Globalization is ‘An’ Issue, The Power of Capital is ‘The’ Issue
June 1, 1997
There is a great deal of difference however between the strong version of the globalization thesis which requires a new view of the international economy as one that "subsumes and subordinates national-level processes," and a more nuanced view which gives a major role to national-level policies and actors, and the central position not to inexorable economic forces but to politics. In the second perspective, current changes are considered in a longer historical perspective and are seen as distinct but not unprecedented, and as not necessarily involving either the emergence of, or movement toward, a type of economic system which is basically different from what we have known.…It is important to see that the first version of the globalization thesis is based on a myth, has profound political implications which are defeatist, and is not based on a sound analysis of what is a more complex and contestable set of processes.
