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The term «liberalization» means the combination of laissez-faire economic theory with the removal of barriers to the movement of goods. This led to specialization of nations in exports, and the pressure to end protective tariffs and other barriers to trade. The period of the gold standard and liberalization of the 19th century is often called «The First Era of Globalization». Based on the Pax Britannica and the exchange of goods in currencies pegged to specie, this era grew along with industrialization.
The «First Era of Globalization» has broken down in stages beginning with the World War I, and then collapsed with the crisis of the gold standard in the late 1920s and early 1930s’s. Countries that engaged in that era of globalization prospered and goods, capital and labour flowed remarkably freely between nations.
Globalization in the era since World War II has been driven by Trade Negotiation Rounds, originally under the auspices of GATT, which led to a series of agreements to remove restrictions on
Characteristics
Globalization has become identified with a number of trends, most of which have developed since World War II.
Economically:
– Increase in international trade at a faster rate than the growth in the world economy.
– Increase in international flow of capital including FDI;
– Erosion of national sovereignty and national borders through international agreements leading to organizations like the WTO and OPEC.
– Development of global financial systems.
– Increase in the share of the world economy controlled by MNCs.
– Increase of economic practices like outsourcing by multinational corporations
Culturally:
– Greater international cultural exchange.
– Spreading of multiculturalism, and better individual access to cultural diversity.
– Greater international travel and tourism.
– Greater immigration.
– Spread of local foods such as pizza and Indian food to other countries.
Development of a global telecommunications infrastructure and greater transborder data flow.
Increases in standards applied globally; e.g. copyright laws and patents.
Formation or development of a set of universal values.
The push for an international criminal court and international justice movements.
Some argue that even terrorism has undergone globalization, with attacks in foreign countries that have no direct relation with the own country.
Barriers to international trade have been considerably lowered since World War II through international agreements such as GATT. Particular initiatives carried out as a result of GATT and the WTO have included:
Promotion of free trade
Of goods:
– Reduction or elimination of tariffs; construction of free trade zones.
– Reduced transportation costs, especially from development of containerization for ocean shipping.
Of capital:
– reduction or elimination of capital controls.
– Reduction, elimination, or harmonization of subsidies for local businesses
Intellectual property restrictions
Anti-globalization
Various aspects of globalization are seen as harmful by public-interest activists as well as strong state nationalists. Critics claim that the results of globalization have not been what was predicted when the attempt to increase free trade began, and that many institutions involved in the system of globalization have not taken the interests of poorer nations, the working class and the environment into account.
Fair trade theorists claim that unrestricted free trade benefits those with more financial leverage (i.e. the rich) at the expense of the poor.
Many activists see globalization as the promotion of a corporatist agenda, which is intent on constricting the freedoms of individuals in the name of profit.
The Southeast Asian financial crises in 1997, that began in the relatively small economy of Thailand but quickly spread to Malaysia, Indonesia, South Korea and eventually was felt all around the world, demonstrated the new risks and volatility in rapidly changing globalized markets. The IMF’s subsequent ‘bailout’ money came with conditions of political change (i.e. government spending limits) attached and was viewed by critics as undermining national sovereignty in neo-colonialist fashion.
Pro-globalization (Globalism)
Supporters of democratic globalization consider that the first phase of globalization, which was market-oriented, should be completed by a phase of building global political institutions representing the will of world citizens.
Supporters of free trade point out that free trade leads to a more efficient allocation of resources, with all countries involved in the trade benefiting from lower prices, higher employment and output.
Libertarians say higher degrees of political and economic freedom produce higher levels of material wealth.
Advocates of globalization say that statistics strongly support globalization:
The percentage of people in developing countries living below US$1 per day has halved in only 20 years.
Life expectancy has almost doubled in the developing world since WWII and is starting to close the gap to the developed world where the improvement has been smaller. Child mortality has decreased in every developing region of the world. Income inequality for the world as a whole is diminishing.