• Interdependence - International Economic Relations

    Pages: 12

    A 12 page paper that discusses globalization and international economic relations with an emphasis on the oil industry. First, the writer reports the latest definition of globalization as one that goes beyond interdependence to one that interlinks countries and the fact that we must expand our concept of globalization beyond economies. The political and economic power and influence of multinational corporations is discussed in relation to changing patterns of governance. The last part of the paper discusses the power and influence of the oil industry, which is very much a global industry, and how globalization has impacted this industry. Bibliography lists 7 sources.

    File: MM12_PGoil.rtf

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    political economy (IPE)" (Nuruzzaman, n.d.). Globalization is experienced very differently by different countries (Viotti, 2002). For some, it brings opportunities for economic growth and development but others believe globalization will  lead to economic crises, high unemployment rates and greater social disparities (Viotti, 2002). Viotti commented that both arguments could be correct and "to turn globalization problems into opportunities, it is  necessary to increase coherence in many areas of international economic relations" (Viotti, 2002). Nuruzzaman reported: "it [globalization] is characterized by growing scholarly differences over social, political, economic and cultural impact  it produces across national borders" (Nuruzzaman, n.d.). Globalization is most often discussed in terms of economies but as this speaker noted, it has a dramatic impact on all aspects of  life (Nuruzzaman, n.d.). Globalization affects the politics of a nation and its socio-cultural state as well as its economy (Nuruzzaman, n.d.). Along this same line, Detomasi (2002) commented that after  these years of living in a global economy, scholars have begun reaching some sort of consensus on what globalization means (2002). It is not just interdependence, in fact, it goes  further to the point where "globalization interlinks more countries and occurs over greater, generally transoceanic, distances" (Detomasi, 2002, p. 421). Concerns about the impact of globalization on a nations  political sovereignty and its economic well-being are being discussed more often in the literature and in academic and scholarly environments (Nuruzzaman, n.d.). The reason for a change in focus in  these discussions is the non-economic impact that is being felt by so many developing nations, Third World nations where globalization has resulted in severe gaps between the rich and the  poor (Nuruzzaman, n.d.), such as in China. The gaps between rich countries and poor countries is also widening (Nuruzzaman, n.d.). These kinds of effects do not enhance international economic relations 

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