LANGUAGE IN INDIA

Strength for Today and Bright Hope for Tomorrow

Volume 16:1 January 2016
ISSN 1930-2940

Managing Editor: M. S. Thirumalai, Ph.D.
Editors: B. Mallikarjun, Ph.D.
         Sam Mohanlal, Ph.D.
         B. A. Sharada, Ph.D.
         A. R. Fatihi, Ph.D.
         Lakhan Gusain, Ph.D.
         Jennifer Marie Bayer, Ph.D.
         G. Baskaran, Ph.D.
         L. Ramamoorthy, Ph.D.
         C. Subburaman, Ph.D. (Economics)
         N. Nadaraja Pillai, Ph.D.
         Renuga Devi, Ph.D.
         Soibam Rebika Devi, M.Sc., Ph.D.
Assistant Managing Editor: Swarna Thirumalai, M.A.

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Inequality between States: The Price of Economic Globalization

Selvi Bunce

Abstract

According to Gruber “Equitable growth was a product of good institutions” (2011, 581). The domestic institutions and policies are rooted in states’ responses to colonialism and the power structure of the world system. The key effect of domestic institutions and policy within the consequences of the globalization of the trading system is economic inequality between states. This paper analyzes the current situation wherein inequality between is clearly seen. Such inequality is the price of economic globalization.

Keywords: Economic globalization, trading system, inequality between states, Asian economic growth, international institutions, domestic policies, rich getting richer.

Globalization: Wide Range of Effects on Different Countries

Post World War II economic globalization has had such a wide range of effects on different countries worldwide because of variation in domestic institutions and economic policy. According to Gruber “Equitable growth was a product of good institutions” (2011, 581). These domestic institutions and policies, in turn, are rooted in states’ responses to colonialism and the power structure of the world system. The key effect of domestic institutions and policy within the consequences of the globalization of the trading system is economic inequality between states.

Domestic Institutions and Economic Policy as the Independent Variable

The independent variable that best explains variation among states is domestic institutions and economic policy. Domestic institutions provide the environment that dictates how well a state will do in the international economy, while economic policy decides how the state will interact through trade, or lack thereof for that matter. Since “the West colonized the entire world” (Nau 2015), all the least developed countries (LDCs) and middle income countries (MICs) are former colonies. According to Nau, “emerging from colonization by the Western world, developing nations seek independent futures and fear neocolonialism, or dependence on global markets that embody historical oppression” (2015, 389). In addition, due to the overarching fact that some states are more powerful than others because of processes throughout history, “core states have a permanent advantage in producing monopoly products and use their clout in global markets to protect patents and other privileges that produce disproportionate profit” (Nau 2015, 461). Aware of their position in relation to the powerful core states and affected by their past experiences with colonialism, countries in Asia, Latin America, and Sub Saharan Africa formed their policies that dictated how they reacted to globalization.

This is only the beginning part of the article. PLEASE CLICK HERE TO READ THE ENTIRE ARTICLE IN PRINTER-FRIENDLY VERSION.

Selvi Bunce
c/o languageinindiaUSA@gmail.com
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