SOSC 1340 Chapter Notes -Economic Globalization

• School: York University
• Department: Social Science
• Course: SOSC 1340
• Professor: Kean Birch

Document Summary

Reading(s): hay, c. (2011) globalization s impact on the state. There is a lot of doubt when it comes to the definition of globalization, but there is no doubt that globalization has a significant impact on the accountability, autonomy, capacity and sovereignty of the nation state. Globalization led to inequalities around the world and has reduced the power of nation states to manage their own economies. Globalization is seen to cause inequalities due to the polarization of income, as many laborers are being exploited and working under the minimum wage whilst others are working in high paying jobs. Large corporations are known to exploit resources and commodities such as cheap labor to increase their profits. Globalization led to a significant rise of multinational corporations which many believe undermined the ability of states to manage their own economies. As corporations grow in capital, they also grow in power.