Has globalization caused the decline of the states economic importance Essay

Has globalization caused the decline of the states economic importance - Essay Example Additionally, with the increased level of information exchange facilitated by modern forms of communication such as the internet, faxes and world audio-visual news reporting on the digital platform, there has been an increase in the number of cross boarder crimes. However, the loss of state economic importance, especially with the increased international trading, regarded as one of the most adverse effects of globalization to countries. While globalization contributes to the expansion and growth of local economies, exposing the local manufacturers to the rest of the world, the reality is that this has had adverse effects on the sovereignty of certain countries. While discussing the contribution of globalization on the decline of the state’s economic importance, this essay will analyze various ways in which globalization has influenced the global economy since the post-world war II era. Sovereignty, defined as the absolute authority over a certain territory stems from the independence of nations. However, various factors challenge this authority. Among these, include the threat of global terrorism, the climate change, and the powers of international organizations and the influence of the global market. Globalization however, is one of the biggest obstacles to the sovereignty of states. Changing concepts of sovereignty in the recent past agree to the existence of pure state sovereignty and human sovereignty. While the pure state sovereignty seeks to protect the interests of the individual state in the international front, human sovereignty protects the interest of the people within a state, which is paramount, and which the state should guarantee (Margdalena, 1996, p.2). Pure state of sovereignty defines a situation where the state directs its political, economic and social life according to its values, free of external influence, pressure or coercion by other state s. Recent