To what extent is globalisation a relatively new process in world politics

Authors Avatar

To what extent is globalisation a relatively new process in world politics?

Globalisation is an intensely contested and often misunderstood concept. There are many debates concerning globalisation however one debate will be looked in particular. The debate of whether globalisation is a relatively new process in world politics.

Globalization is not a new phenomenon. To state that globalization is a new concept is to state that international trade is a new phenomenon. It has been a concept, and a major precept of Classical economists, ranging from the physiocrats to David Ricardo. He talked a lot on Mercantilism. Mercantilism was a prevalent economic strategy during the sixteenth century and up till the seventeenth century, because it supported the political structure and the economic circumstances of that time. Mercantilism is an economic strategy that makes the assumption that wealth is finite. To become wealthy, a country must colonize to search for new sources of species (precious metals), take other countries’ wealth, and maintain a favourable balance of trade. This meant the government must dictate economic activities, internally and externally, making the country into a closed economic system. However, the physiocrats believed that government intervention not only artificially inflates prices; government intervention is also a detriment to the development of higher quality products. Reforming economic choices towards free market was the first step to globalization. Ricardo also wrote about a world where countries should specialize in a particular industry and trade with each other for the greater good. The shift from mercantilism to classical economic ideas caused the British, French, and Germans to trade openly with each other, which is a perfect model of globalization.

Join now!

As the free market system became the prevalent economic model, imperialism grew as an economic strategy. Imperialism was greeted with harsh criticism. Dependency theorists stated that the underdeveloped countries were being ‘raped’ by the major economic powers. Dependency not only stripped the underdeveloped country of its resources, but it also subjugated them to the industrialized country and to their product dumping. According to Lenin, imperialism was the systematic exploitation of underdeveloped countries by the Financial Capitalists, wanting to gain profits off their quasi-colony.

There is nothing particularly new about the existence of globalisation. The reasons that it has ...

This is a preview of the whole essay