In today’s world, the term Global Political Economy is derived from the vast subject field of International Political Science. This is known as the global political economy or as we know it as global economic politics. According to Levy (2005), Global political economy comprises of academic subjects within Political Science and Economics in today’s curriculum and is found in most academic institutes. Furthermore it is a highly important body of study not just in Political Science schools, but also in schools of economics, in the study of Sociology, history, and global cultures around the world.
As stated by Patzek (2008), the advancement of technology has turned the world into a global village in the twenty first century. The world is no longer separated by geographical distances and/or barriers but rather the advancement of technology has created access which connects all countries around the world in terms of decision making, policy development and addressing global issues which the world faces as whole. This has made us more connected than ever before. As much as there are huge advantages to being part of and living in this connected world, there are also severe challenges as a result, which affects all strata’s of the earth’s population.
I believe that global terrorism is by far the most critical issue in today’s global political economy. The term ‘terrorism’ here is used to describe acts by certain groups anywhere in the world which causes disruption, threat, injuries, and/or the killings of innocent people around the world. The most heavily publicised form of terrorism is the killings of innocent people in the name of religion, cast, creed, ethnicity or belonging to particular regions or areas by banned outfits or groups of people under no supervision from any international governments. (Sandler and Siqueira, 2006).
There have been several high profile instances of such acts around the world. These include the 9/11 attack in the New York City, 7/7 Underground station bombings in London, the Istanbul attacks, amongst many others. The statements we get from news sources from the attackers are related to the global animosity of one group or outfit with the invader or the intruder which in this case is the innocent victims (members of the public) of these violent attacks, in this case of 9/11 for example we were told via news sources that Al Qaeda claimed responsibility for this attack. This form of violence and terrorism has no boundaries nor is it always predictable. To understand why such groups carry out this form of violence to attack innocent people is beyond any justification (Li and Schaub, 2004). This is totally inhumane and is condemned by every educated human irrespective of any colour, religion, creed or region.
Global terrorism has a huge detrimental impact on global economy and in particular Global political economy, unrest in Middle eastern and African countries largely affects the development of oil production and development, and it is the biggest hindrance in global economic growth (Levy, 2005)
Obviously, there are various factors associated to those who carry out such attacks. These include the poverty in their homeland, the illiteracy, and the lack of opportunity for growth and human development. These vary from country to country. According to Abadie (2004), most of these groups belong to developing countries mostly labelled as underdeveloped countries. Areas and populations still exist which have no access to clean water, adequate food and good education to live a decent and better life.
Let me briefly shed light on each of these points which actually heighten the idea of violence in these terror attacks. At first, the banned terror groups use boys and girls at a very young age to be brainwashed. Most of these boys and girls belong to deprived areas of their respective home towns and have been victim of injustice in their state, by this I mean inequality in terms of class, social standing and general lack of opportunity, generally these children/young people are disillusioned with their lives and as a result this drives them to undertake violence in reaction to this injustice.
Knowing the fact that these youngsters have very little to no opportunities to help their family survive the severe poverty; they use violence and weapons as form of income (Porter, 2000). This becomes their employment opportunity to ensure that their families are fed even if for few days until they are alive in the aftermath of any violent attack. Secondly, the use of weapon supersedes the power of the pen. The lack of a basic education for many children invariably leads them to be misguided and misled. Local governments are equally responsible for their share in not providing adequate opportunities and facilities to those children most marginalised which often results in losing them to such globally banned groups of terrorism (MacDermid Wadsworth, 2010). This has been observed that developing countries i.e., Syria, Iraq, parts of Africa and South Asia have recently seen and experienced a rising wave of threats from such attacks and subsequently even in the rise of child terrorists.
Moreover many terrorists may have lost their loved ones in terror attacks and in return of getting no justice from the Courts or Army, these people turn to violence to retaliate and ‘equal the price of the blood’ as they see it. (Sandler and Siqueira, 2006).
Finally, the difficulty in opportunity to join the economy of their country is also responsible for this form of violence around the world. The would be terrorists look upon their government and the opportunities that the government is offering for its people if it’s not perceived to offer a ‘good life’ or they feel much maligned by their government if they do not perceive success through legitimate means then they are more likely to fall victim to radicalisation. (Helpman, Itskhoki and Redding, 2010).
This can be said that living in the today’s global economy is as challenging as it was for the baby boomers at the time of World War II or even during global recession of 1930s. Each era of history has very critical issues to address in the global world. Today’s world faces the severe challenge of global terrorism which has many, sometimes virtually undetectable forms around the world and has several reasons which push the attackers en masse and with devastating consequences knowing no boundaries, religion and class, This has been witnessed all around the world. The contributing factors for this include the deprivation of education, lack of opportunities and the rising poverty though limited to small geographical areas now no longer can be contain and is undoubtedly a global economic issue that needs to be addressed now.
Levy, D.L., 2005. Offshoring in the new global political economy. Journal of Management Studies, 42(3), pp.685-693.
Patzek, T.W., 2008. Exponential growth, energetic Hubbert cycles, and the advancement of technology. Archives of Mining Sciences, 53(2), pp.131-159.
Sandler, T. and Siqueira, K., 2006. Global terrorism: deterrence versus pre‐emption. Canadian Journal of Economics/Revue canadienne d’économique, 39(4), pp.1370-1387.
Porter, M.E., 2000. Location, competition, and economic development: Local clusters in a global economy. Economic development quarterly, 14(1), pp.15-34.
Helpman, E., Itskhoki, O. and Redding, S., 2010. Inequality and unemployment in a global economy. Econometrica, 78(4), pp.1239-1283.
MacDermid Wadsworth, S.M., 2010. Family risk and resilience in the context of war and terrorism. Journal of Marriage and Family, 72(3), pp.537-556.
Abadie, A., 2004. Poverty, political freedom, and the roots of terrorism (No. w10859). National Bureau of Economic Research.
Li, Q. and Schaub, D., 2004. Economic globalization and transnational terrorism a pooled time-series analysis. Journal of Conflict Resolution, 48(2), pp.230-258.