Discuss Hirst and Thompsons view that globalization, as conceived by Essay

Discuss Hirst and Thompsons view that globalization, as conceived by the more extreme globalizers, is largely a myth - Essay Example The first reason is that globalisation is not a new, unprecedented phenomenon. It has been going on for over 2,500 years,3 being greatly instrumental in helping ancient Greek, Roman, Chinese and Middle Eastern civilisations bring together large areas.4 Silks from Asia were sold in the Roman Empire under the rule of Julius Caesar. The Middle Ages period witnessed Europeans buying pepper grown in Asia. Portugal ousted the Ottomans to establish control over the Indian Ocean in the 16th century, with its powerful caravels and carracks guaranteeing spice trade. The same scenario is repeated today, only this time it is the mighty fleet of U.S Navy carriers that is safeguarding the oil trade.5 The Dutch East India Company is credited with transforming globalisation into a remarkable business development in the 17th century. Dubbed as the world’s first Multinational Company {MNC} it pioneered the allotment of shares {a crucial driver for globalisation} as a method of dividing risk and facilitating joint ownership. During the 19th century, the liberalisation that took place {dubbed as the ‘First Era of Globalisation’} saw the speedy growth of trade and investment first between the European imperialist nations and their colonies, and later between the former and the United States.6 The second reason is the existence of Regional Blocks. Contrary to the concept of globalisation that involves the manufacture and distribution of goods and services of similar characteristics and quality on a global basis, nearly all trade involving big companies currently occurs within these blocks. Prominent traders find it more logical and profitable to concentrate on national and regional levels.7 Research has established that business enterprises tend to conduct operations in one of 3 Regional Blocks – North America, the EU and Japan.8 Within each Regional Block, trade activities are largely carried out by the Multinational Companies (MNCs)