Open AccessThe Impact of Globalization on the Structural Power Control of Developed States in the 1990s and 2000s
Author(s) -
Shlomo Waichman
Publication year - 2020
Publication title -
przegląd politologiczny
Language(s) - English
Resource type - Journals
eISSN - 2956-5081
pISSN - 1426-8876
DOI - 10.14746/pp.2020.25.3.3
Subject(s) - globalization , welfare state , corporate governance , capital (architecture) , market economy , state (computer science) , government (linguistics) , capital market , capital control , economics , capitalism , economic system , control (management) , welfare , inequality , business , political science , liberalization , capital flows , politics , mathematical analysis , linguistics , philosophy , mathematics , management , archaeology , finance , algorithm , computer science , law , history
Due to its very nature, globalization undermines the government control. This paper focuses on the impact of globalization on developed states. In particular, it analyzes how globalization has affected each of the following four institutions: (i) governance, (ii) capital markets, (iii) welfare state, and (iv) labor market. This can be summarized as follows: governments have become limited in their decision making, domestic capital markets have transformed into branches of the global market and thus have not been able to freely promote domestic interests, the welfare state serves capitalism rather than protects the society and reduces inequality, and the labor market experiences the migration of workers to developed states, whereas industries moved offshore to developing states.