbling blocks to globalization processes are: taxations, currency fluctuation, inflation, government laws, restriction in trade, exit policies, ownership etc. Deregulation of control therefore, becomes essential for creating facilitating environment for foreign business. The national policies and legal parameters therefore emerge as vital ingredients that promote trust amongst foreign business and domestic actors thereby creating conducive environment for business with diverse consequences for people in different setting (Shaeffer, p.11). The government initiatives in liberalizing economic policies that give incentives to FDI and welcome privatization greatly attract foreign businesses. At the same time, government control helps to reduce risk and misuse of power by the big corporate bodies and ...Download file to see next pagesRead More
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