Reflection on Globalization, Political Economy, and the Environment (Essay Sample)

Reflection on Globalization, Political Economy, and the Environment Student’s Name Institution Course Instructor Date Introduction Globalization refers to the deepening, widening, and acceleration of world connectivity, which enhances trade and enterprise across geographical limitations. Globalization is more complex and contradictory than the metaphors postulate. The political economy explores the interrelationship between politics and the economy. Politics and the economy are intertwined since political stability is a recipe for sustained economic growth and advancement (Bellamy and Wheeler, 2023). On the contrary, political instability and poor policies by the government of the day affect economic growth. The international political economy (IPE) is a broad and exciting field of study that builds on several theoretical foundations. Environmental issues have become prevalent in international discussions over the last 50 years, aided by the impacts of globalization. Increased levels of economic activity occasioned by massive industrialization and the use of fossil fuels have exacerbated environmental concerns (McGrew, 2023). Due to increasing environmental and sustainability issues, there have been attempts to organize cooperation among countries and conferences to address climate change including COP28. Power dynamics influence resource distribution across countries and significantly influence global dynamics. Neoliberalism champions free market capitalism, limited government presence in trade, and deregulation. It widens income inequality and raises significant concerns regarding social justice (Sweeney, 2018). The purpose of this reflection is to provide an overview of the key aspects elaborated on in the module and determine the linkages between globalization, political economy, and the environment. It also explores power dynamics and neoliberalism and their impact on globalization. How Power Is Used and Abused by States Corporations, and Other Actors in The International Political Economy (IPE) There are different ways through which state corporations and other actors abuse power within the international political economy. Power is the ability to control people, resources, or processes (McGrew, 2023). It involves exercising authority and control over people and resources and defining a particular course of action. Within the international political economy (IPE), power is wielded by various actors who regulate specific courses of action that influence the distribution of resources (Philips, 2023). The three predominant actors that wield power within the IPE are states, corporations, and other actors. States: States have significant power in the IPE because their diverse policies affect global trade and influence regional cooperation. Dominant states with established economies influence global economic policies to benefit their interests, mostly at the expense of weaker economies. States are also likely to capitalize on their military power to attempt to gain control over other sovereign states, mostly for political expediency (Sweeney, 2018). Among the key approaches states wield power is through bilateral trade negotiations and alliances. For example, powerful countries may impose trade sanctions or tariffs on other less developed economies to achieve particular political and economic objectives (Philips, 2023). Again, advanced economies use international organizations including the World Bank, International Monetary Fund (IMF), and World Trade Organization (WHO) to propagate their economic agendas at the expense of smaller countries. These organizations are dominated by powerful states that might manipulate policies to their advantage (Sweeney, 2018). This shows how powerful states can exert their power and dominance over smaller countries which implies abuse of power. Corporations Corporations including global multinationals are critical players in the international political economy, wielding substantial influence over governments and policy frameworks. Corporations have massive economic strength which provides them the capacity to effectively lobby (Philips, 2023). They can also influence policies and regulatory frameworks in their favour. Among the ways corporations exhibit their power is through the capture of regulatory agencies where they indirectly control the agencies expected to oversight them (Sweeney, 2018). This enables multinationals to tilt regulations in their interest, potentially causing harm to human lives and the environment. Again, corporations capitalize on the disparities in labour and environmental laws to lower their costs and enhance profits. Most multinationals are in business and would seek ways to keep their costs at a minimum (Philips, 2023). Therefore, they might exploit the existing labour and environmental disparities to their advantage. This could exacerbate labour disparities and environmental degradation because most multinationals are likely to outsource their production to states with lower regulatory standards. Moreover, corporations are predominantly involved in tax avoidance mechanisms where they underrepresent their financial statements to avoid taxation within their jurisdictions of operation (Gray, 2010). Given their scale of operation and connectedness, some companies might collude with tax agencies to avoid taxation, which denies respective governments the much-needed tax to finance social development programs. This widens global inequality and affects the state’s key programs aimed at addressing social welfare objectives. Other Actors Other actors within the international political economy (IPE) include non-governmental organizations (NGOs) and civil society groups. These groups wield quite a significant amount of power in IPE since they are integral in influencing diverse globalization policies. NGOs and civil society groups often advocate for social justice, human rights, and environmental protection, and they ensure a favourable balance between the powers wielded by the states and corporations (Philips, 2023). Their role in advocacy for social justice cannot be understated as NGOs and civil society groups have always championed an equitable social agenda where they focus on broader goals of alleviating poverty and economically empowering global societies (Philips, 2023). These actors inform public opinion, provide awareness, and pressure states and companies to act in the broader social interest. They wield their power from specific constitutional provisions that enable them to oversee governments and corporations. However, other actors, including drug trafficking syndicates and other trade networks that undertake illegal trade, undermine the authority vested in different states and lead to instability, potentially affecting global trade. These actors take advantage of the existing loopholes in governance and regulatory landscapes to propagate illegalities that lead to immense social and economic impacts (Gray, 2010). For example, the prevalence of cybercrime syndicates poses prominent challenges to the state and corporations, emphasizing the shifting power dynamics within the IPE. Overall, power dynamics within the international political economy are influenced by deliberate actions by key players, including the state, corporations, and other actors. Despite the state, corporations, and other actors exerting substantial power, they experience constraints and challenges within the global scale that impede their effective functioning. From the module reflection, it is also evident that these major players can abuse their powers to their advantage, thereby affecting other players who might not have the economic strength and prowess to compete with fairly advanced economies. These power imbalances are, in turn, checked by NGOs and civil society groups whose aim is to promote accountability and fairness within the global economy. Reflection on the Key Theories Discussed in The Module and in the Course book Liberalism, essentially within the field of international relations, supports individual liberty, democracy, and free trade. It suggests that cooperation between states is achievable because of the institutions established and the mutual benefits offered. Neoliberalism, which is an offshoot of liberalism, encourages the role of international organizations toward facilitating economic globalization (Dunne, 2023). It helps in creating a conducive environment for states to cooperate and share experiences. These theories centre on the importance of trade, economic interactions, and diplomacy as major factors for peace and stability across the globe. On the contrary, realism believes anarchy exists in a world system where the main goal of the states is self-interest and power-seeking. Dunne and Schmidt (2023) assert that realists insist that states protect their security and survival as top priorities in the global arena, where they must deal with an almost permanent contest between power and hierarchy. This image suggests the foremost role of military competence and deep state interests in determining countries’ behaviour. The Marxist theory gives a thorough critical overview of world politics through the characteristics of dominant economic factors and the class struggle that form the basis of international relations. The former holds that capitalism creates and upholds inequalities and exploitation on a world scale (Hobden and Jones, 2023). Therefore, this leads to a clash between the dominant and the inferior states. Marxism stresses the importance of economic reorganization, class unity, and the liberation of nations to realize social and economic equality. The constructivist theory focuses on thoughts, values, and symbols, that is, ideas, norms, and identities, in the formation of state conduct and international results. It contends that the perceptions and social constructions, plus the states’ actions and intera...