difference between economic and political globalisation

• Economic globalisation is driven primarily by the desire for profit and economic growth, whilst political globalsiation is driven and was founded on upholding ideals such as human rights, equality and peace

  • Economic globalisation: Rather than being driven by nation states and their leaders like political globalisation, economic globalisation was also driven by private companies, especially MNCs.
  • Nikeʼs use of offshore production in Southeast Asia enables the company to take advantage of lower labour costs in countries like Vietnam
  • Political globalisation was driven by european and north american states desire to promote liberal values - ICC was created in 2002 to promote human rights
• • Impact on the internal sovereignty of nation states - whilsts both reduce state sovereignty, economic globalisation arguable does so to a much graeter extent than the international institutions of political globalisation which limited enforcement mechanisms
  • Economic globalisation has made each countryʼs economy deeply connected to other countries/MNCs and therefore dependent on their decisions. - Ford shifted parts of its manufacturing operations from the UK to Eastern Europe to reduce labour costs, leading to the closure of several UK factories and significant job losses in the British auto industry.
  • Political globalisation has led to maintaining their sovereignty - clear example is ASEAN - each state retains veto power and sovereignty
• Economic globalsation often creates conflict between states whereas political globalsiation resolves conflict and promote cooperation

  • economic globalisation create conflict between large states in aparticular, as they compete for global economic power - the US - China trade war - resulted in tariffs on over $550 billion worth of goods
  • Political globalisation seeks to resolve conflcits and foster cooperation - IGOs play a central role in giving countries a framework to resolve disputes - WTO provides a platform for resolving trade disputes - handles over 600 disputes