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ASSESSING THE VALIDITY OF DONALD SNOW’S THEORY ON GLOBALIZATION AND THE EXTENT OF PRIVATIZATION

ASSESSING THE VALIDITY OF DONALD SNOW’S THEORY ON GLOBALIZATION AND THE EXTENT OF PRIVATIZATION

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Published by Dustin DeMoss
by Dustin DeMoss
by Dustin DeMoss

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Published by: Dustin DeMoss on Aug 23, 2011
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05/12/2014

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ASSESSING THE VALIDITY OF DONALD SNOW’S THEORY ON GLOBALIZATIONAND THE EXTENT OF PRIVATIZATIONIntroductionAt the turn of the 21
st
century, academicians, political pundits,and the media were abuzz about recent developments in technologyand global economics and commerce. The Internet had seeminglyemerged from oblivion to become one of the sensationalphenomenons of the twentieth century. As political scientistDonald Snow assessed the landscape, it became apparent to himthat U.S. domination in the aftermath of the Cold War wasshaping the world in new ways. Specifically, America's approachto free market economics was apparently taking the world bystorm. The once isolated nation of China, for instance, wassteadily emerging as an economic power-player following historicreform measures ushering in free market policies. Looking to the21
st
century, Donald Snow argued that a major characteristic ofthe new global system is the extent to which it is privatizedand not controlled by governments. That is, for Snow, theemerging international system would be characterized by "theglobalization of market economics" which implies a movementtowards privatization.
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The following discussion assesses thevalidity of this claim.
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Donald M. Snow, The Shape of the Future: World Politics in a New Century(M.E. Sharpe, 1999), 210.
Cases in Point – Privatization in the Far EastAs any news savvy person knows, tremendous economic developmentshave take place in recent years in the Far East. The tinycountry of Taiwan, for instance, which was once a country ofpeasants living in abject poverty, has been transformed throughaggressive reforms that have encouraged Foreign DirectInvestment (FDI) and privatization of businesses and markets. Asone expert reports, Taiwan is now the world's leading exporterof electronics and computer hardware and has been transformedinto “a modernized paradise."
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Development in India has alsobeen nothing short of phenomenal over the last two decades. Aswidely recognized, India has become a leader in providing globalservices such as software development, call center support,financial services, and much more. Again, the key to thesephenomenal developments in India has been reforms calling forprivatization of markets and FDI. In fact, in assessing India’spast development and future directions, one expert insists that
 
“privatization and enhanced access to FDI” represent the nextbig frontiers for economic development in India.
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S K Choubey, N. G. Pendse, and Narendra Shukla, Economic Reforms in India:Need, Effects and Suggestions (Sarup & Sons, 2005), 7.
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Ramesh Chandra, Globalisation, Liberalisation, Privatisation, and IndianPolity: In 8 Volumes (Gyan Publishing House, 2004), 72.
Have the Winds Changed?In the wake of the current economic crisis, growing concern overthe failures of the free market has given rise to seriousdiscussion about government regulation of markets and privatecompanies. Bailout measures in the United States involvingcorporate behemoths AIG, General Motors, Ford, Chrysler,insolvent financial institutions, and other companies are saidto come with strings attached. That is, President Obama andCongress are calling for stricter regulation and control of WallStreet and private companies that receive bailout funds. Infact, as reported, the bailout is engendering rage across thenation over the government’s apparent move towards socialism.
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On the international level, of course, all eyes are on Americaas the country deals with the aftermath of what has commonlybeen referred to as the inevitable fallout of casino capitalism.ConclusionCritics of capitalism are quick to cite the recent marketfailures as proof that free markets and privatization are theproblem. Nevertheless, the phenomenal emergence of nations likeTaiwan, India, and China attest to the validity of Snow’sassertions regarding the new global system and the extent to
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Bailout rage: "Socialism in America...Welcome to the Third World!" LosAngeles Times. Article on-line. Available fromhttp://latimesblogs.latimes.com/laland/2008/09/bailout-rage-so.html
which it is privatized and not controlled by governments. Thatis, clearly casino capitalism has created the current globalcrisis and stricter regulation is needed to protect globalmarkets and the economy. But, in the end, free market capitalismand privatization drive global development and economicprogress.

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