Discuss Some of the Arguments Made Against Globalization and Explain Why You Agree or Disagree with Them.
Globalization is the interaction of world economies to become one big economy, for the sole purpose of enhancing free trade, growth and efficiency and employment. It emphasizes the neo-liberal economic policies – commonly referred to as the ‘Washington Consensus’ – of free trade, financial and capital market liberalization, deregulation and privatization (Juhasz, pg 408). The supporters of globalization argue that it is essential to an individual’s advancement and economic progress, and constantly reiterate that an integrated market economy will bring prosperity worldwide. Whereas, critics of globalization believe that without a proper framework and policies, the consequence of globalization will have a great impact on world politics, income inequality and environment (social services). In this paper, I will highlight the adverse affects and flaws of globalization policies that aim at promoting the notion of one unified economy. The focus will be on the critical analysis of the instruments and areas of globalization; that proponents continue to use to support their argument.
The term ‘globalization’ came into prominence among academics in the 1980s (Marks et al., pg 616). World Bank and International Monetary Fund (IMF) were the main proponents of globalization and enforced this economic model globally after their establishment in 1944. It was the combined efforts of Regan and Thatcher’s governments that increased the scope of these institutions and laid the foundation of North American Free Trade Agreement (NAFTA) in 1994 and World Trade Organization (WTO) in 1995. The establishment of these bodies increased the power of globalization agreements and ensured the embodiment of these policies into domestic policy making both in developed and developing countries (Juhasz, pg 408). Theoretically it is assumed that globalization will increase wealth, which will trickle down and lead to the betterment of the rest of the society. However, this is an ideal situation
The term ‘globalization’ came into prominence among academics in the 1980s (Marks et al., pg 616). World Bank and International Monetary Fund (IMF) were the main proponents of globalization and enforced this economic model globally after their establishment in 1944. It was the combined efforts of Regan and Thatcher’s governments that increased the scope of these institutions and laid the foundation of North American Free Trade Agreement (NAFTA) in 1994 and World Trade Organization (WTO) in 1995. The establishment of these bodies increased the power of globalization agreements and ensured the embodiment of these policies into domestic policy making both in developed and developing countries (Juhasz, pg 408). Theoretically it is assumed that globalization will increase wealth, which will trickle down and lead to the betterment of the rest of the society. However, this is an ideal situation
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