Will Political Globalisation Inevitably Follow Economic Globalisation?

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WORLD IN NEED OF GLOBAL GOVERNANCE

"WILL POLITICAL GLOBALISATION INEVITABLY FOLLOW ECONOMIC GLOBALISATION?” 

António Guimarães nº12873

Submitted to Professor Miguel Teles Ferreira of tutorial class TAB31, on 20/03/2015

This essay talks about how, knowing the problems the world is going through nowadays, with the global crisis and more and more wealth concentrated in fewer hands, it is necessary that countries and organisations help creating a global solution, which has to pass by creating a legal structure that makes sure there isn’t too much power in the hands of the largest and more influent countries and organisations, and creating also regulations that prevent countries all over the world from being affected by the fluctuations of the economies of other countries, as we are getting more and more connected throughout time.

Globalisation, from the Financial Times’s definition, is “the integration of economies, industries, markets, cultures and policy-making around the world. Globalisation describes a process by which national and regional economies, societies, and cultures have become integrated through the global network of trade, communication, immigration and transportation”1. It is important to understand firstly that both economic and political globalisation are connected, as they are just outcomes of Globalisation itself.

It is clear that both economic and cultural globalisation are in a very advanced state, and that especially the northern hemisphere countries are evolving greatly because of it. But is this is going to stop? Is this too much? Nayan Chanda, director of publications at the Yale Center for the Study of Globalisation and editor of YaleGlobal Online, says that if politics doesn’t keep up with economics in the matter of globalisation, it will risk turning globalisation itself into an harmful direction. So, in a sentence, it is necessary that political globalisation follows economic globalisation, or it will possibly turn globalisation to a decadent and destroying process.

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Political Globalisation

This world that nowadays we label as “globalised” is in a constant change, and we have reached to a position where the economy of our country or international organisation can be affected by the fluctuations of the economies of countries that are thousands of kilometres away. So it is clear that we need regulations to prevent the world from declining. The countries are beginning to understand this, and Political Globalisation, although it isn’t very clear, is happening: