Future of globalization Essay Example

  • Category:
    Business
  • Document type:
    Assignment
  • Level:
    Undergraduate
  • Page:
    1
  • Words:
    556

According to Robert Skidelsky, Globalization has not had a smooth ride especially since the collapse of the world economy during the global recession of 2008. This is despite the fact that advocates for economic globalization view it as a major vehicle to poverty eradication and development. This bumpy ride for globalization according to Skidelsky results from lack of order in the global trade front which has resulted in economic fragility and weak international institutions and hence everyone pulls in their own direction which at times works against globalization. As such, there is need for a global political power that will restore order in the global trade front and hence work towards promoting globalization. Devoid of this, the future of globalization is at stake according to Skidelsky.

According to Skidelsky, the future of globalization can only be bright if a world political power that will set the rules of engagement in the global trade front while at the same time regulating it. However, this is only possible if one of three things happen. First, it would be necessary to create a world sovereign to which every state should submit to. The world sovereign would be charged with the responsibility of coming up with rules of engagement at the world’s political and economic front. A stronger United Nations organisation is seen as an alternative for this. However, this is unlikely to succeed given that it is hard for sovereign states to submit themselves to bodies they can not directly control. This is especially portrayed by world major powers that for instance usually go against United Nation’s declarations for the pursuit of their own interests. As such, it would be hard for such powerful countries to submit themselves to an independent power of coercion. In the absence of a global sovereign power, there should be a world’s super power. With the disintegration of the Soviet Union, the United States has played this role. The super power should play the role of ensuring peace among nations as well as controlling of trade in the global; economic front. Although the US has been successful to some extent in averting major inter state conflicts, countries mainly from the middle east remain relatively unstable . In addition, the emergence of the BRICS will in no doubt displace the traditional western control of the global economic and political front. As such, this will still prove a challenge to globalization.

Globalization would have a bright future if nations were to cooperate regardless of whether or not they are democratic. This would happen if the major powers set the rules of the game and influence the lesser powers into following them. However, although economic integration is easy to achieve, political integration will still prove difficult. Although the emergence of internet has made the world into a global village, some policies being adopted by nations globally do not support globalization. For instance, countries are currently engaged in actions that result in reduced aggregate demand instead of coming up with macroeconomic policies that support growth. All these actions will in the long run kill globalization. As such, Skidelsky seems to suggest that globalization has no future in the current world unless countries reorganize themselves such that a political body is put in place to control the world economics and politics. This is what he calls the world power.