International Political Economy
8 Pages1930 Words49 Views
Added on 2021-05-27
International Political Economy
Added on 2021-05-27
ShareRelated Documents
Running head: INTERNATIONAL POLITICAL ECONOMYInternational Political EconomyName of the universityName of the studentAuthor Note
1INTERNATIONAL POLITICAL ECONOMYGlobalization refers the trend of enhancing interaction between people of differentcountries all over the world, based on advance technology and transportation. This processhas helped countries to develop international trade, cross-cultural activities and ideas amongpeople (Hauer 2016). Hence, globalization represents an integrated economic processincluding cultural and social aspects. According to the International monetary Fund (IMF),globalization has four chief aspects, which are, trade and transactions, migration, movementsof capital and investment and distribution of knowledge (Martinsons 2016). At present, thisglobalization has included some new concepts of environmental challenges, as globalwarming, environmental pollution related to cross-border and over fishing in ocean, thatworld is facing today. However, this essay has focused on globalization from various aspects,based on some books, written by well-known authors like Drezner, Friedman and Irwin.The term “global governance” implies political cooperation among actors oftransnational regarding negotiation of problems, which have an effect on more than oneregion or state (Ruggie 2014). At present, world governance has based on globalization andglobalizing controls of power regarding political, cultural and economical aspects. DanielDrezner in his book “The System Worked; How the World Stopped Another GreatDepression” has discussed about the global governance and policy implemented by thosetransnational actors. In this book, the writer has analyzed the role of various institutionsrelated to global economic governance and their responses regarding worst economic crisis(Drezner 2014). In this context, Drezner has also showed that despite of huge weaknessesregarding both leadership and structure, the international economic system has remainedstrong and effective to prevent a potential economical disaster. Moreover, the specified bookof Drezner has consisted with discussion regarding successes and failures of globalgovernance in the context of post-Great Recession world. Those global governanceinstitutions have consisted with 20 leading economies including the World Trade
2INTERNATIONAL POLITICAL ECONOMYOrganization (WTO) and International Monetary Fund (IMF) and so on (Dau, Moore andSoto 2016). Finance ministers, through fiscal policies, have implemented world trade rules toprotect and monitor co-ordinate macroecnomic policy for restoring economic growth afterthis economic crisis. However, according to the author, multilateral economic institutionshave continued to fail because this Great Depression has affected some economicallypowerful countries, which have remained unable to maintain their economical condition.Dani Rodrik has written another book, named, “The Globalization Paradox;Democracy and the Future of the World Economy”, where the author has addressed variousquestions related to globalization after surveying economic history for three centuries (Rodrik2014). To addressing those questions, the author has mentioned that those are related to realconcepts rather than basic economic theories or imagination regarding free tradefundamentals. In his book, Rodirk has argued on behalf of a leaner global system fordiscussing about the importance and superiority of democracy. In addition to this, the authorhas also pointed out some benefits as well as some disadvantages regarding globalization,when countries exchange goods and services freely across borders. According to him,through this process, a country may incur extra costs in terms of reduced wages,unemployment, depopulated communities and so on. Hence, according to Rodrik, a countrycannot pursue democracy, economic globalization and national self-determinationsimultaneously. Moreover, the author has also pointed out the importance of globalgovernance and its structure that can help global markets to obtain both benefits anddisadvantages (Kotabe and Murray 2018). Based on his study, it is seen that, countries allover the world have suffered for controlling promises of globalization since the seventeenthcentury empires of mercantile monopolies to the modern-day authority related to the WTO,World Bank and the International Monetary fund (IMF). For instance, the author has focusedon success and failures of the gold standard, the “Washington Consensus” and the Bretton
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Global Financial Crisis and its Impact on International Economic Governancelg...
|8
|1852
|209
5T5Z0016: International Political Economylg...
|9
|2513
|75
The Global Economy Assignment 2022lg...
|7
|1381
|37
Financial Crisis in USlg...
|10
|1851
|359
Political Economy of International Trade Assignmentlg...
|5
|681
|48
Effect of Globalisation on Sovereignty of Stateslg...
|13
|3347
|225