In its broadest sense, globalization refers to the economic, social, cultural, and political processes of integration that result from the expansion of transnational economic production, migration, communications, and technologies. Below, we outline the ways in which predominantly Western feminist political philosophers who explicitly discuss globalization have articulated and addressed the challenges associated with its economic and political dimensions. Globalization is beneficial under the condition that the economic management operated by national government and the example is East Asian countries. Those countries were based on exports through which they were able to close technological, capital and knowledge gaps. By managing national pace of change and speed of liberalization on their own, those countries were able to achieve economic growth. The countries who received the benefits from the globalization shared their profits equally.
Globalization is good because it provides the world with more efficient markets, increases competition leading to better goods, generates wealth in all parts of the world and builds and stabilizes security. Globalization is steadily growing as technology allows individuals within each country to communicate with people previously out of reach. Arjun Appadurai talks about the possible effect of ‘homogenization’ of culture, where dominant nations like the United States spread their cultures through television and movies, which leads to the dilution and loss of local and indigenous cultures. The growth of stock exchanges like the NYSE and FTSE as well as internationalization of financial markets has made it easier for people to transfer money internationally. Technological globalization refers to the spread of technology around the world.
These compelling reasons for the huge investment in global supply chains will continue to drive firm behavior. The COVID-19 pandemic has shown us how costly and difficult it can be to unwind these chains. And the recent bounce back in trade is already demonstrating that re-shoring expectations are probably inflated. It would be a mistake to conclude that firms will be willing to bear the often-higher costs and competitive risks of sourcing everything locally in the post-pandemic world. Politics may play more of a role going forward in shaping supply chains, but it will not supersede economics.
- More broadly, SAPs have contributed to increases in poverty and unemployment in developing countries, placing additional burdens on women within both the household and the public sphere.
- The open system of trade that had dominated the world economy for decades had been damaged by the financial crash and the Sino-American trade war.
- Yet globalization also connects people across national borders, creating transnational communities that offer new avenues for democratic participation.
- In the case of a mass producer of motor vehicles technical economies are likely because it can employ mass production techniques and benefit from specialisation and the division of labour.
This introduction contrasts three competing interpretations of globalization which appear in contributions to this issue. The market-centred approach is contrasted with a state-centred perspective, and finally with a people-centred interpretation of the nature and impact of globalization. The paper then draws together the lessons for developing countries which follow from the analyses of trade, investment, finance, policy choices and reactions against globalization. This paper is an attempt to understand the enigma that is globalisation problems. The paper relies on the global capitalism approach, which locates the dominant global forces in the structure of an ever‐more globalising capitalism.
Similarly, Uma Narayan criticize feminists for unwittingly adopting a Eurocentric perspective. For example, some Western feminist scholars, such as Mary Daly, strongly criticize cultural practices, such as sati, the Indian practice of widow immolation, as self-evidently wrong. However, Narayan argues that approaching sati as an isolated, local phenomenon fundamentally misrepresents it. Understanding sati in the context of colonial history provides a richer analysis of this practice, since it gained its symbolic power during British rule as an emblem of Hindu and Indian culture . Highlighting the role that colonialism has played in shaping local practices enables feminists to avoid adopting a Eurocentric perspective.
But although the poorest are not, on the whole, getting poorer, no one has yet convincingly demonstrated that improvements in their condition are mainly the result of globalization. In fact, a substantial part of the decline in poverty had already happened by the mid-1980s, before the big strides in foreign trade or investment. Of the more than 400 million Chinese lifted above the international poverty line between 1981 and 2001, three fourths got there by 1987. Individual IFI governance and G20 governance fragmented across finance, health, education, migration, and anti-terrorism channels are no longer sufficient, as we are seeing in the global COVID-19 vaccination failure. This doesn’t mean eliminating IFI boards or downgrading the G20 finance channel. Rather it means building new workable governance structures that bring together all the actors needed to effectively address the different GPG challenges.
Local social, political, and economic considerations were largely ignored. Privatization without land reform or strong competitive policies resulted in crony capitalism, large businesses run by organized crime, and neo-feudalism without a middle class. The consequence will be escalated levels of debt, weakened policy credibility and a lot more difficult task of adjustment in the future. Stiglitz argues that IMF policies contributed to bringing about the 1997 Asian financial crisis, as well as the Argentine economic crisis. Also noted was the failure of Russia’s conversion to a market economy and low levels of development in Sub-Saharan Africa. Specific policies criticised by Stiglitz include fiscal austerity, high interest rates, trade liberalization, and the liberalization of capital markets and insistence on the privatization of state assets.
You could think of these ‘types’ as a venn diagram where features overlap rather than distinct silos. Getting your head around this can prevent a lot of confusion around which aspect of globalization fits within which definition – it may fit within multiple. It also refers to the fact that we’re now able to travel between nations with increasing ease. Furthermore, people can identify as belonging to multiple geographic regions, especially if they hold multiple passports. Heritage and familial ownership of territory is getting weaker and weaker. Geographical globalization refers to the idea that the world is no longer seen as groups of distinct nations as much as it once was.
Early work in this area highlights the ways in which gender, race, class, culture, and immigration status intersect to produce disproportionate burdens for immigrant women. Subsequent work discusses the feminization of labor migration, with a focus on domestic workers. Finally, more recent contributions explore the relationship between transnational migration and various forms of structural oppression. Gendered and racial stereotypes have played an important role in the establishing this gendered division of labor. In particular, employers tend to perceive women, particularly Asian women, as « tractable, hard-working, dexterous—and sexy » . Governments have been quick to capitalize on these perceptions in their efforts to recruit foreign investment.
Globalization’s biggest disadvantage till date is the increased activities of extremism which people « express » over the internet. Free trade will allow people to buy anything from anywhere in the world if hurdles of tariffs, sales taxes and, other subsidies are removed. One cannot deny that free trade is the most significant advantage of globalization. That is because the lower prices allow more purchase of the product that stimulates growth eventually. They were scared of the hot money, but they could not disagree with the I.M.F., lest they be seen as irresponsible. If the I.M.F. expressed disapproval, it would drive away other donors and private investors as well.
For example, many of the largest and most successful corporations in the world are in effect truly multinational organizations, with offices and supply chains stretched right across the world. These companies would not be able to exist if not for the complex network of trade routes, international legal agreements, and telecommunications infrastructure that were made possible through globalization. Important political developments, such as the ongoing trade conflict between the United States and China, are also directly related to globalization. In essence, globalization is about the world becoming increasingly interconnected. Countries today are more connected than ever before, due to factors such as air travel, containerized sea shipping, international trade agreements and legal treaties, and the Internet.