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The term "globalization" is increasingly being used in the study of international relations and international political economy. Increasingly, also, there are debates surrounding the definition of the term and the extent of relevance in the global economy. Discuss with specific reference to Keohane/Nye and Picketty.

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Raushan Raj
Raushan RajLv8
28 Sep 2019

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Related questions

Globalization of the world economy has significantly improved our living standards. However, there are growing concerns, particularly in developed countries like Australia, that increased globalization and outsourcing have significantly undermined the survival of the manufacturing industry such as the motor vehicle industry in developed countries like Australia. It is in this context, answer the following questions: Discuss who gains and losses from globalization.

In answering these questions, you are expected to express your views in the broader perspective and then discuss the Australian experience and back it up with data and theory.


PART ONE (from 500 to 1000 words): ANALYSE CURRENT ECONOMIC CONDITIONS IN HOMETOWN( any country is ok )
-Include relevant information such as your hometown’s major geographical features and population-size, demographic distribution and trends (i.e what proportion of the population are working-age, are there more young people or old people, is this changing, and is the population shrinking or rising.)
-Is your hometown an attractive place for visitors?
-Are there suitable opportunities for young working families to settle down there?
-Would some local people object to the arrival of new businesses and incoming residents? If so, why, and is it likely to be a problem?
-Estimate the median wage and household income, and unemployment rate, in your hometown. Is it adequate?
-What kind of goods and services are provided outside of the formal market economy? Do you see any potential to develop any existing services provided within the informal household/ neighbourhood sector into profitable business enterprises?
-What sectors and industries are responsible for employing most of the people working within your hometown, and what proportion of the population commute elsewhere to work?
-Do services currently account for a substantial share of the jobs and income in your hometown? Is there a demand for more services, and do people have to travel elsewhere to satisfy this demand?
-How close is your hometown to any international border? To what extent are residents and businesses in your hometown impacted by globalization and international trade, and have they responded to new opportunities related to these phenomena? In what specific ways have local people and companies in your hometown ‘gone global’ or been proactive in international exchange?

Case Study:

Introduction

The merger of United and Continental Airlines provides a great case study for understanding how oligopolistic markets work. This article focuses on the New York market, especially for long distance flights. Its airports — Kennedy International, La Guardia and Newark — play a critical role in both domestic and international travel. Combined, they account for four of the top five domestic routes and constitute the biggest hub in the country for international flights.

“It’s the most contested market there is,” said Gail Grimmett, the senior vice president at Delta Air Lines in charge of New York. “That’s because it’s the largest revenue pool. “The merger gives the new company a dominant position with these markets, allowing them to upgrade facilities with the promise of higher ticket prices.

All the competition for the New York market has kept air fares relatively low so far. But analysts cautioned that if an airline becomes too dominant at any one airport, there would be less pressure to keep the lid on prices. Such concerns could raise antitrust issues for United and Continental’s planned merger. While higher ticket prices are a negative signal for antitrust regulators, there are advantages to allowing decent profits for more dominant firms. The obvious advantage here is the better facilities and service for the long distance flights. Of course, with airlines, you don’t want competition to be so severe that airlines feel pressure to reduce expenditures on maintenance and safety. For the economics student, the real interest here is in watching how the market reacts to the new shift of power in this market.

1. With reference to the case discuss oligopolistic features and explain how it will help both the airlines in understanding how oligopolistic markets work for their good.

2. With reference to above case if government need to intervenes than discuss its role with reference to USA economy.

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