Optimal or Ideal Amount of Globalization
Globalization is one of the major concepts in the contemporary world that has emerged from the widespread interconnectedness. The idea of globalization originates from the widespread connection of widening, accelerating, and deepening of global interconnectedness in every aspect. Consequently, globalization is described as an increase in the degree of cross-border resource flows and economic interactions. These interactions and resource flows create qualitative changes in relationships between countries and national economies. In the past few decades, globalization has been characterized by foreign direct investment, merchandise resource flows, and cross-border monetary investments. However, there are different opinions and views regarding the optimal or ideal amount of globalization. This issue has been characterized by differences of opinions between the Critics and Hyperglobalizers. The determination of a personal decision on the issue requires consideration of various aspects like the risks and benefits of the free trade and capital flows, immigration, and global governance.
Overview of Globalization
Globalization is a concept that has been widely used in politics, the media, and business in the past few decades. Generally, globalization is a concept or term that refers to the fact that people live in one world. Despite the emergence of this concept in the past few years, the process of globalization has been taking place for a long period in the history of mankind. In the past few decades, the process of globalization has largely been regarded as an economic phenomenon that influences economic relations between nation states. The economic perspective of this process is attributed to the increased spread of transnational corporations, worldwide production processes, global distribution of labor, integration of financial markets, and huge volume of cross-border capital flows.
There are other aspects related to globalization including the development of information and communication technology that promotes information flows. Technological advancements have made it easy for people to communicate across the globe regardless of their specific location. Political changes are also elements that relate to modern globalization because of the growth of global and regional governance mechanisms. In essence, globalization incorporates various things including the global flow of ideas and knowledge, international civil society, sharing of cultures, and international environmental movement (Stiglitz, p.4).
Personal Position on the Issue
Globalization has become a major contentious issue and increasingly controversial topic in recent years. While many people recognize that there are several major transformations that are taking place in the modern society, the degree with which these transformations can be classified as globalization is increasingly controversial. Moreover, the controversy associated with the issue of globalization emerges from the fact that it is a turbulent and unpredictable process that is understood differently by different people. Globalization is the process through which some of the major societal conflicts including issues of basic values are expressed (Stiglitz, p.XIV). However, the main contentious issue regarding globalization is on what is the optimal or ideal amount of globalization.
This major contentious issue has attracted differences of opinions between critics, hyperglobalizers, and traditionalists. Skeptics or critics have constantly stated that the concept of globalization is overstated and its associated theories do not explain a new phenomenon or concept. Using 19th Century trends on global trade and investment, critics state that the current levels of economic interdependence, which have mainly been attributed to globalization, are not unprecedented or new. As a result, they argue that the economic phenomenon that has been utilized as the basis of defining globalization does not support this concept. According to critics, the only difference between globalization in the modern society and in the past is the increased interaction between countries. Therefore, the present world economy is not adequately integrated to support claims of an actually globalized economy. The idea that globalization is undermining national governments’ role and creating a new world order has been rejected by critics on the premise that these governments are at the center of regulating and managing economic…