Economic and Society Essay Example | Topics and Well Written Essays - 2000 words

Economic and Society - Essay Example There are two different issues regarding the role of globalization as many argue that the governments, due to globalization, have lost their control over their own sovereignty. On the other hand, it is said that the due to globalization, the world as a whole, benefit from the globalization. It is often argued that with the increased globalization, governments often lose control over their own economic affairs and as such many developing countries consider globalization as a force which is in direct contravention of their sovereignty and control over their own domestic affairs. Due to globalization, domestic institutions gradually lose control over the economic policy making as global organizations largely influence their decision making process and the resulting changes would bring in more economic hardship rather than economic affluence for the country. Many developing countries also fear that the resulting changes would create such socio-cultural changes that the society will no longer remain within it traditional attire and foreign ideas and values will start to dominate the society. However, on the other hand, results also indicate that third world countries often benefit from globalization due to sheer transfer of technology, capital as well as knowledge. The resulting changes not only bring prosperity but also economic growth as well as a more secure future of the nation. It is truly difficult to define what globalization is and under what conditions it can provide desired benefits. Over the period of time, the discipline has evolved into a position where it has integrated many different disciplines and emerged as one of the most talked after multi-disciplinary concept. As such the current state of the concept inculcates into it various theoretical approaches, different disciplines as well as theoretical foundations, which are currently behind the emergence of the modern definition of globalization. Globalization has