Brian Millen 11/27/11 Intro to Politics Fordham University

Globalization is a phenomenon described by Isaac Balbus as “the progressive transformation of the entire world into a private-enterprise market economy.” This is done through an increasingly global flow of people and culture, but mostly through a global market with virtually no regulations in which transnational corporations can trade as they please. Globalization has been undergone for centuries. However, the process has quickened and strengthened as a higher degree of power and privilege has been granted to business in recent decades. Intergovernmental institutions such as the International Monetary Fund and the World Bank were created to foster economic cooperation and provide aid to developing countries interested in participating in this global market economy. Instead, these organizations have pursued laissez-faire free trade policies in exchange for their loans. Despite the several benefits of globalization, there is an overwhelming amount of negative results to be found. It makes monetary value the only value to be found on earth. It sacrifices all other meaning and replaces it with dollar signs. It suggests the need for only one homogeneous culture for everyone on the planet that would damage the integrity of the way of life of indigenous people all across the world. All would be integrated into the ever-increasing fast paced lifestyle of the First World at whatever cost to their own pace of living. The actions of the IMF, World Bank, and World Trade Organization have been shown to

In short. is to what extent to we act. According to Bhagwati. and has already had positive impacts on the world. but he argues that reducing the barriers to free international trade can be a very powerful force for the good. Accepting all of the good things about as collateral is not enough. One of the most prominent advocates of globalization and free trade today is Columbia Economics professor Jagdish Bhagwati. as America could be the powerful leader that the world would need. Unless there is some governing body that exerts control over the market. though. the condition of workers and the environment must suffer. all of these problems will increase. There are those who feel regulation and more global governance can solve the problem and there are those who would rather fight to keep cultural identity alive and do away with this global network entirely. we need a global society to support our global economy.” He argues that global institutional law that could balance out the power of business would facilitate a flourishing global economy as well as meet various social needs that are neglected by the current system.increase poverty in developing countries. it would never subordinate itself to an international law. He acknowledges certain injustices that globalization is responsible for. There is no denying the need for some kind of change to occur to offset the problems created as a result of globalization. This is foolish. “We need some global system of political decision making. As the earth’s biggest superpower. The lack of regulations themselves is a problem itself because it leaves this process to continue with no end in sight. Since there is no regulating body. He makes the point that the United States would most likely be the greatest opponent. Soros cites as the biggest obstacle to even opening a conversation about this is nations that would be unwilling to submit to a more powerful authority. The question. globalization is to thank for the lessened income disparity between men and women in the United . Is this necessary or a possibly violent step taken too far? Is there some sort of middle ground? Is there anything we can do to make globalization beneficial to everyone? George Soros says.

The Crisis of Global Capitalism: Open Society Endangered. 1998. Foreign competition left America to rid its workplaces of discrimination in order to maximize efficiency. PublicAffairs. <http://www. Bhagwati. Daniel. Print. In Defense of . 2011. pag.States. Isaac. Governing Subjects: An Introduction to the Study of Politics. Web. Drezner. Jagdish. n. Balbus. 8 Dec. 2004.>. 2010. Another accomplishment he credits globalization with is the reduced number of young children working in rice paddies in Vietnam. New York Times 18 04 2004. 1st ed. . George. The financial stability granted by money made from exports allowed these children to attend schools.html>. <http://www. Print. New York: Routledge. USA. Print. Oxford University Press.

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