Conflicting perspectives on ‘globalisation’ Flashcards
Question: How is the term ‘globalization’ often perceived?
Answer: The term ‘globalization’ is seen as highly misused and confused, with various superficially converging trends being lumped together without proper distinction.
Question: What are hyper-globalists’ views on globalization?
Answer: Hyper-globalists believe in a borderless world where national boundaries are less relevant. They see globalization as the new economic order and argue that nation-states are no longer meaningful actors.
Question: What is the concept of ‘time-space compression’ in the context of globalization?
Answer: ‘Time-space compression’ refers to the idea that advancements in technology and communication have reduced the time and space required to connect distant places, making geographical boundaries less relevant.
Question: According to Thomas Friedman, what is the perspective presented in “The World is Flat”?
Answer: Thomas Friedman presents an optimistic view of globalization, arguing that advancements in technology have created a level playing field, enabling individuals and businesses to compete globally.
Question: What is the Occupy movement’s stance on globalization?
Answer: The Occupy movement offers a contrasting view, highlighting the negative consequences of globalization, particularly economic inequality and the concentration of wealth and power.
Question: What does the term ‘two-speed economy’ refer to?
Answer: The term ‘two-speed economy’ suggests that globalization affects different regions and groups at varying rates, leading to disparities and imbalances in the global economy.
Question: How did the 2008 financial crisis impact free-market ideology associated with globalization?
Answer: The financial crisis challenged traditional free-market ideology, leading to calls for greater regulation and government intervention in the economy.
Question: What do neo-liberals advocate regarding globalization?
Answer: Neo-liberals, often associated with the political right, promote globalization as an ideological project beneficial for the majority. They argue that it is a solution to global inequalities and advocate for free markets and limited government intervention, often called the ‘Washington Consensus.’
What do ‘Sceptical internationalists’ believe in ?
Instead, they argue that the world economy was more open and integrated before World War I (WW1) and that we currently have an international, rather than a fully globalized, economy. They believe that the world economy still operates with significant national borders and government regulations influencing economic activities.
How was the world economy before WW1
Sceptical internationalists contend that the world economy was more interconnected and open to international trade and investment prior to WW1. During this period, countries engaged in significant cross-border economic activities, and global commerce flourished. The First World War and the subsequent rise of protectionist policies led to a reduction in global economic integration, as countries turned inward to safeguard their domestic industries and resources.
How type of proof do sceptical internationalists use
Quantitative and aggregative empirical evidence. Historical data and economic indicators support their claim that the level of global economic integration during the pre-WW1 era was more significant than what is often assumed. For example, they look at records of international trade, investment, and financial transactions between different nations during that time
How do skeptical internationalists analyse economic data?
Using nation states as statistical units. Believe that looking at the entire world as one big group might not give us a complete picture of how different countries trade and do business. Instead, they look at each country separately and study their economic relationships with other countries.
