Hyperglobalist define globalisation as which among the following ?

Correct option is A

The Hyperglobalist perspective of globalization sees it as an unstoppable economic and political phenomenon that is transforming the world into a borderless global economy. Hyperglobalists argue that:

• Nation-states are losing relevance as economic power shifts to transnational corporations (TNCs), international organizations, and global markets.
• Globalization is an inevitable and irreversible process that is integrating markets, economies, and cultures worldwide.
• Technology and free-market capitalism are key drivers of this transformation.
• National governments have diminishing control over economic and political affairs due to global interdependence.

Hyperglobalists like Kenichi Ohmae and Thomas Friedman believe that globalization marks a new era where traditional nation-states no longer serve as viable economic units and must adapt to a global economy dominated by corporations and international trade.

Information Booster:

1. Definition of Hyperglobalist View:

   • Hyperglobalists believe that globalization is creating a single, integrated world market where national borders are becoming irrelevant.

2. Key Proponents:

   • Kenichi Ohmae (1990s) – Wrote "The Borderless World", arguing that nation-states are becoming obsolete in a global economy.
   • Thomas Friedman – In "The World is Flat", he emphasizes how globalization flattens economic and political boundaries.

3. Key Features of Hyperglobalism:

   • Economic integration: Expansion of multinational corporations (MNCs), trade liberalization, and global financial markets.
   • Technological advancements: Internet, communication, and transportation networks reducing national barriers.
   • Decline of national sovereignty: Global governance through institutions like the IMF, WTO, and World Bank.

4. Hyperglobalist vs. Other Views:

   • Skeptics argue that globalization is exaggerated and states still have control over economies.
   • Transformationalists believe globalization is real but shaped by political and economic factors, rather than making states obsolete.

5. Criticism of Hyperglobalism:

   • Critics argue that nation-states still play a major role in regulating markets and protecting national interests.
   • Economic crises (e.g., 2008 financial crisis) demonstrated that governments still intervene in economies.

6. Impact of Hyperglobalism:

   • Led to policies of economic liberalization, privatization, and deregulation in many countries.
   • Increased global economic interdependence and the dominance of corporate-led capitalism.

7. Real-World Examples:

   • European Union (EU) as a supranational economic entity.
   • Global trade agreements (e.g., NAFTA, WTO, TPP) reducing state control over trade policies.