Globalization and Nation State
DOI:
https://doi.org/10.31686/ijier.vol2.iss8.225Keywords:
Globalization, Nation State, Sovereignty, Liberal Market EconomyAbstract
The article explains the impact of globalization on state sovereignty. The globalization is the dominant force which has shaped a new era of interaction and interdependence among nations. It has many dimensions such as economic, political, military, social and cultural dimension. It creates both opportunities and costs to the nation state. Sovereignty is the most essential element of the state. Globalization contributes to the change and reduction of the scope of state sovereignty. The scope of the inner sovereignty has legally narrowed to a large degree due to the international agreements including global financial flows, activities of International Organization and Multinational Corporation, Information communication technology and issues concerning human rights and in connection with already formed models and traditions of states' behavior. At the same time increasingly more states quite often give away some of their sovereign powers voluntarily for certain reason.
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