International Political Economy. Business & Marketing Essay

International Political Economy
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1 With the profound impact of globalization, it has been a topic of debate among scholars, academicians, policymakers, and NGOs, among others. There are different and various perspectives on globalization. In general, it refers to the exchanges between culturally diverse people and multiple nations that linked the world together in terms of technology, politics, economy, finance, and culture. To facilitate cultural exchanges as well as knowledge and ideas among nations, different techniques are utilized that may result in the increasing trade and investment flows, progress in currency exchange, and the springing up of multinational corporations.
Various strategies were also employed in for the globalization among countries. As compared to the year 2000, the international political economy is more globalized today. Several aspects were taken into account when globalization indices were developed, such as economic, social, and political aspects. The most often used index for globalization is the KOF index. According to this index, globalization refers to the process of making various connections at multi-continental distances among actors through technological, economic, political, and cultural exchange.
Economic growth around the world has spurted. Per capita GDP growth has shown that it is correlated with globalization. Trade openness has allowed countries to utilize comparative advantages to improve in terms of specialization, to promote innovation, and facilitate effective production. In countries such as Singapore, Malaysia, Thailand, India, and the Philippines, evidence showed that globalization on economic growth varies. However, in developing countries, globalization-induced economic growth has accelerated more as compared to developed countries (Rao and Vadlamannati, 2011). Evidence has also shown that globalization did not erode the size of government, especially in developed countries. Globalization is correlated to implicit tax, as shown in labor and capital income, and consumption and tax revenues.
Moreover, expenditures among countries have also shown that they are globalized. Globalization is correlated with spending and states with a larger size of government, in general, have more significant social expenditures; this can be seen in Sub-Saharan Africa. Government ideology also has an effect on social spending and the pacing of globalization (Potrafke, 2014).
2 As a result of globalization, the relationship among states has strengthened as...