Understanding contemporary globalization from a political economist perspective

This paper presents an alternative interpretation of globalization, viewing it from a political economy perspective. Its central argument is that internationalization in the form of increased trade and foreign direct investment is the nature of capitalist accumulation process, thus, cannot be impeded. This accumulation process necessarily creates its own ideological climate to facilitate acceptance of the doctrine and to justify the economic and social problems it creates. It concludes that there is a globalization tendency since increased internationalization inevitably weakens the role of nation states by transferring some of their functions to newly created supranational states that are fostered by the dynamics of this internationalization process