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Globilzation - Essay Example

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Globalization began with the improvement in communication and information technologies and was helped along by the lowering of entry barriers to businesses and freeing of the cross border flow of capital. Dismantling of communist political regimes in the erstwhile iron curtain countries hastened the path of globalization and made way for the emergence of the bulkiest chunk of international market viz.China, for all global marketers alike…
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Globilzation
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Download file to see previous pages Thus economic forces enabled international marketing to get energized and, which in turn, set in the challenging assignment of making commercial sense out of cultures to which wares were marketed. Devetak and Higgott explain how globalization has brought about a weakening of an intra national social bond. They further posit that ongoing process of globalization causes constant disruption in existing social bond. It is their view that "under conditions of globalization, assumptions made about the social bond are changing; .... the article concludes that the prospects for a satisfactory synthesis of a liberal economic theory of globalization, a normative political theory of the global public domain, and a new social bond are remote"(Devetak & Higgott 1999).
Again, in a slightly different context, Phillip W.Jones makes a statement which is extremely relevant to the definition of globalization in present context. Jones states that," The logic of globalization contrasts markedly with that of internationalism. The latter, with its intrinsically democratic foundation, looks to a world ordered by structures supportive of that functionalism which is embedded in accountability. Globalization, by contrast, implies few logical imperatives in favor of accountability, but rather looks to the pursuit of interest on the global level through the operation of unfettered capitalism"(Jones,1998).According to Jones view international marketing efforts in new cultural milieu would fall in the category of 'globalization' as defined by him. However multinational corporations take a broader view of their international marketing efforts and venture in new international markets only after completing a thorough study of local cultures. New technological developments, improvements in communication, growth in transnational infrastructure and liberalizing of trade and capital flows have enabled entrepreneurs the globe over to deploy and run their capitals chasing markets the globe over. The globalization aligned attitudes of IMF and World Bank are exemplified with clarity by Jean-Claude Trichet, President of the European Central Bank, when he says that," The key aim of today's policy makers has not changed compared to those at the Bretton Woods times - it has been, and still is, global prosperity and stability - but the environment in which we are acting has changed profoundly......Today we are striving for stability of the international financial system in a world of free capital flows with a growing importance of private flows and increasing trade and financial integration"(Trichet, 2004).

As Roby says," world-wide output and trade have grown apace with market openings and the rise of efficient global business networks these past 15 years. An entrepreneurial class is energizing once-stagnant command economies" (Roby, 2005). It is at once apparent that this 'entrepreneurial class' is essentially limited in number the globe over and its population effectively determines the contours of globalization.

Washington Consensus

John Williamson, the person responsible for the phrase Washington Consens ...Download file to see next pagesRead More
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