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Globalization and Economic Policy Control - Term Paper Example

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The question discusses whether globalization limits the capability of domestic governments to lose control over their economic policy or not. It is truly difficult to define what globalization is and under what conditions it can provide desired benefits. …
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Globalization and Economic Policy Control
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Download file to see previous pages The socio-political changes are so strong that the society is no longer considered the same which our forefathers witnessed and as such these changes have made gradual changes into the societal values as well as norms. (Polanyi,2000).

There are two different issues regarding the role of globalization as many argue that governments, due to globalization, have lost their control over their own sovereignty. On the other hand, it is said that due to globalization, the world as a whole, benefit from globalization. It is often argued that with the increased globalization, governments often lose control over their own economic affairs and as such many developing countries consider globalization as a force that is in direct contravention of their sovereignty and control over their own domestic affairs. Due to globalization, domestic institutions gradually lose control over economic policymaking as global organizations largely influence their decision-making process and the resulting changes would bring in more economic hardship rather than economic affluence for the country.

Many developing countries also fear that the resulting changes would create such socio-cultural changes that society will no longer remain within its traditional attire and foreign ideas and values will start to dominate society. However, on the other hand, results also indicate that third world countries often benefit from globalization due to sheer transfer of technology, capital as well as knowledge. The resulting changes not only bring prosperity but also economic growth as well as a more secure future of the nation.

Over a period of time, the discipline has evolved into a position where it has integrated many different disciplines and emerged as one of the most talked after the multi-disciplinary concept. As such the current state of the concept inculcates into it various theoretical approaches, different disciplines as well as theoretical foundations, which are currently behind the emergence of the modern definition of globalization.  ...Download file to see next pages Read More
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