Global Economic Integration: The Causes Of Global Nationalization And Globalization
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Economic globalization is characterized by the rapid expansion of international trade, integration of financial markets, multinationalization of production, foreign direct investment and capital market flows (B&A: 4) (Garrett: 790). It is perceived by economists to reduce international arbitrage costs (S&U: 301).
Global economic integration (GEI) is a phenomenon which has emerged from economic globalisation, and is defined by capital market openness (Mosley 2000). Its two main driving forces are: technological innovation and the reduction of transport and communication costs (Wolf: 181) (B&A: 1), and the liberalisation of world capital markets (B&A: 9) (Wolf: 179). Some examples of international economic organisations which have emerged as a result of GEI are the International Monetary Fund (IMF), World Bank, Organisation for Economic Co-operation and Development (OECD), and World Trade Organisation (WTO). → Limited the range of policy options available to states
There exists a common rhetoric in conventional literature that global economic integration limits the range of policy options available to states, negatively affecting/impinging
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INTRODUCTION Over history the world has undergone massive transformations and has become increasingly globalised. According to BBC, globalisation is the manner by which “the world is becoming increasingly interconnected as a result of massively increased trade and cultural exchange” (Bbc.co.uk, 2014.) Globalisation has been achieved through liberalised immigration policies, the influence of cooperations, ‘mass consumer culture’ and increased international trade.
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Globalisation is the integration between different countries and economies and the increased impact of international influences on all aspects of life and economic activity. There are many dimensions to globalisation, and there are many statistics that can be used as measures of globalisation. The major indicators of integration between economies include: international trade and trade flows, income gap between developed, emerging and developing economies and migration of labour force. Each of these indicators provides an insight into the way in which economies are now linked to each other and the extent to which a global economy is emerging. Globalisation contributes and sometimes hinders economic growth and quality of life.
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A global economy also means that those interdependences concern more and more countries, in particular EMC’s countries, that turned away from isolation and opened to internationalisation in the last decades. Regarding IMF, even if FDI flows to emerging market countries (EMCs) have decline owing largely to falling investment in Latin America, they increase rapidly since the 1990’s and have become by far the single largest component of their net capital inflows. This last example shows how countries are now more than ever tie together.
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Introduction In the past 20-30 years and even nowadays, the term “globalization” keeps lingering around our ears. Definitions of “globalization” have long been diversified but it is mainly related to economics, so most people treat it as the development on or the changes of human welfare in different countries due to the economic integration of the world, under which goods, services and capital are more mobile. Economic globalization, as a result, has benefited a wide range of international issues, including trade of goods and services, labor transference, development of multinational firms, education (as mental capital investment), poverty reduction, to name but a few. Although economic globalization benefits the world in many sides, some poor countries claim that such benefits are enjoyed by the rich countries
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3. Globalization Throughout the last decades, globalization became a real phenomenon, but history tells us that it is actually not a new social, historical phenomena, but has, under different names and manifestations, been with us for a long time. It is actually not only the continuation of the liberalization of international trade, which began in the mid-19th century with the launch of cross-border trade over long distances and later with intensive large-scale mobility of labor and capital. During capitalism, globalization has amplified due to the lust for profit, which is driven by capitalists across the globe. Indeed, globalization has significantly strengthened ever since.
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The term “Globalization” has been in existence for the past 50 years. It is one of the major causes of the increase in international trade. The Oxford Dictionary defined Globalization as “the process by which businesses or other organizations develop international influence or operate on an international scale”. It is a phenomenon that has been in the front burner for several years. Certain individuals opine that it serves as an advantage for the developing countries to compete in the global market while others were of the opinion that it favors the developed countries by making them richer (Giddens, A. 1999).
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In the late 1980s, globalization theory started to emerge as the new forms of capitalist hegemony appeared (Savage, Bagnall and Longhurst, 2004). Globalization is a process of encouraging closer political, economic, social interaction and break down or reducing the trade barriers between countries (Mittelman, 2000). It can be divided into two main categories: globalization of markets and globalization or production. Globalization of markets is a process of the worldwide market integration and has created a global market place (due to countries are reducing trade barriers). For example, in this 21st century, products that we consume or access are no longer from just one person, company or place but globally as the presence of the global market
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The EU is a supranational organisation, in other words more than one country is involved in it and that it has greater authority than any single country within it. European governments that choose to be members of the EU make an important decision to give up some of their national sovereignty and to agree on policies in social, political and economic matters which are of common interest (Perisic, 2010:2). In other words, member states’ national policies and laws are equally bound by the EU institutions, norms and regulations. Some member states seem to be better integrated than others.
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When it comes to comparing the past with the present, the idea of globalisation is deliberated quite often. The twentieth century coined the term ‘globalisation’ as international organisations were introduced, aiming to reduce trade barriers and maintaining healthy global trade relations. On the other hand, the twenty-first century induced a fear of globalisation as companies were outsourcing their production allowing certain societies to continue development while others remained constant. In June 2016, Brexit (Britain’s exit) took place because the majority of the United Kingdom (UK) voted to leave the European Union (EU). This event exhibits people disrupting the political mandate by voting against cultural and economic globalization.
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Social constructivist approaches to international institutions can account for some features of the OECD that make little sense from the perspective of state-centric rationalist theories of international cooperation. Rationalist approaches see international institutions as created and used by states because such institutions are more efficient mechanisms for those states to pursue their self-interest than could be achieved through direct state-to-state interactions. For decades international relations and a country’s policies were seen as rooted in nationalism – the assumption that all foreign relations were done on the national scale and policy decisions were made with only what’s best for that nation in mind. The idea of nationalism is based
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2. Main causes and drivers of globalization The treaty of Westphalia in 1648, has been known to be the beginning of the system of sovereign states. Unlike the previous treaties, the treaty of Westphalia drew up a list of core principles, which re-defined the conception of the state; territories were defined, and the lands uninfringeable. Supremacy of the nation-state became accepted as the norm and hence allowed growth of international relations (Pant, 2011).
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Globalisation is a process whereby flows, exchanges and interactions are transboundary in nature. People, goods, services, ideas and information are being exchanged globally with intensification and acceleration. These exchanges are worldwide and real time. The results of globalisation are interconnectivity, integration and interdependence. With globalisation, many global citizens have greater mobility, which allows them to seek better opportunities overseas.
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Globalization and Nation States Globalization has integrated and intertwined the economies of the world. In the world today, every nation has become independent on every other nation, be it through trade or through finance. Developing countries today are attracting large rounds of foreign investment, and this foreign investment is coming from the developed countries. Thus, the money of the developed countries is today invested in the developing countries.
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Introduction Globalization is a fact of Economic Life – Carlos Salinas De Gortari. Globalization is not a new thought. This process of interaction and integration among the companies, people and government of different countries is happening from ages. Technology has been the major driver of globalization. Economic life has been transformed dramatically by the advances in information technology.
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What can be defined by economic globalisation is the increasing economic integration and interdependence of national, regional and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital. Whereas globalisation is a broad of set of processes concerning multiple networks of economic, political and cultural interchange, contemporary economic globalisation is propelled by the rapid growing significance of information in all types of productive activities and by the developments in science and technology. Some theorist also defined Globalisation as a historical stage of accelerated expansion of market capitalism, like the one experienced in the 19th century with the
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