Masters of the Universe: A Case Study of the Global Investment Banking Sector
Introduction Most of us would have heard of the globally famous Investment Banks such as Goldman Sachs, JP Morgan, and Chase Manhattan as well as Deutsche Bank. Indeed, for aspiring and working professionals alike working in these investment banks is a dream come true not only to the handsome (some would call it obscene) pay […]
What Hiring Managers Look Out For During the Recruitment and Selection Process?
How Hiring Managers and Organizations Detect Fake Resumes and Spot Lies The recruitment and selection process is an important aspect of any organization’s overall Human Resources (HR) and for that matter, even org wide policies. Indeed, considering the fact that recruitment and selection often determines whether the right person for the right job has been […]
Why Companies Engage in International Business
To Expand Sales The first and foremost reason is that western multinationals would like to expand their sales and acquire newer markets so that they can record impressive growth rates. Considering the fact that the developing countries are peopled with consumers who have aspirations to western lifestyles, it is, but natural that the western companies […]
Quantitative Easing and the Forex Market
The policy of quantitative easing (QE) and quantitative easing (QE) tapering has an effect on many markets worldwide. One of these markets is the Forex markets. In 2012, the mere news of a possible quantitative easing (QE) tapering by the Fed sent the world currency markets into a tailspin as many other currencies belonging to […]
Role of Catalysts in Organizational Change
The other articles in this series on Change Management have listed the business imperatives for change as well as the various barriers to change that arise from internal and external resisters. In this article, we examine the other side of driving change and that is to do with the role of people who can act […]
The global political and economic system has undergone many changes over the last few decades. If the aftermath of World War 2 was to bring about the existence of two opposing camps consisting of the United States and the Soviet Union leading to the cold war, the post 1990 global political economy has been characterized by the emergence of the United States as the sole superpower with unbridled power.
However, the unipolar moment in the world for the United States was short lived as the 9/11 attacks comprehensively demonstrated that the United States could not take its preeminence for granted.
Further, the financial crisis of 2008 marked the end of the hegemony of the West and ushered in an era of competing states vying for dominance in the global political economy with no clear hegemon.
The evolution of the global political economy from that of detente between the US and the USSR to the birth of the unipolar world and to the ushering of the power of the East makes for fascinating analysis. If there is a clear lesson in all this, it is that no country can take its position for granted and that the fluid and ever changing global system means that the emergence of hegemonic powers also sows the seeds for their eventual decline. The reason for such fluidity and flux is that the arrival of technology and globalization has queered the pitch for the hegemonic powers and with increasing awareness and cognizance of the happenings across the world to the citizens of the countries, it is no longer possible to contain the yearning for freedom and security.
On the other hand, the world has become less safe as a result of the changes brought about due to globalization and the rise in the number of failed states is an indicator that whole countries are withering away wherein they cannot guarantee the security and prosperity of their citizens.
Further, the fact that globalization has increased the threats to humankind has only exacerbated the situation to a point where an isolated incident in one corner of the globe has the potential to bring the global political economy to its knees. These are some of the challenges that confront the policymakers in the west and the east as they grapple with the emergence of the new world order.
Finally, it is the case that the study of the global political economy yields the conclusion that the only constant in the world is change and that unless countries around the world seize the moment for themselves and not let go of opportunities, they are likely to be left behind in the race for dominance and even survival. In conclusion, the world is not what it used to be a few decades or a few centuries ago and hence it is in the interest of all aspiring professionals in all fields to pay attention to the changing contours of the global political economy.
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