Globalization and the Government Essay Example | Topics and Well Written Essays - 1500 words

Globalization and the Government - Essay ExampleHence, it can be stated that globalization has weakened governance and dominance of organisation and has also restricted its fibre for the betterment of the society. The essay highlights the supporting ideas for the argument globalization has reduced the ability of the political sympathies to govern (Weiss, 2000). International Monetary memory (IMF) has stressed on the growing interdependence of economy world wide-cut on the increasing volume of cross-border transactions of goods or services and widespread transmission of technology. Dr. Ismail Shariff has define globalization as a global process for homogenizing products, prices, wages, profits and interest rates. It depends on three main global forces of development much(prenominal) as the role of human migration, rapid movement of capital and international trade and lastly integration of financial markets (Poggi, 1978). Globalization has been confounded by political and technic al instruments such as policies of trade, information technology, and financial liberalization. Thus, these instruments are defined as the main drivers of globalization. However, there is a distinguishing feature of globalization, which has been identified by IMF and the World Bank. The feature refers to the wide scope of revenue for the economy that is engaged in cross-border transaction. These two institutions have given its decision in the economic affairs and have limited government intervention into globalization. Free trade and growing mobility of capital to promote the supranational decision making of the companies have reduced the power of the governments globally. These factors have undoubtedly substantial greater economic and social inequalities as globalization brought new realities to the market through its laissez-faire approach (Held, 1991).