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Write a 6 pages paper on the meaning of globalization. The first article chosen is that by Hirst and Thompson (2000) entitled Globalisation: A Necessary Myth? The very title is at once intriguing and
Write a 6 pages paper on the meaning of globalization. The first article chosen is that by Hirst and Thompson (2000) entitled Globalisation: A Necessary Myth? The very title is at once intriguing and revealing as it thrusts forward, almost anti-climactically, the conclusion of its authors. The argument is developed in this wise: Globalization is defined in the ideal, in the sense that the world economy operates beyond the regulation of nation-states, transnational corporations or TNCs (in contrast to multinational corporations or MNCs) are truly stateless corporations and are the prime movers to the world economy, and international bodies exercise “legitimacy from consumers/citizens across national boundaries” without need for endorsement nor acknowledgement from national governments. In a truly globalized economy, the paper argues, developing countries would have equal footing with advanced countries in trade and foreign direct investments or FDI, mainly through the operation of TNCs. The authors treat TNCs as distinct from MNCs insofar as the companies’ national affiliation is concerned. Purportedly, TNCs are truly stateless, being as much associated with any of the states where they maintain their presence. There would be full domestication of production because of the dispersal of capacity throughout the TNCs subsidiaries and affiliates. Given this, TNCs could thus no longer be under the control of national governments, and any intervention by the latter would merely be distortionary upon the working of the global economy. If TNCs could successfully operate beyond the regulatory reach and constraints of nation-states, then the global economy will be closer to reality. However, the paper concludes, the foregoing conditions are far from materializing into actuality, thus the title: globalization is a myth.
Hirst and Thompson have presented well-defined ideas of what globalization should be. . .
