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Globalization and Protectionism in Our Century - Case Study Example

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The paper "Globalization and Protectionism in Our Century" describes that the main effect of globalization is the worldwide spread of neoliberalism and the entrenchment of capitalism as the dominant – some would say the sole – viable economic system for the world economy…
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Globalization and Protectionism in Our Century
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Download file to see previous pages The result is that jobs are lost as employment trends shift overseas. Seeking to explore the present international economic situation with an eye to the main theoretical approaches to the globalization phenomenon, different theoretical paradigms will be analyzed. Mexico, a developing country in the Western Hemisphere and member of the North American Free Trade Agreement (NAFTA), will be used as a case study to explore the ramifications of realist-inspired neoliberalism and the effects of globalization on a country in the developing world.
Globalization, as it exists today, rests largely on the shoulders of neoliberal economics and the global entrenchment of capitalism as the dominant economic system in the world. Inspired by Realist ideological doctrine, neoliberalism is the belief in laissez-faire economics and its early proponents were Margaret Thatcher in the United Kingdom and Ronald Reagan in the United States in the 1980s. US President Ronald Regan famously remarked, “government was not the solution but the problem” (Hobsbawm 1994). Neo-liberals put all of their faith in the distributive capabilities of the invisible hand of the free market, and believe that business was inherently good and that government bad. The government was longer interested in the provision of welfare but existed to stimulate the capitalist economic market. The United States under Ronald Reagan was thus described as the “greatest of the neo-liberal regimes” (Hobsbawm 1994). Accordingly,
The essence of neo-liberalism, its pure form, is a more or less thoroughgoing adherence, in rhetoric if not in practice, to the virtues of a market economy, and, by extension, a market-oriented society. While some neo-liberals appear to assume that one can construct any kind of ‘society’ on any kind of economy, the position taken here is that the economy, the state and civil society are, in fact, inextricably interrelated (Coburn 2000). ...Download file to see next pagesRead More
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