Name- Harshit

Roll No.-1605
Subject- Politics of Globalization
1. Globalization is the increasing interconnectedness of communities and states around
the world making them more interdependent and susceptible to each other.
2. Globalization is a natural phenomenon which makes it difficult to be controlled or
stopped.
3. Many dimensions like economy, culture, and politics have been responsible for the birth
of a global village from many different linguistically and geographically separated
communities around the world.
4. Nation states sovereignty has declined and many states like America, China, and Japan
have become the monopolizers of the international economy.
5. The term globalization was coined by Theodore Levitt, first seen in his article
"Globalization of Markets" in 1983.
6. The phenomenon itself has existed since many millennia and has intensified from the
last century because of landmark technological achievements facilitating efficient
communication like telephone, internet, TV, etc.
7. Many criticize the phenomenon of globalization because of it being closely linked with
capitalism which is responsible for creating inequality in the international trade market
and also exploitation of third world country’s human and natural resources.
8. Bretton Woods institutions formation was heavily influenced by western countries
which makes their policies in favor of these countries.
9. International organizations like World Bank, IMF and, WTO, etc. are responsible for
overlooking international trade, giving loans for infrastructural development and provide
financial help and advice during a crisis.
10. IMF and world bank usually demand the adapting of SAPs (structural adjustment
programs) for financial assistance. For example- India in 1991 received huge amounts of
funds from the IMF in exchange of adapting SAPs which opened the Indian market to
international companies.
11. IMF acts as an anchor for economies of countries around the world.
12. Many companies have expanded into multinational and transnational companies by
globalization. For example- bombardier (Canadian transportation company which makes
trains for Delhi metro), Mikoyan Gurevich (made the MIG21 that was used to intercept the
Pakistani F-16s) and Coca Cola.
13. Many school of thoughts have emerged regarding globalization. For example-
globalists, skeptics, transnationalism and institutionalists, etc.
14.Skeptics criticism regarding globalization’s evil and unjust nature since WWII is because
of big capitalist companies and nation-states controlling international organizations like
the UN, IMF, World Bank, and WTO.
15. Globalists are inspired by the liberal or neoliberal thought process and skeptics are
from the Marxist thought process.
16. Globalization effects are visible throughout the world. For example- Migration
(movement of people from Mexico to the USA, and the Middle East to European
countries, etc.), and World Wars etc.
17. Globalization has been criticized by skeptics for being a form of Americanization.
21. Even though globalization has been criticized by many, it has proven to be the best
form of policy and a necessary evil.
22. Globalist believe that national borders should be eliminated for intensification of
globalization and liberal trade.
23. Cultural degradation of third world countries due to westernization has been criticized
by critics of globalization.
24. Globalists debate that regulating economy isn’t a correct solution to stop
monopolization as many communist and dictatorial regimes tried so and failed.
25. Skeptics argue that a growing regulated economy is not impossible and it simply hasn’t
been achieved successfully yet.
26. Globalist also argue that the technological development and improvement of living
standards around the world have been a result of globalization.