Globalization

Paper Summary:

This paper compares and contrasts the definition and theory of globalization espoused by Thomas Friedman in "The Lexus and the Olive Tree" with that of Petras and Veltmayer as expressed in "Globalization Unmasked".

From the Paper:

"Globalization has been a prominent topic of debate for the past number of years, yet there is still question of what globalization truly means. For Thomas Friedman, globalization is the new era of international affairs and relations spawned after the Cold War era, which is based on free-market capitalism, which is enabled through a democratization of technology and information. For James Petras and Henry Veltmeyer, globalization is a global socio-economic transformation, which creates two possible standpoints, one in which globalization is a restructuring system to increase modes of capitalist production and the second, in which globalization is an imperialist class project through capitalism, and regardless of which view is held, globalization results in the deterioration of the third world economies and the growth of the superpower's capital. Though both texts hold different theoretical basis, they also hold the same common notion: the interrelation and integration of nations into one world order through means of economic and political changes through the resources of technology and policies."

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