Economic Connections And Economic Dimension Of Globalization

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Essay 1: Economic Dimension of Globalization
In the economic sense, globalization is all about stretching and intensifying world economic connections. It therefore analyses the emergence of the economic order that was evident after the 2nd World War. It is during this time that the Bretton Woods Conference set the foundations for the World Bank, International Monetary Fund (IMF) and World Trade Organization (WTO). As evidenced in the 1980s, there was a liberation of financial transactions due to neoliberalism (Steger, 2005). Since then there has been a great deal of enhanced international trade and finance, powerful international economic institutions and transnational corporations, though, there have existed some setbacks such as European debt crisis, the Great Recession and the economic slowdown of China. This paper compares Steger’s views on economic dimension on globalization and those of Chan, Pun and Selden on the politics of global production and yet still makes a comparison with Mathew and Tan on China’s continuing renewable energy revolution.
According to Steger, (2005) the cornerstone of globalization rests with the politics, cultural change and innovative technologies, changing the modern world. The key concept therefore, is how globalization shapes peoples’ awareness and their interconnection across the borders the way multinational corporations venture on the international business arena for profitability’s sake. By and large, globalization brings about change in the way most of the issues are handled in the contemporary world (Selden, Ngai & Chan, 2013). Majorly, free market economy has been the talk in the global finance and trade markets (Steger, 2005).
There are six claims by Steger, (2005) that support the notion that globalization is multifaceted in its own right as the morphological analysis can prove. It is therefore a key ideology in ensuring that there is a balance in the world markets and political structures of power. The six claims are: Global market integration and liberalization; globalization is inevitable and at the same time irreversible historically; no particular person is in charge of globalization, for example in the case of self-regulating market, liberalization is the underlying concept; a basic assumption that in the long run, globalization has everyone to benefit in terms of prosperity and growth since its main aim is the creation of an economic paradise here on earth; globalization strengthens the bonds of democracy across the world and finally, it brings up a strong fight against terror on a global scale through conceptual flexibility and political responsiveness.
According to Selden, Ngai & Chan, (2013) communication technologies, efficient transportation, liberal trade policies, accessibility to immigrants and the labor surplus have all led to the search by corporates, for improved profits. On a global scale, the suppliers of electronics for example Apple Inc. have had to standardize their specifications in regard to pr...