Globalization and International Political Economy Essay

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International Political Economy and Globalization

1- Exercise your reasoning skills by using clear points and illustrations from Global Trade and Economy Industries, give two or more reasons which justify the definitions of Globalization. Use a reasonable meaning regardless of its rigidity and typical nature.

Globalization refers to the growing international dependency of worldwide nations and organizations as a result of cross-border trading of amenities, cultures, technological concepts as well as information. (Mingst and Arreguin 2011. 161)

Furthermore, the basic principle of globalization originates from the comparative advantage model. This model is of the notion that nations that are renowned globally to produce certain commodities are at an advantage of exporting those commodities to nations that are not capable of generating such goods. On the other hand, the less capable nation is also able to trade what it is best able to produce to the former nations. This results in trade exchanges between nations as there is not one country which can produce everything on its own. In addition to this, the existence of diverse assets in each country provides an advantage in all the involved nations. (Sciubba, 2011. 80)

However, practically all elements of this present world has been influenced by globalization. For instance, a Federal Reserve Bank of San Francisco report of 2010 indicated that nearly 35.6% of the garments and footwear that are retailed in the United States originated from China. This is in comparison to barely the 3.4 % of those items that were locally made in the United States. This form of trade is shown to have advantages such as the increase in Foreign Direct Investment (FDI) compared to global trading. This increase enhances technological exchange, business reformations as well as the expansion of international corporations. (Mingst and Arreguin 2011. 165)

Moreover, globalization results in enhanced competition which facilitates the growth of novel technology. The increase in FDI streamlines business operations thus enhancing the trade and industry outcomes. Not only that, but globalization also facilitates the realization of cost advantages which minimize business expenses thus resulting in huge profit margins among global companies. The downside of this is that local small scale enterprises tend to suffer economically. (Mingst and Arreguin 2011. 165)

Globalization has nevertheless faced a backlash from several critical minds who claim that globalization only seeks to exploit the impoverished who ultimately sponsor the affluent lifestyles.

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This may not augur well, considering we live in a world where equality as well as the concept of fair and just interrelations between people and the society is highly advocated for. Societal strains have been observed in communities where globalization has only benefited a certain group out of the entire nation. These strains often lead to violence and prejudice. Amy Chua, who is a connoisseur of globalization, blatantly states that global policy makers must address this emerging trend of disparities created by globalization. (Mingst and Arreguin 2011. 167)

As a result of the current worldwide economic calamity, the prevailing fact is that most of the young adults who innately belong to certain societal clusters never seem to overcome such lifestyles. This has been caused by the effects of globalization which tends to shine its light on those who possess competent abilities to suit in certain job positions which elevate their social lifestyles. In as much as this is just one of the many probable causes, the time has come for the influential citizens to seek solutions to these issues simply because globalization ought to positively enhance the lifestyles of all people in the society. (Sciubba, 2011. 82)

Last but not least, a point worth noting is that an increase in the economy should foster equal sharing of resources, ecological conservancy as well as social accountability. Lack of equal sharing of resources as well as unfair treatment in the society are the causes of social upheavals experienced in countries. What was experienced in the Arab Spring upheavals only goes to show that there is a clear division between the impoverished and the affluent as each class seeks to fight for the nation’s resources. As such, the root cause of these issues should be identified and nabbed. (Mingst and Arreguin 2011. 169)

2- Reasoning with clear ideas and examples, provide at least two main justifications for International Economic Development as a legitimate component of Globalization, and two of its main criticisms? Have a working definition of International Development even if highly elastic and normative. How is this distinguished….....

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Bibliography

Mingst, Karen A., and Ivan M. Arreguín-Toft. Essentials of International Relations: Sixth International Student Edition. WW Norton & Company, 2013.

Sciubba, Jennifer. \"INTS 100-02, Introduction to International Relations, Spring 2011.\" (2011).

Simmons, Beth A., and Zachary Elkins. \"The globalization of liberalization: Policy diffusion in the international political economy.\" American political science review 98, no. 1 (2004): 171-189.

Theron, P. M., and G. A. Lotter. \"The necessity of an integral Christian worldview: reconnoitering the challenges for influencing the unbelieving world.\" Koers 74, no. 3 (2009): 467-493.

Van den Berg, Hendrik. Economic growth and development. World Scientific Publishing Company, 2016.
https://www.youtube.com/watch?v=3c8zRQ27rNo

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https://www.youtube.com/watch?v=76FsIlO06Xs

https://www-jstor-org.ezproxy.liberty.edu/stable/2647061?pq

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