Globalization and Accountability Essay

A rectify quality of life has been the objective of societies and nations. This has been pursued since the ancient times to the pbegrudge. astir(predicate) one hundred course of studys before the Trojan wars, Minos, mythical intelligence of Zeus, organized a communal society in the island of Crete. For centuries, universal referee and virtue reigned in the island. Conditions were similar to the fabulous Shangrila of the Lost Horizon. It was a like(p) a paradise for the people. They contri plainlyed their individual ideas, talents, skills, and labor to the community for its development, and for he good of tout ensemble its members.The needs of the people were exclusivelyly supplied, and they were happy and contented. Plato, the Greek philosopher, designed an exemplification state in his book, The Republic. He proposed common ownership of properties as a general rule. The concept of equality of Plato was further modify by Christian doctrines. However, to a great extent than active and courageous social reformers emerged into the limelight during the age of sagacity and Industrial Revolution. Rousseau, Fourier, Bentham, Owen and Marx were the to a greater extent prominent among them.They stressed the social aspects of the national order, much(prenominal) as co appendage, perfectibility of human nature, and different human virtues. The clamor for equality was non totally political neverthe slight as well frugal and social. The abuses of the capital letterists and landlords, and the great disparities in income and wealth were the primary targets of reformers. The aforementioned sparing and social problems still pass around in m any(prenominal) underdeveloped countries. Throughout the history of the development of nations, only very few down become rich, such as those in North the States and Western Europe.Most of the low-down countries ar lay down in Africa, Asia and Latin America. In terms of goods and services, the gap between the poor and the rich countries has become wider and wider. In view of the presence of modern ecstasy and communication, leaders of the poor countries tole ope send seen the tremendous prosperity of the rich countries. As a result, people from poor countries gull essential the tendency to imitate the rich countries- their economies, technologies, authoritys of life, and even the architecture of their houses and buildings.However, nearly intellectuals decl be agnize the disadvantage of such colonial mentality. They boast crusaded for economic nationalism to devoid their countries from the exploitations of the rich counties- and from the weaknesses of their own people. Industrialization has been their dream of solving their persistent problems like poverty, insecurity, and excess population. Even Nehru of India claimed that real progress must ultimately numerate on industrialization. Every nation, rich or poor, has economic problems. However, these atomic number 18 more serious and widespread in poor countries.Economic problems do go because of two fundamental facts resources are limited and human wants are unlimited. compassionate wants ordurenot possibly be all satisfied because resources are scarce. For example, every family wants a house and a farm. This is not contingent in many countries, particularly in slight developed countries. In fact, most countries cannot even control the most basic needs of their people like food, clothing, and shelter. In the slip-up of the coupled States of America, the people are cap satisfactory of satisfying their essential needs. If just about groups cannot, it is the government that deliver the goodss them with basic goods and services.Welfare programs and some other social security benefits are do available to the less fortunate, and to the aged. exclusively still, rich countries have economic problems. People, human as they are, are not ultimately satisfied with the uptake of basic goods only. Natural ly, they aspire for a higher standard of living. And it is the certificate of indebtedness of the economic system to help the people acquire it. The economic system of any nation has different factors that are being considered in order to founder and open greater economic opportunities (Soros, 2002).Globalization The remarkable progress in communication and transportation has exposed the high standard of living of a globalized nation. Through foreign travels, periodicals, and movies the peoples of the less developed countries have seen the many wondrous and modern things which have been created by an industrial society like the fall in States of America, France or Japan. In contrast, many leaders of the third world countries have realized the big difference in their still primitive products of development.Thus, their impressions of a globalized and industrialized deliverance have further improved. Henceforth, thither has been a plastered clamor among many of the third world co untries for globalisation. For years, this has been their aspiration. Through globalization, they believe they can eliminate the problems of poverty, insecurity, and overpopulation. No less than the great Indian statesman Nehru verbalise that real progress must ultimately depend on globalization (Thompson & Strickland, 2003). However, globalization or globalizing a less developed rural area is sure enough not an patrician task. in that respect are great obstacles a coherent the long path of globalization. It is not only massive capital, modern technology, competent management, and practised labor that are required. Well developed commercial-grade sectors are also needed. And of course, the most important requirement for globalization is the restructuring of determine and institutions in society. In spite of the formidable barriers to globalized development, it is not completely impossible for a less developed country to globalized economy. There were several poor nations whi ch became industrial economies.They were able to conquer an almost impossible dream through a lively and sincere implementation of economic, social, and political reforms. Former countries like England, Germany and the United States of America met fewer difficulties in globalizing their economies because of most favorable economic and political conditions. There are several processes being followed in terms of modern harvest-festival brought about by the system and principle of globalization. It must be mention that globalization among the developed countries did not happen overnight. Prior to their globalization, they experience assorted changes and improvement.The following are the most notable 1. Economic, social, and political institutions were restructured to pave the way towards globalization and industrialization. 2. There was a rapid technological improvement. 3. Factors of production like capital, labor, and entrepreneurial scheme were made to be more responsive to glob alization and industrialization. 4. Substantial improvement in transportation, communication, and electrification were underinterpreted. 5. Social facilities and services were increased. 6. Agricultural and commercial industries became variable.The aforementioned developments were greatly responsible in the globalization of the highly developed countries. Clearly, their economic growths did not go through a quick and easy process. They laid down the foundation of their industrial development. Such experiences of the industrial countries should provide a lesson to less developed countries that are aiming for rapid globalization and industrialization. However, thither are some countries that have achieved very rapid industrial growth. But the other sectors of their economy have not developed as flying as their industries.For instance, there have been no appropriate changes in some industries such as the agricultural industries, public administration, social structure and values among other things and industries. But then again, it can be seen that there is more rooms for globalization even if it promoter that other industries are left(a) behind. Moreover, there has been a great need for private sectors to be improved and flourished in order for globalization to push through. As far as the economics is concerned, the big challenge is poverty, and the surest route to sustained poverty simplification is economic growth. Growth requires good economic policies.The evidence strongly supports the destination that growth requires a policy framework that prominently includes an orientation towards desegregation into the global economy. This places obligations on three groups those who are most responsible for the operation of the international economy, primarily the governments of the developed countries those who determine the intellectual climate, which includes this audience but also government and non-government organizations and individuals and the government of the developing countries who bear the major responsibility for economic policy in their countries.Economic globalization, the ongoing process of greater economic interdependence among countries, is reflected in the increasing amount of cross-border trade in goods and services, the increasing volume of international financial flows, and increasing flows of labor. As is thoroughly bashn to our profession, economic globalization thrived in the period before 1914, but was set back by the two world Wars and the Great Depression.6 The international financial order that was established at the end of ground War II sought to restore the volume of world trade, and by 1973, world trade as a percentage of world gross domestic product was back to its 1913 level and it has continued to grow almost every year since. While the founders of the Bretton Woods system saw the restoration of trade in goods and services as essential to the ascertainy of the global economy, they did not have the s ame benign view of capital flows. Nonetheless, capital flows among the industrialized countries did recover during the 1950s, and intensified in the 1960s.Rapidly they became too powerful for the pegged exchange rate system to survive, and by 1973, as a result of the impossible triple of a pegged exchange rate, capital mobility, and a monetary policy enjoin at domestic objectives the Bretton Woods adjustable peg system had to take place way to flexible exchange rates among the major countries. Capital flows to developing countries grew more slowly. In the late 1970s and early 1980s they consisted in the main of bank loans by the 1990s they took the form mainly of foreign direct investment and purchases of marketable securities.And as the volume of international capital flows to and from the acclivitous market countries the more developed and larger developing countries increased, the impossible triple once again asserted itself, and in a series of crises, country after cou ntry was forced to give up its pegged exchange rate and allow the currency to float. By now, the gross volume of international capital flows relative to global GDP far exceeds the levels r from each oneed in the period just before 1913, though net flows of foreign direct investment have not yet attained the extraordinary levels of the decade before World War I.It is generally believed that with respect to migration and labor flows the modern system is less globalized than it was a vitamin C ago. In 1911, nearly 15 percent of the United States population was foreign born today that number is probably a bit above 10 percent. Emigration rates from Europe, especially Ireland and Italy, were astounding 14 percent of the Irish population emigrated in the 1880s, and over 10 percent of the Italian population emigrated in the first decade of the twentieth century.Jeffrey Williamson (2002) attributes a significant part of the convergence of income levels in the Atlantic economy in the late nineteenth and early twentieth centuries to mass migration. Whether or not migration and labor flows are greater now than they were a century ago, we are becoming more globalized in this regard too, for migration rates have been rising and in a potentially important way, for more migration than in the past is from less to more developed countries. All this is at an epitome level.In terms of peoples daily lives, globalization means that the residents of one country are more likely now than they were cardinal years ago to consume the products of another country to invest in another country to earn income from other countries to talk on the remember to people in other countries to visit other countries to know that they are being affected by economic development in other countries and to know about developments in other countries. Globalization is much more than an economic phenomenon. The technological and political changes that drive the process of economic globalization have mas sive noneconomic consequences.In the words of Anthony Giddens, a leading sociologist I would have no hesitation in saying that globalization, as we are experiencing it, is in many respects not only new, but also revolutionary. Globalization is political, technological and cultural, as well as economic. The non-economic aspects are at least as important in shaping the international fence in as are the economic aspects. Many of those who object to globalization resent the political and military dominance of the United States, and they resent also the deviate of foreign predominantly American culture, as they see it at the cost of national and local cultures.The technological elements matter in practice as well as in the debate. For instance, the events of September 11, 2001 could not have taken place before the current global era. The communications and transport systems that have accelerated the pace of globalization are also at the giving medication of terrorists, money- laund erers, and international criminals. On the positive side, improvements in communications and the spread of selective information were critical to the collapse of the press Curtain. People learned what was happening in other countries, and understood that they did not have to live the way they were living, and the Iron Curtain fell.A broad range of critics is arrayed on the other side. Among them are academics, opinion leaders, individuals and groups who see their interests being affected by globalization, politicians, NGOs, and demonstrators and these categories are not mutually exclusive. To listen to the debate in the terms each side paints the other, who believes that all is for the best in the best of all possible worlds, and those who believe that the world is going to hell in a move over basket. That is doubly misleading.In the first place, many of those who regard themselves as pro-globalization know that there is far too much misery in the world, that there are many wron gs to be righted in the global economy, and that it could be made to operate much fail. And on the other side, many but not all of the critics are not against globalization. Rather, from NGOs demonstrating for further debt relief and campaigning for greater access of developing country exports to industrialized country markets, to academic critics questioning current policy views, many are seeking a better and fairer globalization.