Summary
Summary International Political Economy IPC3702 - Globalisation Essay
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- University Of South Africa (Unisa)
Summary International Political Economy IPC3702 - Globalisation Essay
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Globalisation:Introduction:
After the Cold War the pursuit for wealth, prosperity and markets remained strong,
where globalisation became the dominant force of the global economy towards the
end of the 20th century. It is a controversial concept, with many different perspectives
on its meaning, implications, significance and manifestations.
Scholte (1997; 14) refers to globalisation as a, “process whereby social relations
acquire relatively distance less and borderless qualities, so that human lives are
increasingly being played out in the world as a single place”.
Body:
It is important to make a distinction between globalisation and internationalisation,
where the latter refers to a process of “intensifying connections between national
domains” – the result is that states may have a profound effect on one another, yet
remain distinct and separate places, whereas globalisation indicates a borderless
world.
With reference to Scholte’s definition of globalisation, the following are
characteristics to expand the definition of globalisation.
Universal availability of information via the internet
Internationalisation of products, shifting the balance of power between
corporations and governments in favour of companies
The scale and rapidity of global financial capital flows
Homogenisation of global values brought on by capital broadcasters, global
branding and global advertising
A number of events and developments aided the growth in globalisation. Some of
these include: the emergence of powerful multinational corporations in North
America, Europe and Japan; improved global communication; the opening of vast
markets in Eurasia and China in the aftermath of the collapse of the Soviet Union in
1991; and the rapid commercialisation and adoption of new technologies.
The next few paragraphs will be discussing the dominant manifestations of
globalisation.
The development of communication is one of the best examples of
globalisation. Computer networks and electronic mass media enable any
individual, anywhere in the world, to have immediate contact with another
individual
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