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What is Globalisation and What is Not?: A Political Economy Perspective

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  • Turan Subasat

    () (Department of Economics, Izmir University of Economics)

Abstract

Despite the widespread use of the concept there is neither a consistent theoretical construction nor a clear definition of globalisation. Although the debate between pro and anti globalisation scholars and activists is interesting, it largely fails to address globalisation as a fundamental structural transformation of modern capitalism from a historical perspective and tends to reduce it to a re-articulation of the old debate on states versus markets. The first aim of this paper is to provide a clearer definition of globalisation which will be helpful in assessing the validity of various arguments surrounding the concept of globalisation, including whether such a process exists. Then an alternative interpretation of globalisation viewed from a political economy perspective will be introduced. It will be argued that internationalisation in the form of increased trade and foreign direct investment is the nature of capitalist accumulation process, thus, cannot be impeded. This accumulation process necessarily creates its own ideological climate to facilitate acceptance of the doctrine and to justify the economic and social problems it creates. Finally it will argue that there is a globalisation tendency since increased internationalisation inevitably weakens the role of nation states by transferring some of their functions to newly created supranational states that are created by the dynamics of this internationalisation process.

Suggested Citation

  • Turan Subasat, 2008. "What is Globalisation and What is Not?: A Political Economy Perspective," Working Papers 0801, Izmir University of Economics.
  • Handle: RePEc:izm:wpaper:0801
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    File URL: http://eco.ieu.edu.tr/wp-content/wp0801.pdf
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    References listed on IDEAS

    as
    1. Jonathan Perraton, 2012. "Globalization," Chapters,in: Handbook of Critical Issues in Finance, chapter 20, pages i-ii Edward Elgar Publishing.
    2. Dani Rodrik, 1998. "Why Do More Open Economies Have Bigger Governments?," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 997-1032, October.
    3. Shigeru Otsubo, 1996. "Globalization : a new role for developing countries in an integrating world," Policy Research Working Paper Series 1628, The World Bank.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Globalisation; Political Economy; International Trade Organizations;

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • P12 - Economic Systems - - Capitalist Systems - - - Capitalist Enterprises
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

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