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Definition of Globalization Essay Example

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Definition of Globalization

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Definition of Globalization. Contrast this with the views expressed by Castells (2001) entitled The New Global Economy. At once, the title is an affirmation of that which Hirst and Thompson’s article negates – the existence of a global economy. Castells’ opinion on the indicators that characterize a global economy is strikingly similar to that of the earlier article. Globalization involves the operation of economic systems beyond the regulation of governments; international trade and commerce operates spontaneously among producers and consumers with little government intervention; transnational networks exist through companies that disperse their production, distribution, and management functions; and the gap between developed and developing countries is diminishing.

However, having laid this foundation, Castells proceeds to prove their substantial actualization. He first cites the emergence of global financial markets that integrate capital flows and currencies that work in real time and as a singular unit. For instance, cross-border transactions of bonds and equities have, between 1970 and 1996, grown 54 times in the United States, 55 times in Japan, and 6 times in Germany. Capital flows increased seven-fold from industrialized countries to developing countries within the period 1960 to 1996. More importantly, market valuation firms, notably Standard and Poor and Moody’s, have developed a legitimacy and following that rules and criteria these institutions establish and enforce command compliance by participants in the world markets within which they operate. Even the International Monetary Fund applies criteria developed by these valuation firms in decision making. And where capital markets and currencies re interdependent, then so follow monetary policies and interest rates, and ultimately economies.
Castells further points out that international trade is veering more towards commerce in manufactured products rather than commodities and raw materials, and that developing countries are gaining a greater share of worldwide exchange. Definition of Globalization.

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Required selections:

Castells, M. (2001) The new global economy. In J. Muller, N. Cloete & S. Badat (eds.) Challenges of Globalisation: South African debates with Manuel Castells. (pp.2-21). Cape Town: Maskew Miller Longman.

Hirst, P. & Thompson, G. (2000) Globalisation: A necessary myth? In D. Held & A. McGrew (eds) The Global Transformations Reader (pp. 68-75). Cambridge: Polity.

Robertson, R. & Khondker, H.H. (1999) Discourses of globalisation. International Sociology, 13(1) pp. 25-39.

Additional references:

Brown, G. W. (2008) Globalization is What We Make of It: Contemporary Globalization Theory and the Future Construction of Global Interconnection. Political Studies Review, Jan2008, Vol. 6 Issue 1, p42-53

Conley, T. (2002) The state of globalisation and the globalisation of the state. Australian Journal of International Affairs, Nov2002, Vol. 56 Issue 3, p447-471

Guttal, S. (2007) Globalisation. Development in Practice, Aug2007, Vol. 17 Issue 4/5, p523-531

Hay, C. (2002) Globalisation as a Problem of Political Analysis: Restoring Agents to a Process without a Subject and Politics to a Logic of Economic Compulsion. Cambridge Review of International Affairs, Oct2002, Vol. 15 Issue 3, p379-392

Hsiao-hung C. (2004) Fake logos, fake theory, fake globalization. Inter-Asia Cultural Studies, Aug 2004, Vol. 5 Issue 2, p222-236

McNevin, A. (2003) The Three Waves of Globalization: A History of a Developing Global Consciousness/Globalization--Anti-globalization/Australians and Globalization: The Experience of Two Centuries (Book). Australian Journal of Political Science, Nov2003, Vol. 38 Issue 3, p592-594

Waylen, G. (2004) Putting Governance into the Gendered Political Economy of Globalization. International Feminist Journal of Politics, Dec2004, Vol. 6 Issue 4, p557-578

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