Nobody downloaded yet

Global Economy and Politics - Essay Example

Comments (0) Cite this document
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…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.9% of users find it useful
Global Economy and Politics
Read TextPreview

Extract of sample "Global Economy and Politics"

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
Cite this document
  • APA
  • MLA
(“Global Economy and Politics Essay Example | Topics and Well Written Essays - 1500 words”, n.d.)
Global Economy and Politics Essay Example | Topics and Well Written Essays - 1500 words. Retrieved from
(Global Economy and Politics Essay Example | Topics and Well Written Essays - 1500 Words)
Global Economy and Politics Essay Example | Topics and Well Written Essays - 1500 Words.
“Global Economy and Politics Essay Example | Topics and Well Written Essays - 1500 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Global Economy and Politics

Global economy

...? GLOBAL ECONOMY by 16 January Global Economy Discuss the impact of ‘quantitative easing’ in the United s on both the domestic economy of the US and the global economy. The word combination “quantitative easing” has already become the definite feature of the contemporary economic reality. Quantitative easing seems to have become the measure of last resort, when countries, including the biggest powers, are no longer capable of restraining the rapid expansion of the financial and economic crisis. Whether quantitative easing is an effective measure of stopping deflation and encouraging lending is difficult to define. Nevertheless, the end of 2010 was marked with the U.S.’s decision to throw additional money into the domestic economy... , to...
10 Pages(2500 words)Essay

The Role of Politics and Public Policy in The Travels of a T-Shirt in the Global Economy

... 9th November The Role of Politics and Public Policy in the Global Economy “The Travels of a T-shirt in the Global Economy” is a path-breaking study of globalization which has been written with the goal of reporting rather than advocating and it does it commendably. The book goes through the life of a T-shirt and sees how at various stages politics rather than market have been the driving force in the world economics. The first and the foremost reason which is responsible for the dominance of USA cotton producers are the subsidies provided to them by government. These subsidies have been the point of heated debate at various international conferences. Developing nations have claimed that the subsidy provided by US government makes... to the...
4 Pages(1000 words)Book Report/Review

Global Politics

...? Global politics on genetically modified organisms Research Question There are a number of issues of global politics andone of them is the debate about the genetically modified organisms (GMO).This research paper seeks to explore and discuss the fundamental concepts of genetic modification on the global food products and the emerging concerns about its safety to the consumers. Background information Many countries and regional economic integration blocks have been engaged in deeper scrutiny of the entire issue of genetically modified organisms. Such countries and trading blocs include European Union, US, Germany and all the other nations who hold different views about this subject. This means that the merits and demerits... of this...
5 Pages(1250 words)Essay

Analytical book review comparing the (Rivoli, Pietra. 2005. The Travels of a T-Shirt in the Global Economy: An Economist Examines the Markets, Power and Politics of World Trade) with Naomi Klein, The Shock Doctrine: The Rise of Disaster Capitalism

...comforts and also to gain superiority over other nations, its economy has to be strong. The economy of any country can be strengthened only if there is optimum trade of all the commodities including basic commodities like T-shirts. As the book, “The Travels of a T-Shirt in the Global Economy” written by Pietra Rivoli Pietra Rivoli wrote the book “The Travels of a T-Shirt in the Global Economy” stimulated by a student anti-sweatshop protests that took place in Georgetown. That is, when an activist through the microphone asked the crowd gathered, "Who made your T-shirt?", it initiated the thought process regarding Free trade and...
5 Pages(1250 words)Admission/Application Essay

Global Economy

..., announced that it would no longer be shipping oil to countries that had supported Israel in its war with Egypt and Syria in 1973, it triggered an international calamity known as the Oil Crisis of 1973. The Yom Kippur War – as the war between Israel and the joint forces of Egypt and Syria in 1973 is now known – inadvertently led to a global economic crisis OPEC members and Arab oil producing states used their economic leverage to embargo the West. Oil shipments to the Western world stopped and this was aimed at causing specific damage to the economies of the United States and its allies. Petrodollars, meaning money earned by Middle Eastern countries through the sale of oil to the West were re-invested...
10 Pages(2500 words)Essay

Global politics operate as a global police force working for the enforcement of international law. What role do NGOs play in the global political system today? Do they seriously compete with the significance of traditional diplomatic actors? Non governmental organizations or NGOs as they are commonly referred to, are organizations which work towards the achievement of a social cause, which generally is non profit motivated, unlike multi national corporations. NGOs play a very important role in influencing the political decisions which they believe are against their interests. Other then that they work for the promotion of causes, such which the government doesnt really pay much...
3 Pages(750 words)Assignment


...(Hirst 2002). The four Tigers first had a strong foreign funding especially from the USA that gave South Korea and Taiwan a strong support. It was due to its geopolitical interests in the region while the ASEAN four countries mostly depended on financial policies; government funding and remittance’s from their economies to further develop their economy. They differed in the source of funding. ASEAN 4 countries mostly relied in export of lower categories of value added goods that have slower growth like apparel clothing, organic chemicals, but have slowly grown into electronics, telecommunication equipment and machinery especially Malaysia and Philippines. It is in contrast to 4 Tiger nations that have a...
1 Pages(250 words)Essay

Global economy

...and regulation among others. Secondly, more information on the advantages and disadvantages of the race to the bottom needs to be incorporated. Thirdly, although the history of the concept has been given, this discussion is brief. More information needs to be added to make the reader fully understand the history of race to the bottom and how several scholars and researchers have defined it. Finally, the article needs to discuss deeply how international bodies such IMF and WTO have contributed and/or hindered the race to the bottom. The concepts covered in class and those relating to globalization have been partially incorporated in the article. For example, some of the key concepts covered include: free trade, working...
1 Pages(250 words)Assignment

Global Economy

...Barriers as A Test Of Political Economy Theories. [PDf] Retrieved from: <> [Accessed 15 January 2015]. Li, X., 2010. Chinas Outward Foreign Investment: A Political Perspective. Lanham: University Press of America. Marinov, M and Marinova, S., 2012. Impacts of Emerging Economies and Firms on International Business. Basingstoke: Palgrave Macmillan. Markusen, J. R., 2004. Multinational Firms and the Theory of International Trade. Cambridge: MIT Press. Nolan, P., 2001. China and the Global Economy: National Champions, Industrial Policy and the Big Business Revolution. Basingstoke: Palgrave...
8 Pages(2000 words)Essay

Global Economy

...of complying with high economic interests and trade in terms of capital, labour, etc. On the other, globalisation as liberalisation denotes the mechanism of abolishing or diminishing government—enforced constraints on flows of people, capital, services, and goods between countries so as to build a ‘borderless’, ‘open’ global economy. Such measures are to enable global economic convergence. In order for the flow of capital, people, goods, and services to be successful, it is essential to remove barriers on trade, capital, foreign exchange, and so on. Such demand is political. In the meantime, the concept of globalisation as Westernisation has become widely popular among...
12 Pages(3000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Global Economy and Politics for FREE!

Contact Us