The three major schools of thought surrounding the phenomenon of globalisation are Hyperglobalizers, Sceptics and Transformationalists.
Hyperglobalizers argues that Globalisation is here to stay. “Today’s global economy is genuinely borderless. Information, capital and innovation flow all over the world at top speed, enabled by technology and fuelled by consumers’ desires for access to the best and least expensive products”. (K. Ohmae, 1995)
The main arguments put forward by Hyperglobalizers is that it is a new era, it is essentially an economic phenomenon, that the global marketplace rules supreme and that it brings denationalisation of economies through transnational networks of production, trade and finance.
Hyperglobalizers are also of the belief that institutions of global governance are emerging towards the sovereignty of nation state erode and that new global patterns are emerging, the school argues that the North-South/Core-Periphery is being replaced by more complex constellations of economic power.
Sceptics argues that Globalisation does not exist. “We do not have a fully globalized economy, we do have an international economy and national policy responses to it”.(Hirst and Thompson, 1997)
The main arguments put forward by Sceptics include that it is a myth with nothing new happening with there only being heightened levels of interaction between predominantly national economy, that the national governments remain powerful and continue to regulate international activity and that governments are not passive victims but architects of internationalisation.
Sceptics are also of the belief that the international economy is divided into three major blocs which are Europe, North America and Asia Pacific, that the word economy is now less integrated than during the classical Gold Standard era, that international patterns of inequality have changed only marginally and that there has been a rise of aggressive nationalism/fundamentalis....