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Globalization is a term that has been defined variously, with most scholars agreeing that it entails a process, a situation, a system, a force, and an era that is characterized by intense technology in communication and transport. Through globalization, Steger is of the view that boundaries are no longer relevant because states are forced to allow goods and services to circulate freely without the restrictions that existed in the previous years (Steger 4).
Globalization has ensured that dramatic changes take place in the way goods and services are manufactured, something that signifies a change in global economic production. New technologies facilitate the easy transfer of commodities and services from one region to the other. Additionally, the advent of the internet allows merchants to communicate with ease and enables the advertising of products on social networks, such as Facebook, yahoo, twitter, and Google. In fact, many studies indicate that technologies are transforming the social interactions meaning that interrelations and human communications are based on market-centered.
From this perspective, it is noted that the current global economic order is based on three major strands, one of them being the huge transnational corporations (TNCs) while the second is powerful economic and financial institutions, such as the IMF and the World Bank. Finally, the expanded regional organizations, such as the European Union (EU), Asian Pacific Economic Cooperation (APEC), and the ASEAN serve as the third strand. The new world economic order traces its origin in the Bretton Wood Organizations, including the IMF and the World Bank.
Globalization dictates that for any sustainable economic order to be achieved, the deregulation of major economic events is critical, such as applying uniform policies and rules in the production and distribution of products and services. Additionally, all barriers to trade have to be done away with, and these obstacles include things such as wars, bad leadership, and human sufferings. It was established that the state had to follow the established standards as far as governance is concerned.
This means that egalitarianism is compulsory, as it is believed that democracies do not go into war with each other. Again, global economic development calls for the establishment of the binding rules, which are known to create some fairness in the way goods are produced and consumed globally. Currently, many advocates of globalization are obsessed with the issue of the elimination of barriers in trade (Selden 14). In fact, globalization is based on the concept of deregulation, which is closely related to the views of neo-liberalists.
It is concluded that the current global economic order has losers and winners. First, the state is the loser because it does not have the ability to influence global economic matters, but instead, it depends on the market forces. For instance, the government cannot claim to control the prices of products, even though it comes in whenever issues of quality and safety standards are raised. The emergence of complex economic, social, and political systems, which is the result of globalization, forces states to enter into agreements with each other in order to survive. As realists would observe, each state is concerned with its national interests, but they cannot be realized without forming strong partnerships with other actors (Smith 93).
On the other hand, supranational and multinational organizations are the main beneficiaries of the global economic order, as they have the power to determine the direction that other actors should follow. For instance, Bretton Wood organizations have been designing the economic policies of many developing countries as a requirement for the granting of financial assistance.
Works Cited
Selden, Mark. “Economic Nationalism and Regionalism in Contemporary East Asia”. Asia-Pacific Journal, 10.1 (2012): 1-21. Print.
Smith, Laurence. The New North: The World in 2050. London: Profile, 2011. Print.
Steger, Manfred. Globalization: A Very Short Introduction. Oxford: Oxford University Press, 2013. Print.
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