Political economy and globalization - Globalization - Understanding globalization

6 important questions on Political economy and globalization - Globalization - Understanding globalization

What is the best attempt at defining globalization?

A borderless world; not only referring to the tendency of traditional political borders to become permeable, but also implying that divisions between people previously separated by time and space have become less significant/irrelevant.

What does it mean that globalization is linked to the growth of 'supra-territorial' relations  between people?

Social life transcends territory through the growth of 'transborder' and 'transglobal' communication and interactions. (electronic money; financial markets respond almost immediately to economic events anywhere in the world; messages etc).

Why is globalization often linked to homogenization?

Cultural, social, economic and political diversity are destroyed : watch same tv programmes, eat the same food etc.

What is economic globalization and what has pushed it?

All economies have been absorbed into an interlocking global economy. Production is internationalized and financial capital flows freely an instantly between countries.
Reduced capacity of national governments to manage their economies.

The collapse of communism has given a powerful push to economic globalization, because it paved the way for the absorption of the last states that had stayed outside of the global capitalist system.

How does political globalization become evident?

Growing importance of international organizations.
They exercise jurisdiction not within a single state, but within an international area comprising several states (UN, NATO, EU).

What is the difference between international organizations and a supranational body?

When they conform to the principles of intergovernmentalism, international organizations provide a mechanism that enables states to take concerted action without sacrificing national sovereignty.     

Supranational bodies are able to impose their will on nation-states.

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