Analysing Critiques of globalisation

Analysing Critiques of globalisation â€Å"Critiques of globalisation argue that as a result of failures to deal with risks to international stability, the basis of global order has been at risk and political and economic disorder like that that followed the collapse of 19th century globalisation may not look impossible. â€Å"Do you agree? Globalization is the background of the present world. Our economic, political and the social status in the second decade of the twenty first century would not have been possible without considering the global context of free markets and the information technology. Many scholars have defined globalization viewed through lens of different perspectives towards the world. Blackmore (2000) defines globalization as, â€Å"increased economic, cultural, environmental, and social interdependencies and new transnational financial and political formations arising out of the mobility of capital, labour, and information, with both homogenizing and differentiating tendencies†, (Blackmore , 2000, p.133); while Hill (2009), puts more emphasis on the economic, asserts, â€Å"globalization refers to the shift toward a more integrated and interdependent world economy†, (Hill, 2009, p.6). This paper will briefly describe the history of glabalization followed with a review of the two phases of globalization in the nineteenth and the twentieth century where in one phase was seen prosperous while the other was the end of globalization. Subsequently, laying out the current situation whether or not it is parallel to the failures of globalization. Drawing upon an opinion thereby, on the same, alongwith rational elucidations. Critiques have argued that globalization is not something that happened 200 years ago, it can be traced back to the 16th century during the emergence of the pinnacle of capitalism (Robertson, 1997). According to Friedman (2005), globalization can be viewed in three phases: globalization phase one (1492- 1800) was the globalization of countries, globa lization 2 (1800-2000) was the globalization of companies and globalization 3 (2000 till now) is the globalization of people. However, Broadberry and O’Rourke (2010) state that the period between 1870 to 1914 reflected as the high water mark of the nineteenth century globalization. Globalization in the nineteenth century encompasses interregional transfers of goods, people and capital. The preeminent way to measure the levels of integration is the rising amounts of international flows of economic activity for e.g. the ratio of comodity trade to Gross Domestic Product (GDP), number of people migrated to total population and the cost of moving goods across continents. European international trade was growing at a 4.1% a year between this period (Bordo et al., 1999) while the global output rising from 10% in 1870 to about 20% in 1914. This was the first phase of globalization which was accompanied with extraordinary prosperity. Countries who were involved in the global markets d uring this phase had narrowed the gap between wealthy and poor nations. Japan, for e.g., in the seventeenth century had completely cut off itself from the world permitting only one Dutch ship a year to land and involved in small amount of trade. In 1870, Japan was a a backward country where the average income of a person was less than a quarter of that in the United Kingdom (U.K.). However, as a result of fully involving in the global market in 1868, Japan’s income was able to increase at 1.5% compared to 1% of growth rate for U.K. (Mishkin, 2006). Countries like China and India were deprived of the industrial capability as they were not able to enter the global economic system.