What are the unique socioeconomic features and phenomena in the age of globalization? What are the major disagreements between globalists and skeptics in viewing the consequences of the process? Whose position is more convincing?
Student No: 10342923
Student Name: Leung Tak Man
TMA 6
Question:-
What are the unique socioeconomic features and phenomena in the age of globalization? What are the major disagreements between globalists and skeptics in viewing the consequences of the process? Whose position is more convincing? Illustrate your answer with empirical evidence.
Answer:
Globalization has not been a new phenomenon, it takes a number of forms in the contemporary world which mark it off, quantitatively and qualitatively, from its antecedents. It can be understood as a set of technology, institutions and networks operating within and at the same time transforming contemporary social, cultural, political and economical spheres of activity (Schirato and Webb, 2003: 10 & 21). Sociologically, the idea of globalization has a long history and such term can be found within classical Marxist Sociology which refers to capitalism as a global process. According to Marx, the development of capitalist social relation is the key factor leading to the associated social, political and cultural changes on global scale. Even nowadays, globalization is often portrayed solely as a result of economic phenomenon.
Nonetheless, globalization itself is a contest term and it has become an influential of sociological idea as it can bear different meanings and varying levels of significance, depending on which theoretical perspective that underpinning the analysis in question. Different perspectives on globalization relate to differing and potentially competing issues, whether these issues are pro- or anti- globalization in principle.
Simply speaking, globalization refers to the fact that human society all increasingly live in one worldwide system, so that individuals, groups and nations become interdependent and interconnected (Giddens, 2006: 50). The most obvious phenomenon has been in terms of economic globalization during the era of the rising of neo-liberal doctrines and institutions which can be illustrated by the activities of global organization such as World Bank, IMF, WTO and other Transnational Corporations (TNCs). Since the dissolution of the former Soviet Union and the demise of socialist states in Eastern Europe, free market economics coupled with liberal democracy, according to the neoliberals, is the most effective and only viable strategy for economic development and the way forward for human society. Neoliberalism started at around late 70s and 80s that had been deployed to handle the stagnant and problematic economic situations which were caused by the excessive state intervention to the operations of free market mechanisms. Resources were being wasted from productive investment to support inefficient state bureaucracies. Meanwhile, public services were increasingly being run for the producer culture that the neoliberals advocated to replace with a consumer culture which based on increasing market competition to facilitate consumer choices. In short, neoliberialism had recommended to deregulate, to free the market mechanisms and to roll back the state which were the strategies adopted by the UK and US governments in 1980s (Mayo 2005: 18-19). The success has been shown by low rate of inflation, reduced public expenditure and reduced the role of state intervention around the past three decades, amid the world’s trades and markets have been liberalized and flourished through free trade in goods and services, free circulation of capital and freedom of investment internationally which in turn promote the economic growth worldwide.
