Distinctiveness of Globalisation and its Implications for Labour Markets: An Analysis of Economic History from 1990-2007

Abstract

There are divergent opinions about globalisation. Some sections believe that it is purely capitalism, while others contend that it is internationalisation. Still others say that it is a product of technological explosion, which has resulted in deterritorialisation or supraterritorialisation. However, it would be gravely erroneous to take one or two variables mentioned as a basis for an analysis of globalisation. Although globalisation is capitalism, however, capitalism is not globalisation; globalisation is internationalisation, however, internationalisation is not globalisation; globalisation is technological explosion, however, technological explosion is not globalisation; globalisation is deterritorialism, however, deterritorialism is not globalisation; and globalisation is supraterritorialism (transnationalism), however, supraterritorialism is not globalisation. Since globalisation represents all others while all others do not fully represent globalisation, its distinctiveness is delineated. Other major areas in which current globalisation can be distinct from other prodigies are within the domains of a rise in the speculative movement of funds, astronomic increases in international trade, explosive international amalgamations and acquisitions, transnationalisation of production, advanced sophisticated technological innovations, increasing numbers, activities and powers of transnational corporations,global fragmentation and regionalisation and, within areas of global competition. This paper contends that this distinctiveness of globalisation has dire consequences for major labour markets and the concentration of economic power in a few hands within a global economy has led to monopoly capitalist tendencies and a mismanagement of the world's resources as the current economic crises demonstrates.