The liberal and critical theory account of economic globalization Essay

The liberal and critical theory account of economic globalization - establish Exampletional contexts beyond national boundaries, critics like Ellen Meiksins Wood have been arguing on the extent of limp practiced by these international institutions and its implications on national powers. According to Wood (2005), problems related to globalization, such as the social injustices, the growing gaps between rich and poor, democratic deficits, ecological degradation and so on argon the consequences of capitalism (pp. 14). Wood (2005) thus get bys that capitalism, whether national or global, is driven by certain systematic imperatives of competition, profit-maximization and accumulation, which of necessity require putting exchange-value before use-value and profit before people (pp. 14).While an optimistic view of liberalism volition justify this particular opinion, a critical view to the notion shall be much emphasized to deliberate on behalf of capitalist theorists, stressing on the negatives associated with the same (Kuko, 2009). The critical theory thus asserts that globalization has made it practical for a handful of economies and institutional members to enjoy the wealth and resources within their global playing field, leading(a) to graver sufferings of weaker and vulnerable economies (Bohman, 2004). As the two theories, liberalism on one hand and capitalism on the other, argue on the positives and negatives associated with globalization, this essay will aim at examining both these standpoints to conclude whether globalization can be held responsible for the increasing inequality in resource allocation causing poverty or it in reality functions in reducing such disparities. Influences caused by international institutions will also be considered in the preaching henceforth to obtain a succinct understanding of the issue in concern.A nation power be said of having a comparative advantage if it can produce a particular skillful or service in a much effici ent and cost effective manner as compared to other countries, which is only