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Global Economy and Politics - Essay Example

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The mention of global economy conjures up the concept of globalization which is a term referring to the process of freeing of domestic barriers to movements in trade and capital amongst countries ,and actual cross border movements of such goods and capital…
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Global Economy and Politics
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Download file to see previous pages Internet selling through websites and portals has broken all limits and definition of a domiciled corporation. Now corporations are not only selling to foreign nationals over the internet but are also actually relocating their production facilities in search of overseas markets. Since 1990s the concept of globalization has brought in revolution in the manner we trade internationally. However this new global economy has redefined the political equations in the globe and is continuing to do so with changing balance of economic power. This paper essentially examines this phenomenon.
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). 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). 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. This entrepreneurial class is in fact dictating the world polity as well.


Major changes in the global eco-political map

Dismantling of communist political regimes in the erstwhile iron curtain countries was the foremost change to occur as globalization, as explained above, ran concurrently. This worked to open huge markets of emerging economies for the multinational corporations of West. Second major development was comprised in strengthening of regional economic and trading blocks. Whether it was the European Union (EU)or NAFTA or ASEAN al such trading blocks rationalized and redefined heir duties and strengths to present combined large markets that were ready to respond to new paradigms of international trade set in place by globalization. Quick illustrations would reveal the changed face of the globe. Take the episode of China's accession to WTO.Nobody could have imagined till two decades back that China would make such a move and be agreeable to WTO prescriptions to open its trade contours. Now China has emerged as one of the foremost economies which has benefited from globalization immensely. China has emerged as a new eco-political power ,on the one hand ,and EU is making another ...Download file to see next pagesRead More
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