Globalization Question 1
Theauthor uses the term ‘globalization’ as an attribute of widenedeconomic networks. He conceptualizes its effect in multiplying themarket size, creation of economies of scale and enabling a country’sacquisition in sourcing productive investment. Such investments areskewed towards the creation of a global economic engine whicheliminates poverty and creation of opportunity in divergentconstruct. These opportunities have fuelled the propensity for bothdeveloping and developed countries to gain proffered economicrelations (Mandelson, p.1). Tapping potential resources is animperative aspect for national development and internationalrelations. Despite globalization’s transmission of risks andvolatility, the benefits outweigh its potential disadvantages(Mandelson, p. 1).
Sustainingthe benefits of globalization necessitates for the preservation ofvital networks of interdependence. Subsequent alterations todivergent regulatory frameworks demand the mitigation of excessiverisks while defending foreign investment and trade – essential fordevelopment.
Theauthor presents globalization in a positive manner. The author positsthat, globalization has been mistaken as a major contributor forputting the government out of business. He further advocates thateffective governance structures and states enable globalizationthrough multifaceted paradigms. Evidently, globalization preservesopen market, manages risks for the society and individuals andenforces rules and responsibility. Throughout the article heemphasizes that human population gains nothing by shutting downfinancial globalization. As such, he affirms that economic networksthat maintain globalization are essential in the transmission ofdivergent benefits along tougher lines of risks and strengtheningmultilateral instruments (Mandelson, p.1).
Itis evident therefore, through the author’s statements andassertions, that he positively links globalization to the developmentof a global economy. As a strong defender of globalization, theauthor concludes by affirming that heightened intolerance forincreased risk taking significantly contributes to the major economiccrisis, as opposed to the general belief of globalization.
Mandelson,Peter. In defence of globalization 2008. Web. 5thFeb 2015.