According to the foregoing analysis, globalization is not merely an intensification of global interconnectedness brought about by market forces and technological change. Rather, it is a worldview shaped by capital and hegemonic power that aspires to establish a global system in line with the interests of capital. Capitalism, as a market-oriented system of production, has an inherent globalizing tendency. However, capitalism is not always characterized by the level of adherence to the liberal principles that globalization represents. In E. M. Wood's penetrating analysis, globalization represents a new phase of capitalism that is more universal, more unchallenged, more pure, and more unadulterated, than ever before.
The financial crises affecting different countries have shaken the confidence of the advocates of globalization. The World Bank, for example, in stark contrast to the minimalist state dictum it advocated in the 1980s, in the early twenty-first century recognizes the importance of the role of the state in protecting and correcting markets. There also has been a growing realization that unfettered financial flows, especially from advanced countries to emerging markets, can create profound instability. Some proponents of globalization have even admitted that Keynes's skepticism about financial mobility may still be relevant today. The September 11, 2001, terrorist attacks on the United States also (temporarily, at least) raised questions about the wisdom of supporting globalization. Yet despite notable setbacks and shaken confidence, the advocacy for globalization remains strong.
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