Globalisation Critique

Question 1

Which companies/communities have received the most benefits from globalisation?

Answer 1

• NEEs - Many NEEs have developed rapidly due to inward investment and have emerged to become major economic powers, giving the opportunities to compete with more developed, wealthier regions of the world
• TNCS - Large companies have grown in a number of different industrial and service sectors, but mainly based in devloped countries, TNCS from emerging economies have become global powers
• International Organisations - Organisations such as World Bank have all contributed to globalisation of economics and consolidated their position and control in world affairs
• Regional Trading Blocs - More trade agreements evloved which benefit their members.

Question 2

What are some costs of free trade within globalisation?

Answer 2

• Injustice of free trade not providing sufficient protection emerging industries in developing economies meaning they cannot compete with developed countries in the free market
• More developed countries protected by tariffs on agricultural imports
• Unjust exploitation of workers and poor working conditions

Question 3

What are the risks of economic interdependence?

Answer 3

• A negative economic shock in one country can quickly spread to others, especially if it affects a countries banking critique

Question 4

What are some inequalities faced within globalisation?

Answer 4

• Developed countries hold much of the power and can exploit NEEs or manufacturing countries

Question 5

How does global governance promote growth and stability?

Answer 5

• Laws and norms international institutions enforce means that countries must abide by common rules, giving greater stability, as countries know how other countries will react, decreasing chances of conflict.
• Trade rules help make sure countries don’t take advantage of each other, so all countries can develop