Globalization and Political Policy

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Globalization can in general be described as the growing interaction amongst integration of activities. This mostly affects economic activities of human societies around the world. Nevertheless more realistically, globalization refers to the increasing economic interdependence of countries or states internationally through the escalating amount and variety of cross-border relations and transactions in goods and services and of global capital stream. It is also through the extra speedy and widespread diffusion of technology. In this case therefore, globalization includes both a description and a prescription. This paper examines the economic and political dimension of globalization and tries to link them with development and underdevelopment in the first and third world counties respectively. It outlines the role of the multinational corporations, international trade and fiscal agreements in the globalization process.

The description in globalization lies in the widening of international flows of trade, finance and information in a single integrated global market, while on the other hand prescription is brought in the sense of liberalizing national and global markets in the conviction that free flow of trade and information will be reason for production of best outcome growth and human interests and welfare. In addition, the most important aspects of economic globalization are breaking down of national economic obstacles and barriers, the international broadening of trade, monetary and production of activities and the emergent power of global corporations and international financial institutions in these processes.

The popularity of globalization has been as a consequence of two major reasons. The first of these reasons is the ra...

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...es have a lot to gain from globalization if it positions itself suitably. Integration into the world economy is however not the panacea of their fiscal problems but rather economic growth is based on responsible institutions and development of infrastructure. Third world countries prospects and ambitions into the global economy should be reliant on its local and domestic policies as well as developments at the international level.

Works Cited

Kleniewski, Nancy. Cities, Change &Conflict: A Political Economy of Urban Life. New York.Wadsworth Publishing Company, 2010.Print.

Martinez, Elizabeth & Garcia, Arnoldo. What is Neo-liberalism? A Brief Definition. CorpWatch, 2001. Print.

The New Rulers of the World. Dir. Alan Lowery and John Pilger. Perf. Susan George, George Manboit, Vandana Shiva, and Dita Sari. Carlton Television, 2001. Film.

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