Name: Angelie Shane P.

Cañete Course: BSCE-CEM 2B

Instructor: Carmel Cayaon Due Date: September 23, 2022

Module 2. The Global Economy

1. In the face of globalization, are nation-states relevant or irrelevant? Defend your

answer.

Nation-states are relevant. In a capitalist society, the nation-state is the territorial

political entity that organizes space and population. According to Mary Hall, because of the
rising interconnectedness of nation-states under global capitalism, it was claimed that nation-
states were no longer sovereign, and that they had lost relevance. Some researchers believe
that in a globalized world, nation-states, which are naturally divided by physical and
economic boundaries, will be less significant. Because of the diverse meanings and evolving
notions of globalization, the role of the nation-state in globalization is complex.
Globalization is the global economic competition between businesses that are
sponsored by their respective nation-states. The nation-function state's in a global world is
primarily regulatory since it is the primary force in global interdependence. While it has been
described in a variety of ways, globalization is commonly understood to be the gradual or full
elimination of economic, social, and cultural barriers between nation-states. Nation-states
continue to be the most important political-territorial entity in globalization. In both
circumstances, the nation-state is clearly playing a strategic role in globalization.
Because it is both a people, a culture, and a jurisdiction, the nation state will always
be relevant. Globalization strives to homogenize the world; it may have succeeded to some
extent, but it will always fail owing to intrinsic human features and preferences that persist
despite countless attempts to assimilate them. Through the creation of international
organizations founded on the concept of national sovereignty, the development of global
political organization has strengthened the nation-state. The power of the nation-state has
been challenged by transnational flows, networks, and organizations. These, on the other
hand, do not float in a global void, but are always rooted in and dependent on some nation-
state or another.
2. Does globalization unite or divide the world in this day and age? Defend your answer.

It brings it together on certain fronts and separates it on others. There is nothing

wrong with globalization in theory. People-to-people trade has almost always resulted in an
improved quality of living for both parties. The issue is whether the exchange is equitable.
The essence of mankind has always been that one side seeks to gain an edge over another,
resulting in an imbalance, which usually results in a loss of commerce and, occasionally,
violence.
There is everything wrong with political globalization based on fiat money and
international institutions such as the International Monetary Fund, World Bank, and World
Trade Organization. Ron Paul highlighted this type of globalization in his book Pillars of
Prosperity: Free Markets, Honest Money, and Private Property. This new kind of
globalization is political in nature, owing to world government via fiat money and the
aforementioned international institutions. The relationship of the US dollar to other
currencies throughout the world is important to the success or failure of such a project. The
ultimate objective is to build a communist utopia, which will collapse simultaneously with
the demise of fiat money.
Globalization is the linking of various sections of the globe. As a result of
globalization, worldwide cultural, economic, and political activities expand. As people, ideas,
knowledge, and things travel more freely throughout the world, their experiences grow more
similar. Does Globalization Increase Inequality? (NBER Working Paper No. 8228), authors
Peter Lindert and Jeffrey Williamson discover that increased globalization has most likely
lessened the impacts of inequality among states that engage in global markets. The
impoverished countries that adjusted their policies to capitalize on globalization benefited the
most, whereas the poor countries that benefited the least did not or were too isolated to
successfully change economic and political policy.