‘Hyperglobalisation’ is a term used to describe the dramatic increase in international trade witnessed for about a decade and a half from the early 1990s up to the global financial crisis of 2008. The imagery intended is one of an increasing connectedness among nations leading to a virtuous cycle of economic expansion.

Neoliberal policies are economic policies that are predicated on a minimalist role for the state, assuming the desirability of free markets as the ideal condition not only for economic organization but also for political and social life. Hyperglobalists believe that the current phase of globalization signals the beginning of the end for the nation-state and the “denationalization” of economies. By economic denationalization they mean that national boundaries will become irrelevant with respect to economic processes, and that national governments will not control their once geographically bounded economies but will instead facilitate connections among and between different parts of the world through supranational organizations such as NAFTA and the EU.

The wider implications of the hyperglobalist position is that the world will become borderless as national governments become increasingly meaningless or function merely as facilitators of global capital flows and investments. Hyperglobalizers believe that the nation-state, the primary political and economic unit of contemporary world society, will eventually be replaced by institutions of global governance in which individuals claim transnational allegiances that are founded upon a commitment to neoliberal principles of free trade and economic integration. Politically, the global spread of liberal democracy will reinforce the emergence of a global governance, replacing the outmoded nation-state with global institutions like the International Monetary Fund (IMF) and the World Trade Organization (WTO).

Friday, 22nd Jun 2018, 07:52:08 AM

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