Globalization Essay Example | Topics and Well Written Essays - 1750 words - 1

Globalization - Essay Example Globalization is at times controversial with the amount of criticisms being almost at par with its merits. However, supporters of each side of the argument have valid reasons to justify their stand (Held et al. 2005). The following discussion analyses the key aspects of the sceptics approach and the reformist approach to globalization. The sceptics approach The sceptics approach is in opposition to making general claims concerning the totalizing effect of globalization. Held and McGrew (2003) argue that current global market is more regionalized. Sceptics argue that the height of globalization took place in the nineteenth century and current developments confirm a considerable level of regionalization. It can be noted that the degree of trade as a fraction of national earnings was higher before the World War I than it is currently (Hirst and Thomson 1999). Sceptics claim that international trade and FDI operations are mostly practised in Europe, North America and Asia. Therefore, wha t is referred to as globalization is actually regionalization (Murray 2006). The emerging economies are becoming increasingly marginalized as they are not drawn in the world economy (Jones 2010). Other perspectives put emphasis on the growth of global capitalism. However, the sceptics view international capitalism as a falsehood. Multinationals are important components of globalization but their benefits are mainly reaped by their countries and hence do not profit the regions in which they operate. The idea of growth of global governance is questionable and sceptics argue that it is only a hidden neo-liberal ploy to benefit the West (Oxfam, 2002). Most of the assumptions by the reformist approach have been rejected by the sceptics who claim that globalization is a disguise of regionalization in the world. They state that the global economy is divided into three regional alliances in which national governments remain dominant (Held and McGrew 2002). Sceptics support their arguments b y conducting experimental testing of the strong globalization theory. This is achieved by applying two methodological models. The primary approach is founded on constructing conceptual models of the global economy and culture and identifying the extent to which trends in the contemporary world match the ideal standards. Hirst and Thomson (1999) used the same method of analysing the theory and formulated two ideal forms which are authentically global economy and international economy whereby there exists a thin line between them. Sceptics argue that globalization should represent the expansion of fresh economic organizations not just theoretical developments towards increased global trade and investments (Hirst and Thomson 1999). Sceptics continue to argue that globalization has lost its meaning. This is due to the fact that most countries are left out of global progression which applies to the Middle East, Africa, parts of Asia and Latin America. This further expounds on the claim t hat what exists today is simply regionalization. The other important approach compares the trends in the past with current trends. By comparing the modern trends and those in the past, sceptics have reached a conclusion that the point of the current internalization is not traditionally unmatched (Hirst and Thomson 1999). This can be attributed to migration in the nineteenth century. The ratios of trade liberalization have increases over time and though the total