The term of globalisation has been broadly used to
depict the expanding internationalisation of financial related markets and of
business sectors for products and services. Globalisation alludes most
importantly to a dynamic and multidimensional procedure of economic consolidation
whereby national assets turn to more and more universally portable while
national economies turn out to be progressively interrelated. (OECD, 2005)1

 

The most basic assumption of globalisation is
internationalization. “Global” may portrayed as cross-border
relations among countries, and “globalisation” earning a growth of
global exchange and interdependence. “Globalisation” is discovered in
enlarged movements among countries of people, money, investments, diseases,
pollution, messages, ideas and many others. The opposite main principle of globalisation
is liberalization. Likewise liberation “globalisation” means a method
of disposing of state-imposed restrictions on actions among countries so one
can create an “open”, “borderless” world financial system.
In recent time has been massive discount or maybe abolition of regulatory
alternate boundaries, foreign-exchange restrictions, capital controls, and
visas. (Scholte 2005: 16).

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Globalisation may be noted as universalization. In
this indicates, “global” depicts “worldwide”, and “globalisation”
is the progress of spreading diverse items and practice to people all-around of
the globe. Globalisation-as-universalization is regarded as standardization and
homogenization with global cultural, economic, legitimate and political
merging. (Scholte 2005: 16).

Globalisation is likewise broadly used as
westernization or modernization, it’s also known as Americanization. Here the
social systems of modernity like capitalism, rationalism, industrialism,
bureaucratism, individualism, and so forth, are unfold across the world,
typically destroying earlier-existent cultures and neighborhood self-dedication
inside the system. (Scholte 2005: 16, 58).

On the other hand when we look into theoretical
perspectives Realism, Liberalism, Constructivism and Marxism have tended to be
the main theories that have been used to understand world politics. According
to (Baylis, J., Smith, S. and Owens, P.2011)2 each theories sees
globalisation differently as per below:

 

a.    Realism:

 

Scholar of this theory are keen to questions of state
power, the inquiry of national interest, and war between states. According to
realist states are constitutionally
rapacious and self-serving, and heading for imminent opposition of power. The
scholars stand for a balance of power, where any strive by one state to obtain
universal predominance is countered via total resistance from other states.

 

b.    Liberalism

 

Liberalism view the practice of globalisation as
marketplace-led expansion of alteration. At the highest standard level, it’s
far an end outcome of ‘natural’ human dreams for money-primarily based welfare
and political freedom. So, transplanetary relatedness will be duplicated from
mankind ride to expand material well-being and to pursuit fundamental freedoms.
These forces ultimately construct mankind over the planet.

 

c.    Marxism

 

Marxism particularly concerned with method of
production, social exploitation through inequitable distribution, and social
liberation through the transcendence from claiming free market. Marx himself
expected the development of globality that ‘capital by its inclination drives
past each spatial obstruction to vanquish the entire earth for its market’.
Likewise, to Marxists, globalisation happens on the grounds that trans-world
network improves opportunities of benefit making and surplus aggregation.

 

d.    Constructivism

 

Constructivists focus on the ways that social actors
‘construct’ their world: both inside their own particular personalities and
through between inter-subjective correspondence with others. Conversation and
ideal trades lead individuals to develop ideas of the global, the guidelines
for social synergy, and approach for being and acceptance in that world. Social
geography is a mental ordeal and additionally a physical certainty.

 

Globalisation is the
reduction of dynamic elimination of the control of the State over financial
activities. It is crusade by the neo-liberal thought that government affair
should be as low as possible (minimal state), departure area to the operation
of the self-interest driven market forces of interest and supply.

 

Role of the State in
Globalisation World

 

Globalisation has alternated the character of the
nation politically because of increased interstate relationship and dependence
each other. States were made to be sovereign yet now, due to globalisation, regulary
springiness their sovereignty away to ‘pooling’ in traditions, contracting,
coercion and imposition (Shaw, M. 2000)3.
The state’s character has changed
from being a legitimate figure to a dependent figure relying on others settling
on choices or settling on choices in view of other’s beliefs.

The modern state has regional base. This implies the state
practices its power inside its regional borders which are recognized by
different states. It likewise flags the development of another man
homo-economicus, the economic man, whose exercises carried out
industrialization. It is out of the womb of industrialization that
globalization turned out.

 

The advanced ‘nation state’ tries to combine the express, the
general public and the economy under the belief system of nationalism. The doctrine
of Aristotelian, that the ideal size of the state is resolved to the level of
self-sufficiency4, was re-translated hundreds of years later by Machiavelli as sufficiency
in arms and the capacity of the state to safeguard itself. It came to
reclassify as the privilege to self-assurance and sovereignty of a country,
which allows the state to end up plainly a definitive chief within its region.

 

Economic
globalization claiming the political authority, which then nation-state had
retained by subversion gradually many of the average of the traditional civil
society. The political personnel of the nation-state was concentrate in the
operation of expanding of commerce, as its legislation and arbitration extended
over the national economy. This reinforced economic nationalism as a supplement
to regional nationalism. Now a convoluted turn in chronicle confronts most
nation-states, as the further spread of trade, commerce, finance and
information annihilate many financial boundaries between nations. The
commercial rationale which help to solidify state through economic expert, now
unexpectedly undermining the economic personnel of the nation-state, which it
ones served to consolidate5.

 

Adverse to the claims of the globalisation, economic
reform cannot be decreased to the simpleton formula of a negligible country.
Avoiding crude interference similar to that of the past, a state must permit
almost full freedom to buck private agents in the ordinary issues of daily
business. In any case, it must keep an end watch on such activities to avoid
abuse of private monopoly power. The states irreplaceable role is to preserve
effective competition in the framework through relevant measures that do not
putting to kill off private activity in the process.

 

 

Sovereignty of the State

 

Globalisation undermines state sovereignty by applying
extraneous influences, in the form of ideas, into the state. In result this can
prompt the populace scrutinizing the authenticity of the administration to
apply outright control over the state. The Arab Spring can be a best example.
The external powers give communities and local group the self-assurance to
battle against their current administration, since they feel joined together
and upheld to do by other fellow worldwide members after communicating with
them through the propelled technology and expanded communication resent time in
globalisation. This explain well about how globalization undermines state sovereignty
in a state( Oji & Ozioko 2011).6

Toward end of the 16th century the authority of the
Church had refuse and this came about into mainstream absolutism. In Europe the
bloody 30 years’ war arrived at the end with the Westphalia Treaty in 1648 and
it perceived sovereignty of the State and regarded it as a substance that
procured implication by its character with country. David Held distinguished
the accompanying highlights of the Westphalian example.

  i.       
The
world comprises of, and is separated by, sovereign states that perceive no
superior authority.

 

ii.       
The
procedures of law-making, the settlement of debate, and law implementation are
to a great extent in the hands of individuals states.

 

iii.       
Worldwide
law is adapted towards the foundation of insignificant principles of co-existence;
the beginning of persisting relationship is a point, however just to the degree
that it permits the state objective to be met

 

iv.       
Responsibility
for illicit acts over the borders is a ‘private issue’ concerning only those
afflicted.

 

v.       
All
states are viewed as equivalent under the eye of the law, however legitimate

rules don’t assess asymmetries of
power.

 

vi.       
Differences
amid states are regularly ended by force; the standards of compelling power
holds influence. Essentially no legal captivity remain to curb address to
force; international legal standards afford only basic protection

 

vii.       
The
concerted anteriority of all states allow be to minimize the impediments to
state exemption

 

 

In this light the state came to be re-imagined, as the privilege
to self-assurance and sovereignty of a country, which allows the state to end
up noticeably a definitive leader inside its region

 

Challenges
to the State Sovereignty

 

In the background of the Treaty of Westphalia and the form of homo
economicus configuration designate non-preventative in the local affairs of the
state. There are several issues which challenge the state sovereignty, even if
the sovereignty has endure broadly intact while the self-reliance of the state
has lessened or whether the modern state really faces fall of sovereignty in
the period of globalization. Some basic challenges are seen
in the explanation of theory of sovereignty and globalization. David Held7  has been identify challenges  with concern of approach of sovereignty in the
global context: the world economic, hegemonic powers and power blocks,
international law and the end of domestic policy.

 

 

The
World Economy

 

In the financial domain, there are powers that really undermine
the power and extent of national states. With regards to world markets, part of
multinationals expanded social and workforce portability and the definitive
part of innovation and technology to assert that the nation-state is sovereign
in its monetary policy isn’t right.

 

Advance
technology in transportation and communication are dissolving the limit among
hitherto isolate markets reginal barrier which were an essential condition for
self-ruling national strategies. The economic and fiscal policies of individual
regime are commanded by the motility in International financial merchandise
market.8
Internationalization of production has disintegrated the state’s ability to controller
its own particular financial future.

 

The financially feeble states are under more noteworthy
pressure then previous both from outside and inside, to set their financial
house in order. For example, International Monetary Fund with its programmes
demand certain conditions on its loans to a government, namely cut in public
expenses, subsidize social welfare activities and currency reduction thereby
observing the strategy or execution of the economically weak State. World
markets suggest more prominent intensity and increment reliance among states,
making the idea of splendid confinement redundant. The world capitalism is
making serious menace for the theory and activity of sovereignty of the modern
nation-states.9

 

Hegemonic Powers and Power Blocks

 

The strength of the USA and USSR
as world forces and the operation of alliances like the North Atlantic Treaty
Organization (NATO) and the Warsaw Pact, plainly compels the decision-making
for several countries. A state’s ability to start specific foreign policy is
limited by its place in the universal system of power relations. The sovereignty
of a nation-state is essentially and definitively qualified once its military
are focused on a NATO strife. Membership of NATO does not wipe out sovereignty,
rather, for each state, in various ways, membership qualifies sovereignty. The
foundation of incorporated alliances and a propensity to move the decision-making
process from the membership state to the power blocks restrict the power of the
state. Parts of sovereignty are arranged and re-consulted in the NATO Alliance.

International
Organizations

 

 

The
development of global and transnational governing body has led to significant
changes in the decision-making system of global politics. New types of
multinational institutions have been formed and with them new types of
collective decision making including States, inter-governmental institutions
and a whole form of transnational insistency group, also moderated the concept
of state sovereignty. The International Monetary Fund (IMF) may impose, as a regulation
of its loan to government, that the state cut public disbursement, elevate its currency
and cut on subsidised social programmes. European Union (EU) is a significant explanation
of these issues. EU gives opportunity and restraints. The membership of EU debilitates
state powers and numerous decisiveness on matters like financial policy and defense
are shuffle by EU rather than state themselves.

 

Political
Sovereignty

 

 

Globalization has prompted a
decrease in the power of national governments to direct and impact their
economies (particularly with respect to macroeconomic administration); and to
decide their political system. There is a sturdy sign that the effect of
globalization is most felt through the degree to which politics everywhere at
the moment basically market-driven. It isn’t that authority are currently unable
to lead their states, however have to get in office; they should progressively
“manage” national politics this type of way to adjust them to the
pressures of trans-national market forces. The institutionalization of global
political system has driven to political globalization. Craig Murphy has been define
this phenomenon as “global governance” (Chase-Dunn
1999).10
This mention to the progress of both particular and general international institution.
The most prevailing global and local organisations, such as United Nations,
African Union, European Union, Organization of American States, the Arab
League, and so forth exist are able to regulate and dictate what occurs in the governance
of members states and this lead to political globalization. Industrious, focus
of sovereignty in international organisation eventually take it to a state of
oppression of political sovereignty to the dictates of
the organisations.

 

1 OECD, OECD
Handbook on Economic Globalisation Indicators (OECD, 2005), p. 11.

2
Baylis, J., Smith, S. and Owens, P. (eds) (2011), The Globalization of World
Politics, Oxford, Oxford University Press.

3 Shaw,
M. (2000) Theory
of the Global State: Globality as an Unfinished Revolution. Cambridge:
Cambridge University Press.

4 Politics
1912, Book 7.

5
Bhaduri,
A., Nationalism and Economic Policy in the Era of Globalization in Nyyar, Deepak,
Governing Globalization, Issues and Institutions, (ed) Oxford University Press,
2006, p. 23.

6 Oji,  a E., &
Ozioko, M. V. C. (2011). Effect of Globalization on sovereignty of states. Nnamdi
Azikiwe University Journal of International Law and Jurisprudence, 2.

7
Held,
David, Political Theory of Modern State, Polity Press in association Blackwill

Publishers Limited, 1995, Cambridge, pp.
228-237.

8 R.
Smith, 1987 Sec. 11, P. 21.

9
Camilleri
J.A. and Falk, J., The End of Sovereignty: The Politics of a Shrinking and

Fragmentary World, Edward Elgar, England,
1992, p. 148.

10
Christopher
Chase-Dunn, “Globalisation: A World Systems Perspective”, Journal
of World-

Systems Research, V.
2, Summer 1999, 187–215, http://jwsr.ucr.edu/, issn
1076-156x