Seniors - Kindly assess this essay. It's brief, won't take much time.
 

[SIZE="4"][B][FONT="Book Antiqua"]Your thoughts will be most welcome. I would like to know what seniors think of this attempt in terms of lucidity, coherence, conveying-the-essence (answering the question), relevance and moderate use of vocabulary. Have I adequately managed to contain the elements required of an essay? I have endeavored to maintain an easy-to-read style. Also, i would appreciate any criticisms and loose ends that i shall work to correct.

PLEASE NOTE that this essay is an attempt from one of my modules. It is a past-paper question (25 marks) which is why I have adhered to and maintained a brief and succinct style of writing. In case seniors believe I have not adequately described certain theories for example, Structural Theory; Hegemonic Stability Theory, you are assured that i am cognizant of that. [B][U]The criticisms and assessment i am looking for are those pertaining to the structure, elements and relevance required of a good CSS essay. Please keep this in mind before evaluating.[/U][/B] [/FONT][/B][/SIZE]

[COLOR="Navy"][FONT="Book Antiqua"][SIZE="4"]Which is a more potent driver of economic globalization: Technological Innovation or Hegemonic Power?

Economic globalization has multiple drivers. Anthony McGrew (2011) identifies broadly three main factors of economic globalization: Technics, Economics and Politics. A fourth factor contributing to this process is what Charles Kindleberger (1976) labelled Hegemonic Power. Adherents of the Structural Theory of globalization hold technology as the prime and most important driver. While dissidents, like Gilpin (2001) and Kindleberger (1976) emphasize the importance of a Hegemon. This essay will attempt to offer a comprehensive comparison between the two sides; appreciating the salience of both factors, it will argue in favor of the latter i.e. hegemonic power as dominant. Before venturing on this task, it is important to gain conceptual understanding of the process of economic globalization.

Economic globalization is the process of integration and/or interconnectedness between nation-states via channels of economic exchange: trade, finance/short-term portfolio investment, production activities/FDI and immigration in the international system. It is only a single facet of the multifaceted, more general concept of ‘globalization’. Globalization is a fiercely contested concept; the contest lies over the issue of definition. Its vast breadth as a concept accounts for the lack general consensus over its definition in the academia. However, Anthony Giddens (1990) defines it as: the intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa. Basically ‘integration’ is the essence of globalization. Having gained its conceptual understanding, the comparison of the two factors of economic globalization is in order.

Technology is arguably a key driver of the globalization process. Structural theorists hold that globalization is an inevitable and inexorable consequence of technological innovation. That technology is necessary and sufficient and in its absence there would be no globalization. For example, innovations in information and communication technologies and developments in transportation and communications infrastructure have virtually shrunk the globe through time and space. Real-time interaction enables the conduct of business twenty-four hours from anywhere in the world. International production, trade and investments are increasingly organized within so-called global value chains (GVCs). The late nineteenth century and early twentieth century, more famously the belle époque, witnessed a considerable deal of integration. This integration was a result of breakthroughs in information and communication technologies such as the use of marine cables, telegraphs as well as modern transportation such as iron-steam ships at sea and steam-locomotive engines at land. This helped bring economies closer through trade, FDI and portfolio investments in the ‘New World’ and relocation and cross border movement of millions of people as immigrants, workers and refuges etc. Modern day use of internet has further enhanced this intimacy in worldwide social relations. In light of this evidence, structural theorists claim the primacy of technology as the most dominant factor. While it is true that globalization without technology would seem rather unlikely, others however, beg to differ.

Dissidents of the structural theory view the presence of a hegemonic power as the more potent driver of economic globalization. These include prominent scholars like Robert Gilpin (2001) and Charles Kindleberger (1976) who argue that it is the presence of a hegemon that helps further the globalization process. A hegemon is a powerful and dominant state that assumes de facto leadership role in the international system typically an economic and political superpower, like Great Britain was in the nineteenth century and the United States in the twentieth century. Works from Eichengreen and Mundell over Hegemonic Stability Theory have confirmed positive correlation of liberalization with the presence of a dominant power in the international arena (Gilpin 2001). Examples can be found in the workings of major international organizations such as the Bretton Woods Institutions that function on the basis of a liberal economic agenda leading to greater degrees of integration. These organizations were only possible through the leadership and assistance provided by the US in the post-war era and its willingness to create them as the new face of the international economic order committed to the underlying liberal principles. The multilateral trading regime established under the WTO (formerly GATT) epitomizes this claim. Trade is now more global than it ever was. It was only under the British and later American hegemony that technological innovation was encouraged; new forms of production methods, developments in transport and communication were made in order to take advantage of large market access and efficient, cheaper production to realize gains from trade.

In concluding this essay, one is inclined to appreciate the importance of both factors in contributing to the process of economic globalization. It is difficult to think of a world as globalized as it is today in the absence of technology. However, one is also inclined to ask whether such technological progress would have been possible without the role of the state? In particular the Hegemonic power? Acknowledged Economic historians like Kenwood and Lougheed (2000) and Dudley Baines (2012) as well as Broadberry and O’Rourke (2010) tell us that it were British in the nineteenth century, and Americans in the twentieth century who encouraged, promoted and incentivized technological innovation. They did so in order to gain access to foreign markets for their products, investments as well as for raw materials to feed the local industries. And so they did. Chief among the examples were developments in transportation and communication, development in agricultural technology, assembly line production etc. It is clear that without a Hegemon –one committed to liberal-capitalistic principles, technology itself is not sufficient. Hegemony drives technology and not vice versa. Therefore, it can be argued that Hegemonic Power is a more potent driver of economic globalization. [/SIZE][/FONT][/COLOR]