Is Hazard Transfer an Inevitable Consequence of Globalization Essay

Is Hazard Transfer an Inevitable Consequence of Globalization - Essay Example Thesis: globalization refers to the modern markets, of both developed and developing countries, which are exposed to external changes, innovations in technologies, implementation of various cultural and social changes etc. Globalization is a background of the modern development in the society in different spheres. Globalization and political economy There is no doubt that there are advantages and disadvantages of the global processes, but in the context of the modern world, globalization sets the pace of political, economic and social development. The modern citizens do not have another choice, but only keeping pace with these changing and challenging triggers of modern life development. In the process of globalization, international governments struggle for a control over the international economy, basing on their needs for wealth, which are an integral part of their current struggle for power (Gilpin, 2001). Unlike previous years, modern world accepts geopolitical hegemony (as in c ase of the United States) and not the priority of autonomous market (as in case of the United States too) (Waltz, 2000, p. 47). ...   A process of integration of national economies into a global one is a sequential process of gradual adaptation and changes of national powers into a complete successful process increasing profits of different countries (Schumacher, 1973). A shift of accents from ‘globalization as an interdependence’ to ‘globalization as a gradual balancing of international and domestic politics’ was initiated in the 40s of the twentieth century (Kapstein, Mastanduno, 1999, p. 163). With the course of time, globalization turned from a forcible process of states’ oppression into liberating trades, financial markets, and investments. A distribution of consequences of a process of globalization was the following: from â€Å"pressure for the reduction the welfare state in developed countries and for the liberalization of the economy in developing ones† (Langley, 2000, p. 462). It is more pleasant to consider a process of globalization in political economy in the following way: â€Å"the rush to free trade and capital market liberalization, the reforms of many welfare states, and the creation of independent central banks globally† (Wangoola, Youngman, 2006, p. 22). From this perspective, a process of globalization is considered to be favorable for political economy. A meaningfulness of every state is supported by the relevance of its potential assistance and cooperation with other states. It is a kind of interaction between players in the international arena. In such a way, it is relevant to support and develop a process of globalization on the international level for the countries’ benefits (Croteau, Hoynes, 2003).