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How justified are the sceptics in suggesting that globalization is in fact a myth - Essay Example

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Globalization Module Title: Module Number: Academic Year: Seminar Tutor: Essay Question: How justified are the sceptics in suggesting that globalization is in fact a myth? Student Number: Globalisation Globalisation refers to the development of a common ground upon which different nation-states can effectively interrelate…
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How justified are the sceptics in suggesting that globalization is in fact a myth
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Download file to see previous pages Essentially, globalization has elicited mixed reactions with regard to its definition, the reason being its diverse facets that attract conceptual standpoints taken by scholars. These varied definitions eventually and perceived problems occasioned by globalization lend credence to its mythical aspect. This paper explores whether globalization is a myth. Pillars of globalization Globalization has several facets depending on the approach an individual takes: these ranges from economic activities, to interactions of people and cultural mix, to communication. In light of these factors, Busemeyer (2009, p.457) narrows down the facets by indicating that globalisation encompasses a real-time communication caused by electronic passage of information; it enhances interrelation between the economies of nation-states; and triggers a shrinking global society where territorial borders play a less significant role in socio-economic processes. Moreover, globalization leads to the growth and integration of cultures, economies and political systems (Andreas, 2011, p.408). Despite, the clear consensus on the term globalisation, different ideologies on globalisation have come up, trying to explain these factors in diverse ways. The first school of thought seeks to outline the significance globalization, arguing that it is the only way out of sociological problems facing the world. But the second one sees globalization as a myth. The global economy The pro-globalization forces are at the fore-front of the processes leading to globalisation. From this standpoint, globalisation embodies a new period of history in which the importance of separate nation-states is slowly being wiped out of existence by a common and ‘fair’ economy governing the whole world (Busemeyer, 2009, p.456). Supporters of this theory perceive globalisation as causing a transfer of the influence of nation-states and economies to international systems supporting greater economic activities like manufacturing of commodities, improved business opportunities and easier acquisition of capital. From this perspective, global assets and the post-modern market environment are marked by liberal trade, forming part of globalisation. These developments are attributed to capitalism. Moreover, the hyperglobalist approach to globalization also holds that the world is entering an era in which global governance will be a reality. For example, with global organizations controlling finance and trade through multinationals, globalization is increasingly being felt if not realized Hill, 2010, p.266). Today, international bodies such as International Monetary Fund (IMF), The World Bank, and The World Trade Organization (WTO) are increasingly taking a more active role than nation-states in ensuring that uniform growth takes effect in every corner of the specific countries and the general world through funding programs. This perception holds that due to globalization, the international community through its financial capacity has achieved successes where nation-states have failed. A typical example is the recent bailout of Greece (Hill, 2010, p.264). This has led to the erosion of the influence of the nation-state within the society. Supporters of the globalization process have also lauded the development of a united civil society outlining the key issues that need addressing by various leaders, in order to spur economic development not only of individual ...Download file to see next pagesRead More
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