Emergence of financial markets operating

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GLOBALIZATION: NEW OR OLD PHENOMENON? 

Two quotes reflect the extent to which globalization is a new or old phenomenon. 

"Before, each nation remained closed on itself. There was less communication, less travel, fewer common interests and fewer political and civil relations between the genes. However, today it is possible for us to guess the gradual disappearance of national differences, which once caught our attention so much." 

"Changes in the structure of the global economy have resulted in a weakening of the government's ability to control certain activities that correspond ­to it de jure.  International currency crises have demonstrated the emergence of financial markets operating beyond the jurisdiction of even the most developed states in the West." 

The first statement could be in a column of any newspaper that we opened on any given morning in these times of globalization. However, it is by Jean Jacques Rousseau, and is taken from his work ­The Emilio, published in 1762 (quote collected by Plattner 2002: 55). The second is about 30 years old, predating even the oil crisis of 1973 (Morse 1972: 123). The two quotations reflect that if by globalization we mean interdependence between the national and the international, globalization is by no means a new phenomenon. "That war and trade between political communities," notes Angelo Panebianco (1985: 413), "have always exerted a major influence on the associative life of men is a statement so ob via and so uncompromising that anyone is willing to subscribe to it." What is surprising, Panebianco emphasizes, is the short time and scarce energies that political science has devoted to investigating how economic exchanges and organized violence, that is, the main institutions with which international politics is interwoven, are linked to the development of States and their political institutions and to the ways in which they have changed over time. ­

Reference no: EM133243835

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