ECONOMICS, THEOOGY AND RELIGION

Economics and the Good Life

Economics and the Good Life

Globalization as New World Order

In the book “In search of the Good Life: the Ethics of Globalization”, Rebecca Todd Peters discusses two dominant models of globalization - Globalization as New World Order and Globalization as Social Development. Globalization as New World Order explains how neoliberalism forms the backbone of globalization (Peters, p. 41). According to this model, globalization is supported by the engines of big businesses. This way, the economic benefits that the model provides are reserved exclusively for the wealthy and the elite. The neoliberalist approach to globalization is the opposite of communism because it establishes an economic system where capitalist ideals shape the way businesses operate in the economy (Peters, p. 42).

In addition, the model also promotes greater investments in the business sector which would eventually trickle down and translate into a wide range of benefits for the rest of the population (Peters, p. 44). However, in order to strengthen economies, the model was redefined in the 1980s and stricter policies were introduced at the cost of cutting back on expenditure in the educational and social sectors of the economy. This eventually led to longer working weeks for the labor force and lesser wages. Therefore, even though businesses were able to maximize their profits, labor workers had to toil harder to earn a livelihood (Peters, p. 45).

The 'big business' position envisions the good life as a combination of hard work and the rewards they offer such as happiness and satisfaction (Peters, p. 58). Therefore, the model emphasizes that a person who follows a diligent and devoted lifestyle is able to enjoy a happy and content life. The ethical implications of the 'Globalization as New World Order' model is that it mainly promotes capitalist ideals where a setting is ...