Global Governance Essay Example | Topics and Well Written Essays - 2000 words

Global Governance - Essay ExampleThe conclusion contains brief recommendations for satisfy to make withdraw good deal really superfluous.An initial look at the term globalization implies that some thing or phenomenon is spreading passim the globe and in the process becoming global, or globalising. Whilst diseases, ideas, information, or even weather disturbances can go global, the current usage of the term globalisation is in reference to free trade in goods, services, and labour among the beings nations. Thus, globalisation and free trade are understood to be one and the same.Micklethwait and Wooldridge (2000) described globalisation (p. xvi) as the integration of the world economy, reshaping air and reordering the lives of individuals, creating social classes, different jobs, unimaginable wealth and, occasionally, wretched poverty. Stiglitz defined it earlier (2002, p. 164) as the integration of countries and peoples of the world brought about by the enormous reduction of t ransportation and communication costs, and the breaking down of artificial barriers to the flow of goods, services, capital, knowledge, and people across borders. The use of integration in both definitions implies a reference to a previous state marked by separation. Integration in the context of international trade signifies that economic and business laws, political systems, cultural differences, and all other factors that act as barriers to the economic relationship amongst nations are minimised or removed, made compatible and attractive enough for trade to take place.Free trade amongst nations is not a recent phenomenon. It has been going on for centuries, and as discussed in the next section, it has caused prosperity and poverty, sometimes becoming a prelude to wars as nations battled each other for supremacy. Trade amongst nations was pretty straightforward, regulated by the law of supply and demand and bartering. But as societies became complex and the visit of wealth shifte d from nobles to industrialists, the worlds socio-economic order underwent a radical shift as the growth in populations increase the pressure for governments to satisfy the people (Yergin et al., 1998, p. 189).The driving force of free trade was Britain, the worlds superpower in the 18th and 19th centuries. British goods were traded all over the globe, made from materials extracted from colonies that spanned an empire where the sun never sets. Law and order were kept up(p) by a powerful army and navy that kept trade routes safe. Londons financial system dipped its fingers into every business pie. Understandably, Britain sowed the intellectual seeds of globalisation and free trade, inspired by the works of Adam Smith (The Wealth of Nations, 1776), David Ricardo (On the Principles of Political Economy and Taxation, 1817), and James Stuart Mill (Elements of Political Economy, 1821).Smith emphasised the invisible distribute of free markets that