Globalization means “interdependence”
Interdependence denotes to two or more nations influencing and relying on each other, whereas globalization refers to the economical, governmental, and social contact and incorporation of people from all over the world. Most nations are interrelated and integrated in today’s globalized globe. There are two primary variables that contribute to coherence in supporting development goals in a globalized world economy. Globally, there is a need to strengthen multilateral institutions and better coordination and discourse among them, to promote consistency in aid, trade, external debt, and economic cooperation policies, to unveil legislation cohesion strategies as well as provide regulation for developing countries, to have a forum for dialogue among policymakers trying to deal with the economic, social, and ecologic aspects of development, and to facilitate broad-based participation.
What is global interdependence?
Global interdependence implies to countries’ worldwide mutual reliance. To put it another way, global interdependence. One country relies on one another for something. That country is likewise dependent on another for the same or something else. Global interconnection grows when more nations rely on other countries for items, predominantly vital issues similar to energy and food. Global interconnectedness is primarily due to intercontinental trade, which comprises the import and export of goods and facilities. In reality, today’s nations cannot exist long deprived of each other’s exports and imports. Natural gas and oil have fostered worldwide interdependence between major production nations and others that lack sufficient supplies.
Summary of GLOBALISATION AND INTERDEPENDENCE Martin Wolf
What we have to do is to build on what’s been accomplished rather than toss it all away, as many detractors advocate. That cooperative endeavor has undoubtedly become significantly more difficult in the post-9/11 period. Maintaining transparency with each other is significantly more difficult in times of fear than in times of confidence. However, the work has gotten more pressing. A breakdown in economic unity would be a disaster. As is usually the case, open societies have opponents both within and beyond. Our epoch is no different. We owe it to future generations to guarantee that they really do not triumph. The text urges countries to learn out of their own failures. However, the global community need the ability and commitment to act where governments have failed. A multilateral rescue system for failed and failing governments is currently one of the world’s top objectives.
According to the text, development assistance is not a guarantee of effective growth. However, the amounts being donated are substantially too modest, accounting for just over a fifth of the donor countries’ GDP. The rationale for extending such assistance and concentrating it on the weakest developing nations is compelling. However, help should not have been so significant that it relieves a government of the responsibility to collect funds from its own citizens.
Discussion
Interdependence is a fundamental element of the international community. While there is some disagreement about the idea and its application, interdependence is critical for understanding the nature and dynamics of international organizations (IO) and international relations in general. Interdependence entails actor interconnection/linkages as well as actor interrelationship systems. However, interdependence entails more than just being interconnected. It refers to a connection wherein two entities are linked in a system of conduct in such a way that varies in one party have a meaningful influence on the accomplishment of the others’ values, needs, and/or intended results.
Globalization as a concept and practice benefits our lives and performance. We can still hold our country behind by clinging to antiquated ideals that have become antiquated even in the places where they were developed. Alternatively, we may empower ourselves to take full advantage of the possibilities created by Globalization and assist our country in realizing its full potential. Interdependence ensures there is growth in technology allowing people access to information creating transparency in resource allocation, and at long last people will be involved in exchanging information creating an avenue for culture exchange and culture improvement.
References
Fjäder, C. O. (2018). Interdependence as dependence: Economic security in the age of global interconnectedness. In Geo-Economics and Power Politics in the 21st Century (pp. 28-42). Routledge.
Mossig, I., & Lischka, M. (2022). Globalisation, Economic Interdependencies and Economic Crises. In International Impacts on Social Policy (pp. 289-304). Palgrave Macmillan, Cham.
Ruggiero, R. (2019). Freedom of trade, globalisation and economic interdependence: Factors for progress and strengthening of world peace. In Living in the Global Society (pp. 133-141). Routledge.
Wang, Z. (2018). Economic competition, policy interdependence, and labour rights. New Political Economy, 23(6), 656-673.
Yameogo, C. E., Omojolaibi, J. A., & Dauda, R. O. (2021). Economic globalisation, institutions and environmental quality in Sub-Saharan Africa. Research in Globalization, 3, 100035.
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