Brian Millen 11/27/11 Intro to Politics Fordham University

Globalization is a phenomenon described by Isaac Balbus as the progressive transformation of the entire world into a private-enterprise market economy. This is done through an increasingly global flow of people and culture, but mostly through a global market with virtually no regulations in which transnational corporations can trade as they please. Globalization has been undergone for centuries. However, the process has quickened and strengthened as a higher degree of power and privilege has been granted to business in recent decades. Intergovernmental institutions such as the International Monetary Fund and the World Bank were created to foster economic cooperation and provide aid to developing countries interested in participating in this global market economy. Instead, these organizations have pursued laissez-faire free trade policies in exchange for their loans. Despite the several benefits of globalization, there is an overwhelming amount of negative results to be found. It makes monetary value the only value to be found on earth. It sacrifices all other meaning and replaces it with dollar signs. It suggests the need for only one homogeneous culture for everyone on the planet that would damage the integrity of the way of life of indigenous people all across the world. All would be integrated into the ever-increasing fast paced lifestyle of the First World at whatever cost to their own pace of living. The actions of the IMF, World Bank, and World Trade Organization have been shown to

increase poverty in developing countries. Since there is no regulating body, the condition of workers and the environment must suffer. The lack of regulations themselves is a problem itself because it leaves this process to continue with no end in sight. Unless there is some governing body that exerts control over the market, all of these problems will increase. There is no denying the need for some kind of change to occur to offset the problems created as a result of globalization. Accepting all of the good things about as collateral is not enough. The question, though, is to what extent to we act. There are those who feel regulation and more global governance can solve the problem and there are those who would rather fight to keep cultural identity alive and do away with this global network entirely. Is this necessary or a possibly violent step taken too far? Is there some sort of middle ground? Is there anything we can do to make globalization beneficial to everyone? George Soros says, We need some global system of political decision making. In short, we need a global society to support our global economy. He argues that global institutional law that could balance out the power of business would facilitate a flourishing global economy as well as meet various social needs that are neglected by the current system. Soros cites as the biggest obstacle to even opening a conversation about this is nations that would be unwilling to submit to a more powerful authority. He makes the point that the United States would most likely be the greatest opponent. As the earths biggest superpower, it would never subordinate itself to an international law. This is foolish, as America could be the powerful leader that the world would need. One of the most prominent advocates of globalization and free trade today is Columbia Economics professor Jagdish Bhagwati. He acknowledges certain injustices that globalization is responsible for, but he argues that reducing the barriers to free international trade can be a very powerful force for the good, and has already had positive impacts on the world. According to Bhagwati, globalization is to thank for the lessened income disparity between men and women in the United

States. Foreign competition left America to rid its workplaces of discrimination in order to maximize efficiency. Another accomplishment he credits globalization with is the reduced number of young children working in rice paddies in Vietnam. The financial stability granted by money made from exports allowed these children to attend schools.

Balbus, Isaac. Governing Subjects: An Introduction to the Study of Politics. 1st ed. New York: Routledge, 2010. Print. Soros, George. The Crisis of Global Capitalism: Open Society Endangered. PublicAffairs, 1998. Print. <http://www.thirdworldtraveler.com/Global_Economy/Crisis_Capitalism_Soros .html>. Bhagwati, Jagdish. In Defense of Globalization. Oxford University Press, USA, 2004. Print. Drezner, Daniel. New York Times 18 04 2004, n. pag. Web. 8 Dec. 2011. <http://www.nytimes.com/2004/04/18/books/globalization-without-riots.html>.