Global Economic Integration Hypothesis
“Global economic integration has not just limited the range of policy options available to states, but also altered the role of the state in national economies.” Discuss.
“Globalisation is the cluster of technological, economic, and political innovations that have drastically reduced the barriers to economic, political, and cultural exchange” . It involves intensified flows of commodities, capital, information and people which enable cross-border integration of activities . Economic globalization is characterized by the rapid expansion of international trade, integration of financial markets, multinationalization of production, foreign direct investment and capital market flows .
Global economic integration (GEI) is a phenomenon which has emerged from economic globalisation, and is defined by capital market openness . Its two main driving forces are: technological innovation and the reduction of transport and communication
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Under increased market integration, competing governments have no choice but to engage in a “race to the bottom” (RTB), which implies both a convergence of national economic policies and convergence toward the lowest common denominator , thus severely undermining the efficacy and legitimacy of democratic processes . This Convergence hypothesis predicts a movement towards smaller governments , with a reduction in government intervention . It suggests that there will be a “wide-ranging cross-national convergence of public policy outcomes” , such as lower levels of taxation , deregulation of labour markets , and narrowed scope of governments to pursue expansionist and redistributive policies . “Financial markets harshly punish social democratic welfare policies” , forcing all governments to cut social public expenditures , such as through reduced income replacement rates and tightened eligibility rules
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