• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Globalisation is the way forward for both rich and poor. To what extent do you agree with this statement? Explain your reasoning.

Extracts from this document...

Introduction

MANAGEMENT ASSIGNMENT: Question 1: "Globalisation is the way forward for both rich and poor." To what extent do you agree with this statement? Explain your reasoning. Word Count: 1498 Introduction What is globalisation? Definitions vary from one source to an other, and are usually too narrow, i.e., they consider just one aspect of globalisation, and most often, the economic side solely. A comprehensive definition of "globalisation" could be the following: "Globalisation refers to increasing global connectivity, integration and interdependence in the economic, social, technological, cultural, political, and ecological spheres." (Wikipedia) Is this a new phenomenon? No, is it not. Evidence of this was found in old writings, some of them dating back to 60 AD ! In fact, the roman stoic philosopher Seneca was already criticising an early type of "globalisation" (even though this word didn't exist yet) : "Our ancestors have known the time of innocence, they were without malice, they were staying at home peacefully, they were growing old on the fields of their ancestors (...) Back then the world was multiple (...) Barriers have been moved, on the virgin lands towns have been edified, the world is etched with pathways, everything moves, nothing stayed the same." (Edee, Seneca) The word "globalisation" appeared when globalisation expanded rapidly due to the creation of new technologies thanks to which information, products and people can travel faster and cheaper, e.g., aircraft, the Internet, cellular phones, etc. ...read more.

Middle

The WTO is composed of 147 country-members, which represent "90% of the value of world trade. The WTO's main role is to promote a fair international trade by eliminating or limiting trade barriers such as tariffs, quotas, etc. The WTO has been given more power than its predecessor and can actually act like an international court with trading cases, namely it can arbitrate trading disputes between states and issue a decision which will be legally binding. It can also sanction countries which do not comply with its decisions. The WTO is supposed to reach decisions (either when arbitrating disputes or when discussing new agreements) democratically: the majority of the country-members' representatives have to agree for a decision to be effective. However, many detractors of the WTO believe that decisions made by the WTO are usually bias, in favour of the developed countries. Some arguments support this view. Indeed, if the WTO is as democratic as it claims to be, how come the 17 most accessible countries to import penetration are African? How come promises made by developed countries and taking the form of an agreement are not enforceable (e.g. the Doha agreement, Qatar, 2001) ? Lobbies seem to be a major barrier to the WTO's democracy. Other global institutions include the International Monetary Fund (IMF) which promotes "global monetary cooperation" and "financial stability", the World Bank which lends money to the developing countries, the United Nations which aim is to preserve peace through international cooperation, and finally, the G8 ( the Group of Eight Nations) ...read more.

Conclusion

b. In 1992. c. In 1950-55. Published by the United Nations Department of Public Information, DPI/2171/G - June 2001 The standard of living can also be assessed thanks to other data such as the country's political system (freedom of expression), the identity of a nation (feeling of being part of something), employment (see "the economic aspect of globalisation") and the environmental negative externalities (pollution). Thus, some believe globalisation improved people's 'quality of life' by promoting democracy. Indeed, the worldwide growth of education, as well as the increase of information and communication technologies have spread the democratic ideology all over the world and made the implementation/subsistence of totalitarian systems very hard. On the other hand, detractors of globalisation often use cultural and environmental arguments to criticize the social outcomes of globalisation. Some see globalisation as "americanisation" and dread a universal culture standardisation, with 'weaker' cultures slowly disappearing. Environmental protectionists point out that globalisation increase the planet's level of pollution by encouraging the overexploitation of scarce resources (e.g., deforestation) and increasing the need for transportation. Conclusion Globalisation could be the way forward for both rich and poor, if rich countries accepted to play more fairly in the economical sphere, or if poor countries had more political power to protect their interests. The social protecting systems should also be improved in developing countries, so the population can benefit from the economic growth. Until then, globalisation will mainly benefit the richest countries. 5 ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level UK, European & Global Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level UK, European & Global Economics essays

  1. Marked by a teacher

    Advantages and disadvantages of Globalisation. Need for development.

    4 star(s)

    Western 3rd world investments bring us profits and cheap imports but the 3rd world gains heavily as they can rarely find capital for growth via their own savings with their low real incomes. Globalisation's negative image. The often confused criticism from protestors has focused criticism on much western abuse of its power.

  2. Why has GDP growth been so slow in Somalia?

    in 1991 and is ongoing. There are multiple causes of civil war. When looking at the statistics Somalia is the perfect environment for internal conflict to breed in. Countries which have a substantial share of their income (GDP) coming from the export of primary commodities are radically more at risk of conflict.

  1. 'Anarchy is what states make of it' (A Wendt) Do you agree?

    The meanings that actors give to their practices do not come from private views but rather from society or culture. Individuals fight to come up with and fix the meanings of important concepts such as human rights and sovereignty, and their often rival interpretations frequently come from their differing cultural settings.

  2. To what extent has globalisation created a 'borderless world'?

    After 1945, as trade barriers came down, and trade revived - the second wave of globalisation. This lasted until 1980. Since then, there has been unprecedented global economic integration. Globalisation has happened before, but not like this. What had been many separate national economies started to integrate; the world's economies globalised.

  1. Where does the World Trade Organisation fit in the overall scheme of international public ...

    external change.46 To reiterate, classical liberal-type rules - what Hayek calls "negative ordinances" - protect private property rights against big, discretionary government. This was clearly appreciated in the nineteenth century, especially in British economic policy in the second half of the century.

  2. To What Extent Did Imperial Concerns Guide British Foreign Policy Between 1890- 1907?

    as 'Caprivi's new course' were the new policies introduced by the latest German Chancellor. "He sought to disengage the Reich from the web of international commitments which had been spun by Bismarck" (Eric Wilmot) with this new attitude in mind parallels can be drawn with the way Salisbury conducted his foreign affairs- conveniently although misleadingly dubbed 'splendid' isolation.

  1. To what extent has globalisation been benefical to China's economic growth?

    China's accession to the WTO symbolised its ongoing integration into the world economy, providing more secure and predictable market access both for China and its trading partners. China has seen incredible economic growth from the late 1970's to the new generation we live in today.

  2. How the process of Globalisation might have affected the position of labour in industrialized ...

    May look like two targets with one shot. However, here the question comes how does it affect labour in developed countries? There are two main issues to be considered: first, what happened to the jobs in case of companies moving outside the country and, second, do cheap imports (may be

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work