Globalization is an Issue, The Power of Capital is the Issue

Abstract

The globalization hypothesis is that there has been a rapid and recent change in the nature of economic relations among national economies which have lost much of their distinct claim to separate internally driven development, and that domestic economic management strategies have become ineffective to the point of irrelevance. Internationalization is, in this view, seen as a tide sweeping over borders in which technology and irresistible market forces transform the global system in ways beyond the power of anyone to do much to change. Transnational corporations (TNCs) and global governance organizations, such as the World Bank and the IMF, enforce conformity on all nations no matter their location or preferences. The corollary to such thinking is that radical alternatives are not possible, and that in Margaret Thatcher's memorable phrase, TINA, 'There is no alternative."

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