Hyper Globalists The first wave of globalisation theory is called ‘hyper’ globalist account of the economy as it indicates that national economies have become less significant due to increased role of capital mobility, economic interdependence and multinational companies.

The proponents include Francis Fukuyama (End of History), Thomas Friedman (World is Flat) and Kenichi Ohmae (End of the Nation State). They argue that political restrictions on movement of money have decreased due to technological changes like computerization of financial transactions. They believe that the current phase of globalisation spells doom for nation-states as it leads to “denationalization” of economies. That means the national boundaries will become irrelevant with respect to economy and the national governments will have to facilitate connections among and between different parts of the world through supranational organizations such as European Union.

This means that economic changes are leading to political and cultural changes. Nation states tend to have lost their power, influence and even sovereignty as they have to design their policies keeping in mind the needs of mobile capital. This has implications for social democracy and welfare state as they are downsized to give more space to business interests. This also leads to decline in national culture as people around the world consume global culture. Politically, nation states give way to international organizations such as the UN and International Monetary Fund (IMF). Hyper globalists believe that transnational, global forces lead the way ahead of nations in terms of economy, politics and culture.
@PROFESSOR_ADDA

हिंदी @PROFESSOR_ADDA

Right answer is here 👍👍 ☑️

Admit cards out
@PROFESSOR_ADDA