The Hyperglobalists
single global economyweakening of nations (territorially bound, states must accommodate global market forces, private financial institutions are 'authoritative actors' weakening state power and economic sovereignty, e.g., East Asian crisis of 1998)
growing strength of corporations and capital (global markets can escape effective political regulation)
growing influence of multilateral institutions of global economic surveillance (G7,IMF, World Bank and WTO)
end of the welfare state and social democracy
The Sceptics
the intensity of global interdependence is exaggeratedglobalization is primarily a phenomenon largely confined to the major OECD states
the world is breaking up into several major economic and political blocs
most powerful states and social forces have consolidated their global dominance
Transformationalist Analysis
the outcome of processes of globalization is not determined (no trajectory)multidimensional process which is not reducible to an economic logic
existing multilateral institutions of global economic governance have
limited authority because states refuse to cede these institutions substantial
power (global markets may effectively escape political regulation)
developing countries are being re-ordered into clear winners and losers (East Asian tiger economies)
reordering within countries (e.g., London)
multilayered global and regional governance
roles and functions of states are re-articulated, reconstituted and re-embedded (political power is no longer coterminous with a delimited national territory)
