The distinctive logic of globalisation: implications for global markets

Abstract

There are polarising views about globalisation. Some sections have argued that it is merely capitalism, while others believe that it is internationalisation. Still others say that it is a product of technological explosion, which has resulted in deterritorialisation or supraterritorialisation. These varied views are quite important. Therefore, to take one or two variables mentioned as a basis for an analysis of globalisation, would lead to a redundant concept of globalisation. Hence, 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 innovation, 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 detrimental implications for labour markets.