Globalisation And Globalization

A strong facet of globalization and international integration in general is the idea behind economic vitality being spread to undeveloped parts of the world. Most striking and most intriguing about this interconnection of economies at the international level, is its function as an autonomous force. Globalization is seemingly uncontainable—as reflected in the blurring of country borders for trade purposes—even by geographic location. In other words, free trade exemplifies globalization’s ability to convert what was traditionally a very complicated or complicated process into something that occurs within seconds now. Presumably, a lot of the ambiguity regarding economic globalization comes from the idea that it cannot be If there’s one ultimatum

In Kicking Away the Ladder, Ha-Joon Chang, an economist, contests that this exchange of business ideals comes with a set of western principles—privatization, liberalization, and deregulation—associated with the interconnectedness of globalization and neoliberalism. Chang argues that the spread of these policies through the popularization of free trade follows a very “one-size fits all” model that doesn’t necessarily work for all developing countries. Continuing this rather skeptical argument, Chang states “developing countries grew much faster when they used “bad” trade and industrial policies during 1960–1980 than when they used “good” (at least “better”) policies during the following two decades. The obvious solution to this paradox is to accept that the supposedly good policies are actually not good for the developing countries but that the “bad” policies are actually good for them.” In this quote, the bad policies are the “primitive” state policies that typically regulate markets, and the good ones are the adopted neoliberal policies that stem from western ideals spread through globalization. Consequently, Chang remains dubious in accepting the notion that globalization would automatically opt for development and that free trade seems to operate as a panacea for poverty. Congruent to this argument is Richard Robbins, author of Global Problems and the

In direct argument to Chang, other economists, such as Jagdish Bhagwati, are less apprehensive about deeming international trade a positive thing, rather marvel it as a generative force against destitution in third world countries where the economy is moldable. In his novel Poverty and Reforms: Friends or Foes, Bhagwati mentions India as an example of this paradigm or the need of fair trade to eliminate poverty. “I argue that pro-globalization and proprivatization economic reforms must be treated as complementary and indeed friendly to both the reduction of poverty and social agendas. I maintain that poverty reduction and advancement of social agendas require not merely a policy focus on schooling, public health, etc., but also simultaneous attention to reforms aimed at improving the economic efficiency and growth of the economy.” He uses the terms growth and development interchangeably and attributes the development of impoverished slums in India to fair trade programs as apart of government reform. His argument undermines that of Chang by linking participation in global capitalism as more than just a way to decrease poverty, which seems to be generating this less singular idea that the deconstruction of trade barriers allowing for free trade also allow for global citizenship and participation in equity investment system, which is a very western notion. In spite of this, Bhagwati