Classical vs Modern Globalization.

In addition, he has also suggested a reform agenda to reshape globalization.

Nadir Eroglu studied the impact of globalization of financial markets on economic policies of nations. By conducting this research, Eroglu aimed to highlight how globalization has reshaped the financial markets. Eroglu states that globalization of international finance has separated the financial capital from the state by separating the political control,

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economic activities, regulation and stability through financial deregulation and information technologies. Moreover, he also highlighted the increasing supremacy of financial commodities on the economic structure and the impact of this hegemony in making the implementation of nation states policies limited and ineffective.

Jonathan Holter appears to be a major supporter of classic and neo classic globalization and an opponent of modern globalization in his research study, “The invisible hand: Failing on a global scale”. Holter has discussed the theory of invisible hand proposed by Adam Smith and analyzed its implications in the world economy. By quoting various examples, he has also explained reshaping of world economy and financial markets and highlighted the problems created by modern globalization. The crux of Holter’s research is that globalization has created a free trade economy and it has changed the world for the worse, because modern globalization has not promoted a global scale social welfare system, which it has promised, therefore, there is a need to establish powerful institutions devoted to poor economies and international finance and trade organizations should be also strengthened.

Natalie Radovanovic in an article on “International Finance in the period of globalization: current trends” discussed the current practices of financial institutions including IMF and World Bank.

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