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Nigerian Benefits And Advantages Of Globalization Politics Essay

Info: 3162 words (13 pages) Essay
Published: 1st Jan 2015 in Politics

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Globalization of the world economy is the integration of economies throughout the world through trade, financial flows, the exchange of technology and information, and the movement of people. The level of movement towards integration is clearly reflected in the rising importance of world trade and capital flows in the world economy. Furthermore globalization refers to the fact that we all are increasingly living in one world, so that individuals, groups and nations will become ever more interdependent. According to globalization 101, the Levin institute university of New York. He said globalization is the integration of economic, political, and cultural systems across the globe? Or is it the dominance of developed countries in decision-making, at the expense of poorer, less powerful nations? Is globalization a force for economic growth, prosperity, and democratic freedom? Or is it a force for environmental devastation, exploitation of the developing world, and suppression of human rights? Does globalization only benefit the rich or can the poor take advantage of it to improve their well-being?

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Globalization refers to the fact that we are increasingly living in one world, so that individuals, groups, and nations become ever more interdependent. Globalization in this sense has been occurring over a long period of human history and it is certainly not restricted to the contemporary world. Nevertheless, current debates are much more focused on the sheer pace and intensity of globalization over the past 30years or so. Baylis and Smith defined globalization as ”the process of interconnectedness between societies such that events in one part of the world more and more have effects on people and the societies far away. E.g. the attack of 9/11 took place in a single country-the USA [9/11/2001]-but the event was seen around the world instantaneously on TV screens. The attack was carried out by the Al Qaeda, a loosely non-state organizations with followers in around 50 countries. They were arranged using globalised technology such as international bank accounts and internet.

Globalization has cultural, economic, and political effects or impacts. In each of these areas the world seem to be ”shrinking” so that geographical distance plays less of a role in limiting social life.

‘The intensification o worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa’. (Giddens 1990:21)

‘The integration of the world economy’. (Gilpin 2001:36)

De-territorialization or the growth of supraterritorial relations between people.’ (scholte 2000:46)

‘Time space compression’ (Harvey 1989)


According to martin Griffiths, he said globalization has certain identifiable characteristics, although there is no consensus in the field about any of them. In the first place, it involves a growing consciousness of the world as a single place. This is reflected in phrases such as global village and ‘the global economy’. Few places are more than a day’s travel away and communication across territorial borders is now almost instantaneous. In 1980 there were about 1 million international travelers per day. In 2000 more than 3 million people crossed territorial borders as tourists each day. And in 2003, the WTO estimated that global tourism generated nearly us693 billion.

Second, new information and communication technology has improved access to overseas markets and streamlined both production and distribution of goods and the trade in foreign exchange. Third, human being are becoming more and more dependent upon one another as problems such as global warming, the international drugs trade and terrorism can only be managed through greater cooperation at a supranational level.

It is true that not everybody benefits from globalization. To take full advantages of globalization it requires both capital and access to technology. Many states in the international system have neither. A large proportion of the world’s population, for example does not have access to the telephone. Being ‘on the net’ is not something which makes a lot of sense to those living in the poorest parts of the third world. In other words, globalization may not be global after all. At best, its spread and impact are uneven.

From the perspective of the OCECG countries, there are many unresolved issues with respect to globalization. Among them is its relationship to democracy. If globalization is indeed weakening the ability of states to make autonomous economic and political decisions, then one might argue that globalization is a dangerously anti-democratic force.

According to Anthony Giddens, he argues that globalization is the result of industrialization and modernization, which picked up pace in the late 19th century. And in fact a strong case can be made that the world was highly globalized 100 or more year’s age. In the late 19th century, people could not move across national borders without passports. The extent of international trade and capital flow in the late 20thcentury only restored the level achieved before world war (1914-1918).

According to Haralambos he said global economy is no longer basically agricultural or industrial in its basis but rather, it is progressively more dominated by activity that is light and insubstantial. This light or weightless economy is one in which products have their base in information, as is the case with computer software, media and entertainment products and internet-based services. The process of globalization is often portrayed exclusively as an economic occurrence. Much is made of the role of transnational corporations, whose colossal operations now extend across national borders, influencing global production processes and the international distribution of labour. Transnational corporations are companies that produce goods or market services in more than one country. These may be comparatively small firms with one or two factories outside the country in which they are based, or extremely large international ventures whose operations criss-cross the globe. Examples Coca-Cola, Kodak, Mitsubishi, etc, are oriented towards global markets and global profits; they are at the centre of economic globalization. They account for 2/3rds of all world trade, and are instrumental in the circulation of new technology around the globe and are major actors in international financial markets. Few years after the 2nd world war Tnc became a global process, its spread in the initial post war years came from firms based in the United States, but by 1970s, European and Japanese firms increasingly began to invest abroad. In the late 1980s and 1890s, Tcs expanded drastically with the establishment of three powerful regional markets; Europe [the single European market], Asia-Pacific [the Osaka Declaration guaranteed free and open trade by 2010] and North America [the North American free trade agreement]. Since the early 1990s countries in other areas of the world have also liberalized restrictions on foreign investment. By 21stc there were few economies in the world that stood beyond the reach of Tcs, in the past decade they have expanded their influence in the developing countries and in the societies of former Soviet Union and Eastern Europe. Others point to the electronic incorporation of global financial markets and the mammoth volume of global capital flows; banks, corporations, fund managers and individual investors are able to shift funds internationally with the click of a mouse. Still others focus on the unmatched capacity of world trade, involving a much broader variety of goods and services than ever before. Since World War 11 globalization has been driven by Trade negotiation rounds, originally under the auspices of GATT [General Agreement on Trade led to a treaty to create the World Trade Organizations [WTO], to mediate trade disputes. Other bi-and trilateral trade agreements, including section of Europe’s Maastricht Treaty and the North American Free Trade Agreement have also been signed in pursuit of the goal of reducing tariffs and barriers.

According to Alain Anderson, he talked about the effect of globalization; he said that globalization is leading to a fall in the price of some goods and services because production is being switched from high cost location to low cost locations. For example, switching production of television sets from Wales to china will lead to a fall in labour costs because Chinese workers are prepared to work for a fraction of the wages of welsh worker are prepared to work for a fraction of the wages of welsh workers. Equally, the globalization of technology of technology means that a Chinese factory can employ the most advanced machines and methods of production to ensure lowest cost. However he also said globalization is leading to a rise in price in some goods and services. This is because globalization is raising average world incomes. Higher income means higher demand for individual products.

According to Joshua s. Goldstein, he said that two keys events of recent globalization. The terrorists who plotted and carried out the September 11/2001, attacks used the internet t assist in planning, coordination and fundraising f or the attacks. And global economic recession of 2008-2009, which began with a collapse of the U.S home mortgage market, spread quickly to other nations. Highly integrated global financial markets created a ripple effect across the globe. Thus, two hallmarks of globalization-expanding communications technology and integrated markets-facilitated events that directly impacted our daily lives.

According to Jon c. pevehouse, he sees globalization as the fruition of liberal economic principles. A global market place has brought growth and prosperity (not to all countries but to those most integrated with the global market). This economic process has made traditional states obsolete as economic units. States are thus losing authority to supranational institutions such as the international monetary fund (IMF) and the European Union (EU) and to transnational actors such as MNCs and NGOs. The values of technocrats and elite, educated citizens in liberal democracies are becoming global values, reflecting an emerging global civilization. The old north-south division is seen as less important, because the global south is moving in divergent directions depending on countries and regions integration with world markets. A second perspective is skeptical of these claims about globalization. This skeptics note that the world’s major economies are no integrated today than before World War 1 (when British hegemony provided a common set of expectations and institutions). The skeptics also doubt that regional and geographical distinctions such as the north-south divide are disappearing in favor of a single global market. Rather, they see the north-south gap as increasing with globalization. Also, the economic integration of states may be leading not to a single world free trade zone, but to distinct and rival regional blocs in America, Europe, and Asia. The supposed emerging world civilization is disproving by the fragmenting of large units (such as the Soviet Union) into smaller ones along lines of language, religion and other such as cultural factors.

A third school of thought sees globalization as more profound than the skeptics believe, yet more uncertain than view of supporters of liberal economics. These ”transformationalists” see state sovereignty as being eroded by the EU the WTO, and other new institution so that sovereignty is no longer an absolute but just one of a spectrum of bargaining leverage held by states. The bargaining itself increasingly involves no state actors. Thus globalization, but transformed to operate in new contexts with new tools.

For the realist part, globalization does not alter the most significant feature of world politics, namely the territorial division of the world into nation-states. While the increased interconnectedness between economies and societies might make them more dependent one another, the same cannot be said about the states-system. Here, states retain sovereignty and globalization does not render obsolete the struggle for political power between states. Nor does it undermine the importance of the balance of power. Globalization may affect our social, economic and cultural lives, but it does not transcend the international political system of states.

For the liberal part, the picture looks very different because they tend to see globalization as the end product of a long running transformation of world politics. For them, globalization fundamentally undermines realist accounts of world politics since it shows that states are no longer such central actors, of differing importance according to the issue area concerned. Liberals are particularly interested in the revolution in technology and communications represented by globalization. This increased interconnectedness between societies, which is economically and technologically led, results in a very different pattern of world political relations from that which has gone before. States are no longer sealed units, if ever they were, and as a result the world looks more like a cobweb of relations than like the state model of realism or the class model of Marxist theory.

For Marxist theorists, globalization is a bit of a sham. It is nothing particularly new, and is really only the latest stage in the development of international capitalism. It does not mark a qualitative shift in world politics, nor does it render all our existing theories and concepts redundant. Above all, it is western led phenomenon which basically simply furthers the development of international capitalism. Rather than make the world more alike, it further deepens the existing divide between the core, the semi-periphery, and the periphery.

For constructivist theorists, globalization tends to be presented as external force acting on states, which leaders often argue is a reality that they cannot challenge. This constructivists argue, is a very political act, since it underestimates the ability of leaders to challenge and shape globalization and instead allows them to duck responsibility by blaming ‘the way the world is’. Instead, constructivists think that we can mould globalization in a variety of ways, notably because it offers us very real chances to create cross national social movements aided by modern technological forms of communication such as the internet.

The skeptical view of globalization. The skeptical accounts of globalization tend to dismiss its significance for the study of world politics. They do so on the ground that

By comparison with the period 1870 to 1914, the world is much less globalized economically, politically and culturally.

Rather than globalization, the contemporary world is marked by intensifying geopolitics, regionalization and internationalization.

The vest bulk of international economic and political activity is concentrated within the group of OECD states.

By comparison with the heyday of European global empires, the majority of the world’s population and countries in the south are now much less integrated into the global system.

Geopolitics, state power, nationalism and territorial boundaries are growing, not less, importance in world politics.

Internationalization or regionalizations are creatures of state policy not corporate actor or capitalist imperatives.

Globalization is at best a self serving myth or ideology which reinforces western and particularly US hegemony in world politics.

(hirst and Thompson 1999,2003)

The impact of globalization on the developing countries by Chandrasekaran Balakrishnan

Globalisation is the new exhortation that has come to dominate the world since the nineties of the last century with the end of the cold war and the break-up of the previous Soviet Union and the global development towards the regular globe. The frontiers of the state with increased dependence on the market economy and renewed faith in the private capital and resources, a process of structural adjustment spurred by the studies and influences of the World Bank and other International organisations have started in many of the developing countries. Also Globalisation has brought in new opportunities to developing countries. Greater access to developed country markets and technology transfer hold out promise improved productivity and higher living standard. But globalisation has also thrown up new challenges like growing inequality across and within nations, volatility in financial market and environmental deteriorations. Another negative aspect of globalisation is that a great majority of developing countries remain removed from the process. Turn over the nineties the process of globalisation of the Indian economy was constrained by the barriers to trade and investment liberalisation of trade, investment and financial flows initiated in the nineties has increasingly lowered the barriers to competition and hastened the rate of globalisation


THE INSTRUMENT FOR DATA COLLECTION: internet, books, use of questionnaires.


My observation on globalization is that the notion that the indirect benefits of financial integration, which may be difficult to pick up in regression analysis, could be quite important. Also, the long-run gains, which in some cases have not yet been realized, may exceed the short-term costs. For instance, although Europe’s efforts to achieve monetary integration resulted in its being buffeted by severe and costly crises in the early 1990s, these efforts eventually brought about the transition to the single currency in use throughout much of Europe today.


My experience of globalization has a great degree. Different from the level of development at which a country has engaged with it. Some developing countries and countries with economies in transition have been well positioned to take advantage of the new opportunities for trade and investment, and building on domestic savings, foreign investment and capital inflows, technology transfers, human resource development and export orientation, have achieved rapid economic growth.


The main conclusions is that, so far it has proven difficult to find robust evidence supporting the proposition that financial integration helps developing countries to improve growth rate.


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