Essay: Globalization ideology

Sample Essay

As governments have realized their own identity, the nation-state used to be self-sufficient, but with the advent of the, all nations today have maintained their identity but indulge freely in global trade and exchange, so much so that it is feared by many nationalists that the world will eventually amalgamate into one culture, one language, as it has towards one global form of currency. Whereas this idea is far-fetched, one can see the impact that globalization has had on multiple spheres of everyone’s life. There is no one in this world that uses entirely endogenous product because MNCs have penetrated deep into the very roots of the global society. (Lambie 2009)

Again, globalization has been fuelled by a variety of factors that have been rooted in our history. And that includes The Bretton woods system.  The system came about as a result f the lessons learnt during the world wars where it was decided that the financial market was too important to be left to market forces to correct themselves and that the great depression which was prolonged due to economists waiting for self correction was the result of no interference by governments. Therefore the Laissez fair method of capitalism came to demise as the world leaders felt that leaving the financial markets to fate would be a sure-fire failure and some amount of interference by the government was necessary. (Eichengreen B. 2006)

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