Governance and Policy Processes

Final Issue Paper Topic

Discuss Globalization. Minimally, you should be sure to explore: 1) how globalization is defined in the literature; 2) its economic and social origins; 3) its major causes and characteristics; 4) its major international organizations; and 5) its economic and social impact – i.e., benefits and achievements on one hand, as well as its problems and challenges on the other, as seen by globalization advocates and proponent

Introduction

Globalization is one of the dominant themes of our times, ranking with global warming, the rise of terrorism, the exporting of democracy and the clash of civilization. According to Pakistan’s most prominent economist late Dr Mahbub-ul-Haq ‘globalization is no longer an option, it is a fact. Developing countries have either to learn to manage it far more skillfully, or simply drown in the global cross currents.’ It is viewed as a two edged sword, bringing benefits to some and misery to others. Advocates of globalization say that globalization brings the first real chance of prosperity to the improvised corners of the world. Opponents say globalization is the cause of growing poverty and inequality on the planet. Those in the middle see how unbridled globalization could wreck havoc on some while simultaneously opening the doors of opportunity to others.

Globalization Defined

Globalization stands out for a large public, spread across the world, as one of the defining terms of contemporary society. The first Director General of WTO, Renato Ruggiero, is far from alone in having described globalization as ‘a reality which overwhelms all others.’ For Bill Clinton globalization was the world without walls. Tony Blair said it was inevitable and irresistible. George Bush called it the ties of trade and investment. For George Monbiot it allows companies to hold a gun to government’s heads. Political leaders and others even today thrive on such alliterations.

Paul Krugman, leading proponent of narrow economic...