How Globalization became a Thing That Goes Bump in the Night - Management Assignment Help

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Abstract
For almost 200 years, globalization has been seen as a positive development, albeit with costs and benefits, and as progress and modernization, a broadening of humanity’s scope from the local and parochial to the cosmopolitan and international. That changed dramatically with the Great Recession, the waves of migration of the last decade, and the global Coronavirus (COVID-19) pandemic of 2020. For many, globalization now connotes economic dislocation, increasing inequality, unwanted immigration, and a vehicle for the transmission of disease. The pandemic reminds us that most economic activity takes place within national borders. It has emphasized the dangers rather than the benefits of efficient linkages between markets, laying bare the dangers of complex global supply chains where any node can become a ‘‘choke point’’, and the risks of overspecialization or the concentration of technological knowledge and/or production capacity in a single country or region. A more positive view of globalization will require restoring the balance between independence and integration, mitigation of its costs within and between countries, and dealing with redundancy and supply risk.

INTRODUCTION

For almost 200 years, globalization has been seen as a positive development – albeit with costs and benefits – if not an imperative, and as progress and modernization, a broadening of humanity’s scope from the local and parochial to the cosmopolitan and international. While that sentiment was certainly not universal, for much of this period it was dominant.
That changed dramatically with the Great Recession of 2008, the waves of migration characteristic of the last decade, and, finally, the global Coronavirus (COVID-19) pandemic of 2020. For many, globalization now connotes economic dislocation and increasing  inequality, unwanted immigration, and, most recently, a vehicle for the transmission of disease. While Marx and Engels (1998 (1848): 39) bemoaned the destruction of ‘‘old-established national industries’’, they went on to say that, ‘‘to the great chagrin of reactionists,’’ bourgeois exploitation of the world market has given ‘‘a cosmopolitan character to production and con- sumption in every country.’’ Trotsky (1928) argued that the most advanced productive forces, the application of electricity and chemistry to the processes of production, were incompatible with national boundaries.

THE RISKS OF GLOBALIZATION BECOME OBVIOUS

The combination of the rise of populist nationalism with the Great Recession and the COVID-19 pan-demic has stood these arguments on their head, and emphasized the dangers rather than the benefits of the efficient linkages between markets (Rodrik, 2018a). Most obviously, the extensive and rapid international travel associated with globalization served as an ideal medium for the very rapid spread of the Coronavirus: it became global in just a few months after first being isolated in China.

OVERSPECIALIZATION AND CONCENTRATION OF PRODUCTION

Digital communications provide for simultaneity in time without regard for space, and facilitate the creation of relational networks of flows for the coordination of complex processes without regard for place or geographic distance (Amin, 2002). That, in turn, has allowed for the extension of specialization – in every phase of the production process – with scant regard for national borders. This drive for efficiency combined with technolog- ical path dependence has resulted in the concen- tration of knowledge – in both research and development and production processes – in specific and often limited geographic areas.

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