Optimal Extent of Globalization

Optimal or Ideal Amount of Globalization Globalization is one of the major concepts in the contemporary world that has emerged from the widespread interconnectedness. The idea of globalization originates from the widespread connection of widening, accelerating, and deepening of global interconnectedness in every aspect. Consequently, globalization is described as an increase in the degree of cross-border resource flows and economic interactions. These interactions and resource flows create qualitative changes in relationships between countries and national economies.

In the past few decades, globalization has been characterized by foreign direct investment, merchandise resource flows, and cross-border monetary investments. However, there are different opinions and views regarding the optimal or ideal amount of globalization. This issue has been characterized by differences of opinions between the Critics and Hyperglobalizers. The determination of a personal decision on the issue requires consideration of various aspects like the risks and benefits of the free trade and capital flows, immigration, and global governance.

Overview of Globalization Globalization is a concept that has been widely used in politics, the media, and business in the past few decades. Generally, globalization is a concept or term that refers to the fact that people live in one world. Despite the emergence of this concept in the past few years, the process of globalization has been taking place for a long period in the history of mankind.

In the past few decades, the process of globalization has largely been regarded as an economic phenomenon that influences economic relations between nation states. The economic perspective of this process is attributed to the increased spread of transnational corporations, worldwide production processes, global distribution of labor, integration of financial markets, and huge volume of cross-border capital flows. There are other aspects related to globalization including the development of information and communication technology that promotes information flows.

Technological advancements have made it easy for people to communicate across the globe regardless of their specific location. Political changes are also elements that relate to modern globalization because of the growth of global and regional governance mechanisms. In essence, globalization incorporates various things including the global flow of ideas and knowledge, international civil society, sharing of cultures, and international environmental movement (Stiglitz, p.4). Personal Position on the Issue Globalization has become a major contentious issue and increasingly controversial topic in recent years.

While many people recognize that there are several major transformations that are taking place in the modern society, the degree with which these transformations can be classified as globalization is increasingly controversial. Moreover, the controversy associated with the issue of globalization emerges from the fact that it is a turbulent and unpredictable process that is understood differently by different people. Globalization is the process through which some of the major societal conflicts including issues of basic values are expressed (Stiglitz, p.XIV).

However, the main contentious issue regarding globalization is on what is the optimal or ideal amount of globalization. This major contentious issue has attracted differences of opinions between critics, hyperglobalizers, and traditionalists. Skeptics or critics have constantly stated that the concept of globalization is overstated and its associated theories do not explain a new phenomenon or concept. Using 19th Century trends on global trade and investment, critics state that the current levels of economic interdependence, which have mainly been attributed to globalization, are not unprecedented or new.

As a result, they argue that the economic phenomenon that has been utilized as the basis of defining globalization does not support this concept. According to critics, the only difference between globalization in the modern society and in the past is the increased interaction between countries. Therefore, the present world economy is not adequately integrated to support claims of an actually globalized economy.

The idea that globalization is undermining national governments' role and creating a new world order has been rejected by critics on the premise that these governments are at the center of regulating and managing economic activities in the global economy (Giddens, p.138). On the contrary, hyperglobalizers differ from critics by arguing that globalization is a real concept and process whose impact is evident everywhere. They argue that this phenomenon and process creates a new world order that is characterized by powerful flows of global trade and production.

Actually, globalization is creating a world without borders where market forces are more potent as compared to national governments. Hyperglobalizers base their arguments on the changing role of the nation-state and the fact that countries are seemingly no longer controlling their economies because of the significant growth in global trade. Moreover, hyperglobalizers postulate that the power of national governments is facing significant challenges from regional and global institutions like the World Trade Union and European Union.

Each of the arguments between critics and hyperglobalizers on the optimal or ideal amount of globalization has some elements of truth and flaws. Critics' arguments seem to underestimate the current changes in the world such as world finance markets that are arranged in a much global level. Moreover, critics' arguments seemingly underestimate the experiential aspects of globalization, particularly the increased movements and effective communication forms that are transforming people's experiences on a daily basis.

Consequently, I support hyperglobalizers view of globalization though they only focus on one aspect of the globalization process. However, I support increased regulation of globalization in order to effectively balance its risks and benefits, particularly those related to capital flows, immigration, and global governance. The increased regulation of globalization is also attributed to the fact that even though globalization has the probability of bringing significant benefits to developing and the developed world, it has failed to generate these benefits.

The failure of globalization to generate these benefits is not attributed to globalization itself but on how it is regulated or managed (Stiglitz, p.4). Some of the major benefits from free trade and capital flows include increased flow of goods and services, capital, and even labor, raising living standards, enhancing access to foreign markets by poor countries. With regards to immigration, globalization enhances international movement, opens borders, and enables people to find overseas job opportunities.

From a global governance perspective, globalization provides necessary impetus for national governments to implement policies that regulate economic practices across the globe. This enables national governments to prevent adopting practices that may hurt the global economy. The risks that necessitate increased regulation of globalization include probability of hurting global economy, undermining the role of nation-states, increased security threats due to increased immigration. Increased regulation of globalization is also fueled by the fact that.