Mahler, Vincent A. The social movements have criticised globalisation as they are perceived as the main reason for economic problems such as unemployment. Negatively it has reduced the role of the state as the state cannot completely regulate the economic affairs such as trade transaction and investment of capital. [28] Scholte, pp. [13] Woods, 338. The private agencies are allowed to frame their own rules regulating their economic activities. The impact of globalisation on all the countries is not the same. Crane, George T. and Amawi, Abla. This led to the difference between the North and the South. [30] One can notice continuity and change in economic globalisation. Columbia University Press: Columbia, 1980. Within the Marxist tradition dependency theory[2] is used to explain the difference between the core and the periphery. Through GATT the dominant countries such as the USA tried to impose their economic motives on the subordinate powers as all the economies could not profit from this arrangement. [24] The sceptical scholars did not find anything new in the globalisation process while the globalists believed that this process would lead to the emergence of global world economy as it changed the social relations. [29] Globalisation has contributed to the emergence of transworld derivatives which implies that financial trader can invest money in the derivates in the stock markets of different countries. However, other scholars have supported open boarder transaction feature of economic globalisation as it has resulted in opening the economies to other economic players of the world. The Mercantilist approach is totally different from the liberal approach as the mercantilists stress the need for competition between the states which results in one state emerging superior than other states. The latter have tried to protect their interest by joining the regional trading institutions as they do not believe that the international institutions such as IMF would protect their economic interests. Internationalisation refers to the increase in the economic relationships between the states with reference to import and export of goods. This removed the distance barrier between different countries and provided opportunity for the economies to exploit the markets in the other countries. These currencies are not regulated by the laws of the nations. [10] Woods, p. 330. [14] Due to the Asian crisis the Asian countries such as Thailand, Malaysia, and Korea approached IMF which imposed severe conditions on these countries. [30] Scholte, p. 612. [8] Woods, p. 331. Dependency Approaches to International Political Economy A Cross National Study. These details prove that there has been creation of difference between different countries due to the ability of some countries to create more wealth than the others. [12], The scholars have also discussed the various aspects of globalisation which include issues such as: internationalisation, technological revolution, deterritorialisation, and liberalisation. [9] Woods, P. 328. [22] Scholte, p. 601. Such rich countries have established their domination over other countries. This has resulted in the gap between the North and South economies. This has led to differentiation between international trade and global trade. [4] Ngaire Woods, “International Political Economy in the Age of Globalisation”, in John Baylis and Steve Smith, The Globalization of World Politics An Introduction to International Relations, 2004. pp. Greenwood: Westport, 1998. By continuing we’ll assume you’re on board with our cookie policy, The input space is limited by 250 symbols, Approaches to International Political Economy. (2016, Jul 07). There was the emergence of new concepts such as transworld production, transworld securities, transworld trade and so on. [4], In America, the scholars have used the neo utilitarian ideas which refer to the use of economic concepts to explain political developments. They are found mostly in the wealthy and urban regions. [7] After 1970 the scholars realised that there was a need for the discussion of the IPE through their publications. (eds.). In spite of this one can notice the existence of capital controls in many countries which try to protect particular sensitive sectors. [21] Economic globalisation was promoted by the international agencies such as Bank for International Settlements, WTO, OECD, UNCTAD, and World Bank Group. [18] Woods, p. 344. [19] Woods, p. 345. [16], The institutionalists believe that globalisation would benefit both the strong states and weak states as they agree to cooperate with each other. [16] Woods, p. 342. In the modern period there was the introduction of the Bretton Woods system which refers to the acceptance of the international trading powers that the exchange rates would depend on the dollar gold standard. [28]There has been the emergence of transworld banking which refers to the transworld deposits, transworld money lending, and transworld fund transfer.
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