The Anarchy of Globalization: Local and Global, Intended and Unintended Consequences

Abstract

Globalization is full of contradictions, creating homogeneity alongside differentiation. Classes become more differentiated while products become more homogeneous. Globalization has stimulated growth in China, while it has contributed to dysfunctional financialization, which largely disregards the productive side of the economy. This article emphasizes globalization as a shift in power relations in which corporations require powers that would have been unimaginable a few decades ago, while government power is becoming restricted to the point that globalization is creating a form of unchecked corporate anarchy.