Economic Globalization

Ethical Perspectives 7 (1):37-52 (2000)
Abstract
It is the economic buzz-word of the 1990s, it destroys our jobs, it hollows out the decision-making power of governments, it even threatens the nation-state as the central institution of western type democracies — `it' is globalization and we are only at the beginning of it. Whether all of this is for good or ill is a topic of heated debate. One positive view is that globalization is an unmixed blessing, with the potential to boost productivity and living standards everywhere.This is because a globally integrated economy can lead to a better division of labour between countries, allowing low-wage countries to specialize in labour-intensive tasks while high-wage countries use workers in more productive ways. It will allow firms to exploit bigger economies of scale. And with globalization, capital can be shifted to whatever country offers the most productive investment opportunities, not trapped at home financing projects with poor returns. In fact, the arguments in favour of globalization differ little from the arguments in favour of a free market in a closed economy.Critics of globalization take a gloomier view. They predict that increased competition from low-wage developing countries will destroy jobs and push down wages in today's rich economies. There will be a `race to the bottom' as countries reduce wage taxes, welfare benefits and environmental controls to make themselves more `competitive'. Pressure to compete will erode the ability of governments to set their own economic policies. The critics also worry about the increased power of financial markets to cause economic havoc, as in the European currency crises of 1992-93, Mexico in 1994-95 and South-East Asia in 1997-98. And “chaos theorists” have even predicted a clash of civilizations, as Western norms and values attempt to impose themselves on other societies through the medium of globalization.But despite all the buzz about globalization, or rather because of it, globalization has turned into a notoriously difficult concept to define. It is an inflated term that is employed so loosely that almost anything can be used to illustrate its operation. This limits the analytical usefulness of the concept. In what follows, we shall introduce a more precise definition and point out the political consequences of this type of globalization
Keywords No keywords specified (fix it)
Categories (categorize this paper)
DOI 10.2143/EP.7.1.503791
Options
 Save to my reading list
Follow the author(s)
Edit this record
My bibliography
Export citation
Find it on Scholar
Mark as duplicate
Request removal from index
Revision history
Download options
Our Archive


Upload a copy of this paper     Check publisher's policy     Papers currently archived: 30,727
External links

Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library
References found in this work BETA

No references found.

Add more references

Citations of this work BETA

No citations found.

Add more citations

Similar books and articles
The Ethical Threshold.David Gandolfo - 2008 - Philosophy in the Contemporary World 15 (1):22-31.
Globalization in the Perspective of Imperialism.Robert Went - 2002 - Science and Society 66 (4):473 - 497.
Macrohistory and Globalization.Leonid Grinin - 2012 - Uchitel Publishing House.
The Globalization of Human Rights.Leslie Sklair - 2009 - Journal of Global Ethics 5 (2):81-96.
Added to PP index
2010-09-02

Total downloads
2 ( #797,760 of 2,197,335 )

Recent downloads (6 months)
1 ( #298,877 of 2,197,335 )

How can I increase my downloads?

Monthly downloads
My notes
Sign in to use this feature