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International Politics - Essay Example

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[Course] Why Globalization Works Introduction Globalization is a two edged weapon. If it is practiced with care then it can bring great benefits for states and for the world collectively. Everything in this world has an impact, which may be either positive or negative; globalization is also one of them…
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International Politics
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Download file to see previous pages This paper aims to critically review the book ‘Why Globalization Works’ which is written by Martin Wolf. In order to support the arguments, evidences from the text will also be presented. Author’s Argument Martin Wolf has presented the topic of globalization rationally. Defending globalization, the author argues that anti globalization, failure of governments and systems have been the cause of global market failures. Wolf also dismantles the argument that rich countries exploit smaller countries. He has drawn a clear picture where the problem exists (Wolf). “The failure of our world is not that there is too much globalization, but that there is too little” (Wolf 4). Thesis Statement  “For the greater good, globalization itself is a vibrant channel but as how the political system has mismanaged or mislead this channel of globalization, it has brought the worst affects throughout the world, to the world economies and to their systems”. Body The book has a strong appeal for those who are interested in globalization and its future; how democracies will make the most out of this phenomenon and how governments and their free markets will collapse due to its wrong or mere use. In order to understand the author’s argument and to prove the thesis statement, a critical analysis of the book is given below. The idea that distance, space, and technology matters is not disagreed but at the same time a territorial authority of states matter. Even though technology is noticed as a sound source which allows strong territorial control and monitoring of physical objects that crosses the borders, states should not emphasize and rely heavily on the regulation of markets; local or international. The state or a government will itself decide and plan to which extent it is going to utilize the opportunities presented by globalization (Wolf). Market failures are noticed not because of globalization but because of the system failure and the weak and ineffective policies. These failures are usually local. It is also due to the central planning as the author has termed it as ‘ludicrous’ as it does not reflect the consumer behavior or his taste, lacking the element of innovation (Wolf 59-60). It is the duty of the government to cater the basic needs of consumers by providing them the basic goods (Wolf). In order to prosper and grow, a state should realize that it needs to clean its debt and at the same time should also protect what belongs to the public. The state must show elements of ‘credibility, predictability, transparency, and consistency’ (Wolf 25). Moreover, the government must refrain itself in interfering in the business deals of merchants and investors. It should let them do business as they want because it is evident that all the Western societies have been crafted by these businessmen using the elements of ‘practicality, rationalism, and freedom of inquiry’ (Wolf). The author of the book Martin Wolf comes with a very comprehensive definition of globalization that it is something which is meant for the greater good, for the good of the world, for the good of the world’s economies and their economic revivals. The author describes globalization as a method of free trade, and a method where free movement of goods, resources and opportunities are made possible. Globalization itself is an idea to promote the greater integration of the world as the author ...Download file to see next pagesRead More
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