Globalization and Capitalism--the same thing????
I've been seeing a lot of ideas that present globalization as another word for capitalism. I personally don't see globalization as synonomous with capitalism. Yes, the free markets of capitalism are a prominent force of the change that pushes and perhaps even accelerates globalization, but so too is technology. (I admit that it is hard to separate the commercial push of technology, which links it strongly to capitalism).
I guess my point is that we have to be careful about limiting our discussion of globalization just to that of capitalism. I think that Amartya Sen makes a good point in his essay "How to Judge Globalism" when he states that it is NOT the free market (i.e. capitalism) that needs to be revised but rather the inequity of the global institutions that arrange and distribute the benefits of capitalism (such as World Trade Organization, World Bank, World Health Organization ect.)
What do you all think about this? Is there a way we can make the "sacred cow" feed the world, or as another student suggested cure AIDS? In other words, Is there a way that the free market can be used to push the limits of humanity rather than fall to the weaknesses of its instinct?
Feel free to let me know if you think I'm completely beef-biased or if you think my hopes are naive.
awaiting your replies...
Comments
I believe that you make a very good point that we should not associate globalization with capitalism alone. First off, people who oppose the free market should think twice and analyze what the world would be like if globalization was pressing a controlled market throughout the whole world. Also, throwing in that technology is a big part of globalization is a good touch. However, I’m not 100% sure on all of the inequalities that are happening through the World Trade Organization along with the World Health Organizations, and every other organization. Maybe somebody could help me understand that a little more. I felt that you made a great point and that none of it was in a negative or “beef-biased” way. Maybe now we will start to look at globalization as something other than capitalism.
Posted by: Justin Hasbrouck | September 14, 2006 01:26 PM
The reason the United States has leading share in the World Bank is because, not only are all major finances in the world based on the US dollar, we are the largest contributor to donating money and technology to improving the welfare of the world's citizens. In economics, it's all about incentives and without this drive to do things, with this "equally" governed state of mind, there are no drives or personal economic benefits to do the better thing. Even though that may not be ideal for some, that is basic human psychology and is applicable to the masses globally. Also the United States is privately contracting, mostly out of the University of Chicago, the most talented economists with extraordinarily innovative ideas that are benefiting markets day by day.
If it weren't for the International Bank for Reconstructions and Developments, or the IMF, many countries would be in peril and there are certain times, when the world's economy is at stake, a horizontally collaborated organization just won't cut it for effiency. Because when there is a vertical managerial hierarchy, there are certain rules the newer members must abide by, which has proven most effective in the past.
I think falling to our own natural incentives (which has been fear in the past) is relatively equal to pushing free markets to their potential. Most technology now-a-days was a byproduct to the word democracy and capitalism, and not the workings of the markets considering all technologies have a single common ancestorial creator, a government run agency, a defense contracting firm, the military, or an information based networking system. So even though technology is the largest present componant in the derived function producing globalization, we have to realize its ancestors were byproducts or obsolete goods from military based research.
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