How Globalization Regimes Work - Essay Example

‘Critically assess the extent to which globalization has reduced the power of nation-states to manage their own economies’ Globalization as a phenomenon has received much attention for all the right reasons; reasons which have spoken a great deal on how economies have become bigger than nation-states in essence. This brings to light the notion of comprehending how globalization as a phenomenon has been instrumental at changing perceptions and beliefs, as it has highlighted the due role of economic strengths and the opportunities that have come up with the passage of time (Tucker 2010). Globalization has made the economists understand that they if they play their cards well; there is no one who can stop them from entering new market territories and zones on a global basis. What is required however is tact and a sense of planning on the part of the people who believe staunchly within the globalization regimes since they are the ones who bring value for the sake of the business enterprises, spread far and wide. When one studies the dictum of globalization in its truest sense, there is comprehension in the knowledge that geographical distances do not matter as such. Since the entire phenomenon is built on the premise of bridging distances in more ways than one, the element of the qualitative and quantitative characteristics coming to the fore is a special one (Pena 2006). This is so said because globalization has the potential within it to bring people from different walks of life together and thus involve and engage them within an ideology, a business route or a pattern for that matter. This is deemed as important because this shall bring in the much touted value for the people who are directly and even indirectly affected by the globalization drives, happening left, right and center. This is not specific to business or trade realms; it can even comprise of people to people contact for the sake of art, culture and tourism. The differences from colonialism are quite apparent since globalization deals with emphasis on nearly all areas without any hindrances so to speak. There is complete ease as far as understanding globalization ranks because it makes people realize that the closer they are to their target domains and more specifically the consumers, the better it is for them to bring about a collective good, which is for the well-being of the society in the long term scheme of things (Amoore 2002). Delving deep into what globalization essentially is, one needs to find out how the term was actually brought into action. This suggests how the world was termed as a global village, and how it has represented the 7 billion or so people on the face of this earth as one connected community. Globalization has made all of them come on a single platform, where business and trade linkages help each other connect so that there is collective good, which shall foster creativity and culminate in success for one and all (Sachs 2000). They feel wired and hence this linkage has helped their business realms to develop with the passage of time. What is even more interesting is the fact that globalization has dispelled the perils which used to exist in the yesteryears. It has made people realize how colonialism is not an acceptable phenomenon anywhere and not the talk centers on the premise of globalization, which is here for their own good. There are some critics who believe globalization is not an interesting phenomenon as it brings problems for the natives of a country and makes others feel that they are more powerful than the former. This is not entirely a correct disposition as it flawed in its entirety (Herod 1998). The role of globalization within governance is pertinent because if governmental authorities are not playing their roles well, then this would mean a lot of problems for the companies and business corporations which are trying to expand in different directions, around the world. What is needed now is an approach which is based on proper linkages with governing hierarchies so that one-to-one relationships can be formed, and thus ideologies could be manifested in a sound manner. The leaders, politicians and the stakeholders need to play a proper role here as they are the ones who decide what is good for the upcoming business regimes within a country and what kind of mileage it should be getting in terms of funding, policy changes and so on and so forth. These aspects are deemed as quintessential because these will bring in success and harmony for all concerned, and highlight the negativities which exist within the related fore. The contrasting views with globalization originate from a host of sources (Roberts 1998). The people who do not believe in it are the foremost ones while those who see that globalization hampers their growing basis of business within a nation are also against globalization and its varied undertakings. The contrasting views emanate from the thinking that globalization creates partiality – favored for the people who are not the natives and have come in from other countries, mostly from underdeveloped nations which have cheap labor domains and low cost of income, thereby allowing them to work more for a lesser pay. The companies absolutely cherish the idea of saving millions of dollars each year; however this act brings them a lot of disrepute and bad name all over the world. Therefore globalization is something that is seen as a negative within such discussions. The power of national governments has been minimized. This has been documented for through research and evidence which has come to the reckoning of all and sundry (Milman 1999). It has made people realize about the magnanimity of the situation at hand where national governments have fallen at the mercy of the globalization-led companies and business organizations. Sadly this is one phenomenon which has taken the sheen off of a number of globalization-led arrangements which have taken place around the world (Decker 2007). There is reason enough to believe such a premise because it has hurt the cause of more people than bringing about any sanity within the related folds. Globalization processes seem to be uncontrollable at times because these have meant that there are varied stakeholders and consumers have also exponentially increased. This is one phenomenon which has happened for all the right reasons and that too at a very instant rate. The control factor gains more significance because often times it has been witnessed that globalization has gone awry and created more problems for the parent business than it would have if proper perspectives had been applied in the first place (Aart-Scholte 2005). There are certain occasions when forecasts for the businesses which have adopted globalization regimes within their folds have gone totally wrong. The cost related issues and the hiring of individuals are some of the forecasting mistakes that any business organization can run into, and hence bring problems for its own self in the long run (Dicken 2006). With the advent of time, polarization has set within the ranks of globalization between the nation-states. This is because there is a clash of civilizations where the argument has been raised in the wake of the cultural forces under the aegis of globalization are undergoing an international cultural polarization (Kiggundu 2002). These have given rise to the trend of consumer capitalism which is more often referred as the McDonaldization of sorts, and which asks of the consumers to fall at the mercy of the big players who are ruling the roost within the different markets of the world (Clardy 1998). The polarization between nation-states is important to understand because this will hamper the basis of national growth and productivity across the board, which cannot be afforded under any cost whatsoever. At times, research has proven that globalization does bring in a respite for the global poverty regimes but on the other hand, it has created more problems for the natives of the land who have lost their jobs and agreed to work for a very little fee (Wooldridge 2001). There are contrasting opinions which shall be understood within the aegis of this paper, as it time and again highlighted the fact that globalization is both good and bad for the people around the world. In the end, it would be sound to state here that globalization helps in social and environmental sustainability by bringing together people hailing from different backgrounds yet nearly all of them have same objectives and strengths, which work to best effects. The impact of globalization is such that it always creates room for broader growth and development across the board (Mackinnon & Cumbers 2007). What is best about globalization is that there are a number of recipients and that too in different corners of the world. It creates a global divide spanning different countries, which is indeed a positive if seen within the correctional perspectives (Bebbington 2007). There is a great deal of emphasis on how globalization can reap in rich dividends and bring the world to a single platform, as this is much needed in the time and age of today. Therefore economic domains are much reliant on how globalization regimes work and how they bring in value for the sake of the business realms. This is imperative as it pinpoints quite a few important pointers, all of which have been discussed within the length of this study. Bibliography Aart-Scholte, J. (2005). Globalization­ ­– A Critical Introduction. Palgrave, London Amoore, L. (2002). Globalization Contested: An International Political Economy of Work. Manchester University Press Bebbington, A. (2007). Globalization and New Geographies of Conservation. The Geographical Journal, Vol. 173 Clardy, A. (1998). Not the Workers of Nations: Industrial Relations in a Global Economy. Personnel Psychology, Vol. 51 Decker, J. (2007). Geographies of Globalization. The Canadian Geographer, Vol. 51 Dicken, P. (2006). Global Shift. Sage Publications, London Herod, A. (1998). An Unruly World? Globalization, Governance, and Geography. Routledge Kiggundu, M. (2002). Managing Globalization in Developing Countries and Transition Economies: Building Capacities for a Changing World. Praeger Mackinnon, D & Cumbers, A. (2007). An Introduction to Economic Geography. Prentice Hall, London Milman, C. (1999). Globalization, Emerging Market Economies and Currency Crisis in Asia: Implications on Economic Reform and Development. Multinational Business Review, Vol. 7 Pena, D. (2006). Globalization and Socialism: the Dialectics of the Changing World Economy. Nature, Society, and Thought, Vol. 19 Roberts, S. (1998). An Unruly World? Globalization, Governance, and Geography. Routledge Sachs, J. (2000). The Geography of Economic Development. Naval War College Review, Vol. 53 Tucker, P. (2010). The Post-employment Economy: If Developed Nations Are to Survive the Super-Automation to Come, a Total Rethinking of the Economy Is in Order. The Futurist, Vol. 44, September Wooldridge, A. (2001). The Globalization Backlash. Foreign Policy, September Read More