Sociology Index

Hyperglobalization

Hyperglobalization is rapid trade integration. The Hyperglobalization of Trade and Its Future fascinates the world. Though economists who study trade flows have claimed that hyperglobalisation was a one-time event, hyperglobalization is here to stay. Mega-traders like China and the proliferation of regional and preferential trade agreements has led to Hyperglobalization. Growth in population and advanced technology is shrinking the world leading to what we call hyperglobalization. There is an argument for the need to curb hyper-globalization to protect liberal democracy. "Hyperglobalization Thesis" argues that the emergence of a single global market and global competition imposes neo-liberal policies on all governments. The paradox of peer-to-peer interconnection is that we’re moving towards hyperlocalization and hyperglobalization simultaneously. At the analytical core of The Globalization Paradox, Rodrik identifies irreconcilable tensions among national sovereignty, democracy, and hyperglobalization.

The term hyperglobalisation has been used to describe the dramatic increase in international trade witnessed from the early 1990s up to the global financial crisis of 2008. What we see is an increasing connectedness among nations leading to a virtuous cycle of economic expansion. Hyperglobalization is the natural result of a shrinking world. According to "hyperglobalization" school, social and economic processes function at a global level, and states are not decision makers, states are decision takers.

Rodrik, a professor of international political economy at Harvard University, is one of the most powerful critics of what he calls the "hyper-globalization agenda" favored by the corporate community and academic economists.