French-Thai: Longdo Dictionary (UNAPPROVED version -- use with care )
Contemporary patterns of economic globalization have been strongly associated with a reframing of the relationship between states and markets. Although the global economy as a single entity is by no means as highly integrated as the most robust national economies, the trends point unambiguously towards intensifying integration within and across regions. Patterns of contemporary economic globalization have woven strong and enduring webs across the world's major regions such that their economic fate is intimately connected. Levels of inter-regional trade are largely unprecedented whilst the form which trade takes has changed considerably. Despite the fact there is a tendency to exaggerate the power of global financial markets, ignoring the centrality of states to sustaining their effective operation especially in times of crisis, there is much compelling evidence to suggest that contemporary financial globalization is a market, rather than a state, driven phenomenon. Reinforced by financial liberalization, the accompanying shift towards markets and private financial institutions as the 'authoritative actors' in the global financial system poses serious questions about the nature of state power and economic sovereignty.
Alongside financial integration the operations of multinational corporations integrate national and local economies into global and regional production networks .Under these conditions, national economies no longer function as autonomous systems of wealth creation since national borders are no longer significant barriers to the conduct and organization of economic activity. The distinction between domestic economic activity and worldwide economic activity, as the range of products in any superstore will confirm, is becoming increasingly difficult to sustain.
Central to the organization of this new global capitalist order is the multinational corporation. In 1999 there were over 60,000 MNCs worldwide with 500,000 foreign subsidiaries, selling $9.5 trillion of goods and services across the globe. Today transnational production considerably exceeds the level of global exports and has become the primary means for selling goods and services abroad. Multinational corporations now account, according to some estimates, for at least 20 per cent of world production and 70 per cent of world trade . It is global corporate capital, rather than states, which exercises decisive influence over the organization, location and distribution of economic power and resources in the contemporary global economy.
Contemporary patterns of economic globalization have been accompanied by a new global division of labour brought about, in part, by the activities of multinationals themselves . Developing countries are being re-ordered into clear winners and losers, as the experience of the East Asian tiger economies shows. Such restructuring is, moreover, replicated within countries, both North and South, as communities and particular locales closely integrated into global production networks reap significant rewards whilst the rest struggle on its margins. Economic globalization has brought with it an increasingly unified world for elites - national, regional and global - but divided nations and communities as the global workforce is segmented, within rich and poor countries alike, into winners and losers .
Furthermore, the globalization of economic activity exceeds the regulatory reach of national governments while, at the same time, existing multilateral institutions of global economic governance have limited authority because states, still jealously guarding their national sovereignty, refuse to cede these institutions substantial power. Under such conditions, global markets may effectively escape political regulation. For the most part, the governance structures of the global economy operate principally to nurture and reproduce the forces of economic globalization whilst also serving to discipline and streamline this nascent 'global market civilisation'. Yet, in some contexts, these governance structures may carve out considerable autonomy from the dictates of global capital and/or the G7 states. Hence, multilateral institutions have become increasingly important sites through which economic globalization is contested, by weaker states and by the agencies of transnational civil society. The G7 states and representatives of global capital have found themselves on many occasions at odds with collective decisions or rule making . Moreover, the political dynamics of multilateral institutions tend to mediate great power control, for instance through consensual modes of decision making, such that they are never merely tools of dominant states and particular social groupings.
Alongside these global institutions, there also exist a parallel set of regional bodies, from APEC to the EU, which represent an additional attempt to shift the terms of engagement with global market forces. Within the interstices of this system operate the social groups of an emerging transnational civil society, from the International Chamber of Commerce to the Jubilee 2000 campaign, seeking to promote, contest and bring to account the agencies of economic globalization. Economic globalization has been accompanied by a significant internationalization of political authority associated with a corresponding globalization of political activity.
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