Economic Globalization Essay Example | Topics and Well Written Essays - 2000 words

Economic Globalization - Essay ExampleThese terms, however, are non at all synonymous. A world economy with high levels of inter discipline trade and investment, would not necessarily make a globalized economy. It whitethorn remain a highly internationalized economy in which most companies trade from their countries in distinct national economies (Weiss, 1997 , see Hirst and Thompson, 1996 185).The term global could be meant to represent a new or different level of interaction. For standard , Michael Manns (1997) fruitful distinction of five different socio-spatial networks of social interaction in the contemporary world pose local, national, international, transnational, and global. Local and national networks refer to relationships formed within the nation-state , for example, regional support groups. Inter-national networks involve relations amidst nations and state networks. A multinational corportion would be a good example including more formal institutions for modulate economic and military affairs, much(prenominal) as the EU, the WTO, NATO, and the UN. (Weiss, 1997)Transnational networks carry within them the ability to operate without take to national boundaries and without being affected by them. Thus, although typically understood as cosmopolitan, transnational networks are not necessarily the same as global ones , since they could also comprise of neighbouring economies .Global networks operate on a worldwide basis, these networks could range from political netowrks to economic networks.. The Red Cross, although Swiss in origin, appears to fit the bill. Most of the global organizations been fair game to the national differences. (Weiss, 1997 see Hu, 1992 120)Globalization means the overlapping and diffusion of national economies to the point where the significance of national and international networks is reduced in relation to transnational and global networks. The notion of globalization thus conveys a widening and deepening of internat ional ties to a degree that creates a qualitatively new (i.e. global) network of social interaction. There is therefore thetwin curve of globalization that needs to be addressed. Firstly, whether transnational and global networks are growing in importance sex act to national and inter-national ones. Secondly, even if global networks have advanced very far - as in financial markets -the extent to which national and inter-national networks contribute to their continued operation and existence. (Mann,1997).The real issue, then, is whether the kind of world economy in the making is a transnational one in which displacement of national and inter- n a t i o n a l networks of interaction is occurring, or one in which such networks (and thus the state) retain a pivotal, if changing, role. In sum, the power of the global idea (and, indeed, the purported weakness of state power) turns on whether or not national and inter-national networks of interaction are being both outweighed and displa ced by transnational networks. (Weiss, 1997)The use of the word globalization could meant to choose that the nation-state is no longer an important entity. It is possible for a globalization tendency to