Marxist Theory and Its Relevance

Discuss about the Advance Regional Economic Integration.

The International Political Theories that are mentioned in the given case include Neoliberal policies, low wage labour and capitalism theory, Marxism theory.

As rightly indicated by Germain (2016), Marxist theory helps in delivering deep insight at the time of seeking to illustrate the political economy and the decisions of policymakers. The foundation of the Marxist critique of capitalism is that essentially capitalism would not succeed for various economic causes since the proletariat revolted against its economic failure. From this stated destruction, the social construct shall prevail as capitalism implants the seed of its own ruin. Germain (2016) suggests that there are three rules of Marxist Law, that Karl Marx illustrates as economic regulations. Essentially, these regulations support the theory of an unsupportable economic as well as political system under the regime of the capitalist arrangement. Communist Russian radical, Vladimir Lenin, however introduced fourth regulations later on.  In essence, the economic regulations of particularly Marxism are relevant and even prophetic to a contemporary day challenger of liberal theory and never-ending push for globalization.

The first regulation, that is a law for disproportion mentions that in the process of pursuit of capital gains and accumulation of capital, capitalist economies have the tendency to over produce specific types of goods. In particular, this will cause an imbalance in the area of observation of wage an earner earns need to buy the overproduced goods. Cohen (2017) recommends that Marx posits that this “disproportionality existing between production and consumption owing to the anarchy of the market creates periodic depressions as well as economic movements. As rightly put forward by Cohen (2017), Marxist supporters can necessarily examine majority of the current global economic crisis to support their opinions. Plentiful, cheap capital blew up the value of and promoted the construction and investment of housing. In itself, these asset bubbles were evident in nations namely the United States, the United Kingdom as well as Spain. In particular, this market bubble generated an overproduction in the area of housing, directing the way towards the world economy to the precipice of economic ruin.

The second law of Marx mentions that the directive of capital accumulation and concentration among wealthy capital class indicates towards the ever-escalating requirement for enhancement of efficiency and eradicate risk of investment. Burton and Wurfel (2016) suggest that Marx theorized that unfettered capitalism would push enhancing concentrations of wealth in the hands of effectual few and rising impoverishment of the many. As rightly put forward by Obeng-Odoom (2015), as labour wages decrease, the proletariat class shall initiate conflict with demands for a social revolution.

Theoretical Attributes of Low Wages in Walmart

The third regulation of capitalism as per Marx mentions that as capital accumulates and becomes more abundant, the return rate decreases, thereby decreasing the incentive to invest. During the past overturn the United States assumed the Keynesian notion of economics by accumulating debt and flooding the entire market with cheap capital (Oatley 2015).

The final law contributed by Lenin mentions that as capitalist economies become matured with accumulation of capital, and as rates of profit decline, the capital economies become compelled to seize colonies. In essence, this generates dependencies to serve particularly as a market, outlets of investment generate sources of food as well as raw materials. Supporters of particularly Marxists theory highlight colonialism, mercantilism and neo-colonialist movements that have exploited less developed nations with various immature economies.

The potential force comprise of masses of unorganized workforce, the under-employed as well as unemployed struggling to continue to exist. The given case study also talks about low wage labour and capitalism. With corporate capitalist economy falling apart, there are some individuals who view socialism with a comparatively less jaundiced eye (Oatley 2015). Certainly, there are banksters as well as other corporate cutthroats. Essentially, there is Marxist theory that delivers an excellent analytical tool for illustrating overall failure of globalized capitalism to offer a decent way of life for the people of the whole world.

as correctly put forward by Jäger and Springler (2015), capitalism is an economic as well as political system in which a nation’s trade as well as industry are controlled by particularly private owners for the sake of profit.

Capitalists are necessarily in competition with one another and they are necessarily driven to invest in particular technology to leave behind the rivals (Alonso-Fradejas et al. 2016)

The theoretical attributes accountable for low wages in Walmart can be elucidated in detail in this section. As there is an ever widening income gap between both rich and poor, there is an increasing suspicion that the entire game in this frantic modern economy is titled against working population. Again, there is widely shared prosperity during the time period 1950s. This is the time when American Dream seemed open and starting to appear as a historical anomaly (Oatley 2015). Karl Marx claimed that increasing inequality can be said to be inherent to the policy of capitalism as the capitalists and financiers who supply financial capital to businesses in return for equity acquire financial capital to businesses in exchange for equity. This necessarily leads to acquirement of larger share of the pie (Obeng-Odoom 2015). Again, in other words, there are individuals who own diverse means of production such as factories, offices as well as machines and many others that economists refer to as “capital inputs”. These help them in getting richer while those operating stiff gets stiffed. Piketty presented data that it is unlike to that of Karl Marx. This reflected that overall share of national income that is Gross Domestic product that passed on to the owners of capital increased while share of the labour (that is wages as well as salaries) decreased (Neilson et al. 2014). A general explanation for the observed trend is that U.S corporations have invested hugely in areas of technology as well as automation- necessarily replacing human workers in the processes of production with excessive capital. Furthermore, industries that still have the necessity of lot of manual labour have outsourced much of the production to nations with lower amount of wages (Cohen 2017).

Enhancing Wages in Capitalist Economies

Walmart wages were extremely low, however the issue of low wages cannot be considered to be something new for particularly a capitalist economy such as USA. Essentially, since the period of introduction of wage labour during the 19^th century, there have been contentious discussions and often passionate struggles for employees to acquire higher earnings. An important development was the initiation of the minimum wage (Germain 2016). In essence, this was meant to make certain that everyone who operated necessarily received a basic earning that could help in sustenance. In particular, this was specifically observed as a necessary step during the Great Depression at the time when there was essentially mass unemployment (Hettne 2016). Nonetheless, this represents a troubling reality of the entire labour market and that without government rules and collective bargaining, employers can utilize competition to lessen the wages. Nevertheless, there are also arguments that these dimensions enumerate stifle rate of growth of job (Rupert and Smith 2016).

 In the end, it can be hereby said that decreasing wages in Walmart might be due to recession that causes unemployment and a downward thrust on wages. In addition to this, there is a decrease in trade union membership and increased labour market flexibility such as higher zero hour contracts, novel gig economy and restricted bargaining power of workforce (Glasgow and Schrecker 2016). Walmart requires low skilled workers which were in abundance in the USA market. The increase in supply of low skilled workers for Walmart decreased the demand of the workers and subsequently the level of wages (Gilpin 2016).

Various ways for enhancement of wages in the capitalist economies in the wake of globalization include the following:

Studies conducted by reveal that increasing the minimum wage increase productivity of workers. It can be found that employee motivation as well as ethic enhance at the time when employees are given a fair wage. Business executives in capitalist economies such as United States also support higher level of minimum wage (Ravenhill 2017). Because the federal minimum wage is also expected to stimulate meaning of consumers and help bottom lines of businesses, subsequently help the economy to grow. Fundamentally enhancement would augment productivity of workers and lessen turnover of employees and absenteeism. As such, it is expected to boost the entire economy by increased demand of consumers. Survey conducted in the recent times by Republican Pollster Frank Luntz observed that 80% of business executives were in favour of enhancing the minimum wage (Cohn 2015). As which wage suppression arises from International policies, it can be reversed by developing different choices of policies. In order to boost in capitalist economy such as America, policymakers can consciously tilt the power of bargaining towards low as well as moderate wage workers (Vinokurov and Libman 2014).

Set of policies that has necessarily stifled growth of wage rate are specific aggregate factors that directed the way towards excessive unemployment. In this regard it can be said that policymakers can assist in the process of delivering shared growth of wage by means of monetary as well as budgetary policies that necessarily prioritises full employment (Vinokurov and Libman 2014). This can tightening of the labour market and employers will have to pay higher wages in order to get and retain the workers that they require. Fundamentally the policies can assist creation of jobs and attainment of full employment take in maintaining rates of interest and keeping it unchanged till growth of wage, enacting various employment programmes directed towards hard-hit societies (Cavusgil et al. 2014). In addition to this, policies can also be made to increase investment in areas of transportation, research and development, education, broadband and reduction of trade deficit (Cavusgil et al. 2014).

In the wake of globalisation it can be said that free trade is necessarily advantageous to all nations. Trade economics such as Paul Krugman, Robert Lawrwnce and many others who disapprove that global forces and globalisation have a role to play in exploding in equality of wages (Francis 2016). As per their opinion, international trade mainly takes place based on comparative advantage (Florensa et al. 2015). Exporting various goods that developed capitalist nations are comparatively more efficient at manufacturing, whilst importing goods comparatively less efficient at manufacturing bring comparative advantage. Going by this logic, said that developed capitalist economy would necessarily specialise in exporting goods that have the need for huge amount of skilled labour as well as hi tech equipment (Krapohl et al. 2014). On the other hand It would import goods that would require relatively greater amounts of unskilled labour, chiefly from developing nations. Theory of comparative advantage admits the fact certain groups will acquire benefit at the cost of others. For developed capitalist economy such as USA, there will be an increase in demand for high skilled labour as well as owners of various hi tech equipment. On the other hand there will be a decrease in demand for less skilled labour. Subsequently this will increase the wages of high skilled labours along with profits of business owners while decreasing wages of less skilled workforce (Appendini and Bislev 2016). 

However, there are policies that can help in achieving full employment. The most economic policy is to allow growth in wage rate to match gains in productivity. Apex Bank can determine the scale as well as pace at which it increases rate of interest (Body-Gendrot and Martiniello 2016). However the decision to increase rates of interest is necessary to slow down the economy and at the same weaken growth in job as well as wage.

As rightly put forward by Niemann and Ioannou (2015), there are communities that suffer from substantial amount of unemployment, particularly low wage workers. To obtain full employment, undertaken that can direct creation of jobs in areas of higher level of unemployment. Tool for this is necessary the public as well as non profit programs of employment that can create jobs by satisfying unmet needs (Sannwald and Stohler 2015).

Liepmann (2017) recommends that there is widespread agreement the considerable shortfall of particularly public investment in areas of transportation, education, research and development among many others. Undertaking a program for public investment can generate jobs and at the same time increase productivity and rate of growth (Baier et al. 2014). Earlier, type of programs would have created jobs if business concerns borrowed to fund it. However as we approach full employment revenue can be raised to cover the costs. However these way budgetary policies can prove to be a tool to permit us to raise productivity and reach towards full employment (Mosco 2014).

Trade deficit represents large deduction in Gross Domestic Product and employment level. By means of making comparatively cheaper and exports of developed capitalist economies more expensive, manipulation of currency can inflate the deficit in trade and direct towards huge losses of jobs. Eradicating currency manipulation increasing GDP and create more jobs (Gilpin 2016)

As mentioned in the given case by Wolfgang Lehmacher, globalization can considered to be a multidimensional concept, the interrelatedness, interdependence, assimilation of cultures individuals as well as market. The emergence and development of the world net of different tsunamis of the nation has introduced diverse perspectives with prosperity to nations’ business conference as well as individuals. Even though the flows of trade are transforming and the overall growth rate has slowed after the worldwide financial crisis, it is the connectivity which can be regarded as the important driver of modern life (Hull 2017). The current article also talks about the fact that borders cannot always be regarded as barriers. After the 9/11 attacks, protect their citizens by increasing barriers particularly at the borders. This practice has good intentions but has risks of burdening the entire nation and excluding financiers, manufacturers, consumers together with various brands from numerous benefits generated by worldwide trade practices and globalisation (Lo and Hiscock 2014). Further, article explains about small businesses having Global goals. The article presents the view that not only transnational companies are probable to specific regulation, but also small business units employees as well as consumers unitedly put effort to maintain to various resources, products as well as customers in digital  worldwide market. This given article also emphasizes that the fact that and globalisation necessarily presents global Solutions to various Global problems. In this regard article points out that there are serious concerns regarding the effect of industrialisation and resource consumption and the fate of environment (Jäger and Springler 2015). There is need to act responsibly to preserve and protect the planet from environmental degradation. Therefore the entire world requires the cross-disciplinary as well as cross industry endeavour to act swiftly and collectively, keeping in mind various environmental threats. For this there is need to strengthen platforms particularly for collaboration and  influence on multinational corporations and governments, as well as business units to design  worldwide frameworks as well as mechanisms (Baiman et al. 2015). This given article thereby concludes that globalisation is an ongoing accountability management of conventions as well as national codes and economies (Alonso-Fradejas et al. 2016).

There are different perspectives of various proponents as well as critics regarding globalisation (Oatley 2015). There are many Scholars who are of the view that globalisation about long term growth prospects for different sections of the society, while there are different set of scholars who lay stress on dislocations of economic alteration by globalisation during the short term. Real variances in viewpoint persist with respect to different opportunities as well as threats post by globalisation with Global capitalism (Obeng-Odoom 2015).

A core argument put forward by various critics of globalisation is necessarily the eroding impact global assimilation has on autonomy of nation. This refers to the potential of states to set as well as pursue policy objectives. Critics are of the view that the ensuing power shift from states to primarily global businesses exerts pressure on government to deliver attractive climate for investment (Neilson et al. 2014). In this way get locked in a position bad day compete with one another for foreign investment deregulation of the economy along with dismantling of various welfare states. On the other hand proponents of particularly the concept of globalisation put forward counter argument by focusing on empirical evidence. The empirical substantiation shows that in spite of continued periods of deregulation during 1980s to 1990s, overall state spending as a fraction of GDP increased during the said period (Burton and Wurfel 2016).

Globalisation that also refers to trade liberalisation as well as assimilation market has been associated to environmental degradation throughout the world (Balaam and Dillman 2015). There any colleges who are of the view that societies that contribute towards global warming by means of higher consumption of  fossil fuel affect sustainable production as well as exchange. It can be here by said that thread also leads to higher rate of economic growth as well as unsustainable production pattern, acting as major driver natural resource exploitation (Cohen 2017). However advocates of free trade counter this argument by highlighting the fact that they are efficiency increasing effects of global trade that leads to reduction of resource inputs. Based on assessment of this concern over the matter of globalisation, it can be said that worldwide economic integration by globalisation also poses certain serious threats for different states as well as societies across the world (Germain 2016).

Regional integration have swiftly increased entire world during the recent years. Regional integration can be seen in the form of regional trade grouping or else economic blocks namely SAARC (south Asian Association for Regional Cooperation) and BRICS (Brazil, Russia, India, China, South Africa) among many others. The regional integration bring about free trade zone different partners abolish certain duties on trade at the same time maintain schedules of tariff on extra regional trade (Hettne 2016). Also regional integration includes custom unions that carry out free trade different members but at the same time have a external tariff. In addition to this, regional trade grouping also taking common markets that are necessarily customs unions having supplementary provisions for mobility of labour as well as harmonization of standards of trading. Primary objective of this regional integration or regional trade groups is to promote trade as well as different other forms of economic cooperation both at the regional as well as sub regional levels (Hettne 2016). From the very beginning the economic integration procedures has concentrated on both unification and  widening of regional sub regional market through liberalisation programs of trade (Rupert and Smith 2016). In this regard it can be said that the main driving force behind regional grouping of various industrial Nations is to decrease tariff barriers and to avoid trade tensions. Anticipated benefits include escalated productive efficiency by means of attainment of economics of scale, usage of cost decreasing Technologies, decrease in segmentation of market that creates Monopoly rents and enhances cost of administration (Glasgow and Schrecker 2016). There are different set of objectives that underlie current integration initiatives in nation like Africa. Basically tariffs in these developing countries such as Africa are more important than tariff barriers (Pirages et al. 2016). As such tariff elimination among a specific set of partner Nations is therefore viewed attaining industrialisation by means of regional import substitution particularly by swapping markets. Moreover regional integration among various developing Nations is also directed towards economizing on specific foreign exchange by establishing clearing accounts for diverse Infra zone trade (Gilpin 2016). This clearing accounts for majority of the regional trading partners among developing Nations. It is therefore crucial for Africa as well regional integration and form trading blocks. This can help the nation in increasing trade activities through open markets in a much broader manner and thereby integrate preferential trading members into a global system of trading (Breslin 2016).

Regionalism manifested during the year 1994 with the formation of NAFTA (North American Free Trade Agreement). Even though regional integration led to advancements in the area of trade, during the 1980 intra grouping trade reflected certain setbacks. This in turn directed the need for adoption of new initiatives reviving and strengthening the process of integration (Cohn 2015). Nevertheless the significance of intra regional in trade evolution process distress cannot be over emphasized. Particularly it can be regarded as one of the most pertinent benchmarks of success and degree and extent of economic integration. Overall worth of intra trade exceeded USD 1 billion in integration groupings. Particularly in Africa, adjustments made to balance of payment issues, debt crisis as well as natural disasters had contractionary impact on trade grouping (Ravenhill 2017). Therefore it can be hereby mentioned that regionalism has both advantages and disadvantages. This regionalism helps in creation of trade, gain consensus, political cooperation and economic opportunities. On the other hand regionalism is also the main reason behind vision of trading blocs, diversion of threat to National Sovereignty.

Regionalism can help in boosting trade for various reasons. Particularly member Nations can have wide choice of goods as well as services that was previously not available, help in acquiring goods/ services at a comparatively low cost owing to decreased tariff or elimination of tariff. It also encourages between member Nations. In addition to this regionalism also helps in gaining consensus amongst I was small memberships. As such this integration can be considered to be a vital strategy for addressing the influences of conflicts as well as political instability that might perhaps affect the entire region. It can be said that due to regionalism countries considerably can have higher political influence than individually each one would have. Moreover regionalism is liberation of trade and direct the way towards expansion of market, higher amount of investment into the nation as well as diffusion of Technology. In this way it generates opportunities of employment and people can move from one place to another in search of jobs or to earn higher pay. On the other hand, regionalism also impedes trade as it enhances barriers to trade and trade diversions because of trade barriers. Essentially, trade gets diverted from one nation to another in spite of inefficiency of costs.

During the year 2009, U.S Treasury Secretary Timothy Geithner presented the view regarding the idea of an eventual move toward a worldwide currency operated by the International Monetary Fund (IMF). Even though there were many people who were surprised by the unusual pronouncement, the notion of a world currency is certainly nothing new. In this connection, it can be said that the economist John Maynard Keynes is a backer of the single currency. Essentially, there is said to be little for something for all and sundry with a global currency. In itself, developed nations would unquestionably benefit since the risk of currency in the area of international trade can be averted. Furthermore, there would be levelling of the

The monetary integration can be said to be possible a monetary integration of a single currency handled by central Bank. The political actions of various nation states exert impact trade and monetary integration. Integration of financial markets can also help in tying together fate of diverse national economies markets respond to different economic signals in diverse places within no time. Various proponents of economic integration are of the view that it can stimulate rate of economic growth in various nations that are naturally opening up economies. This is also said to enhance human innovation as well as technological progress of economies around the world. However it can also be seen that integration also decreases autonomy of macroeconomic policy.

Hegemonic stability faced critical reception various scholars for both its versions (liberal and realist). The criticisms stressed on possibility of a cooperative solution among various non hegemonic nations to the issues related to creation and maintenance of a liberal International economy. Even though it might be possible to generate a stable a liberal worldwide order by means of cooperation and without hegemony, it has still not happened. This issue is endemic in different areas of Social Sciences. There are some critics of the current theory who have tested it against experiences of late 19th century and observed weaknesses present in the theory. Addition to this political criticism is also present. Main reason of criticism of current theory put forward by political scientists is that hegemonic stability was never suitably designed and formulated. Essentially makes process of cooperation more viable and does not oppose arrangement of cooperation. Proponents of this theory are also of the view leadership is vital and it is the strongest support for the current theory. As the theory was underdeveloped it received both warranted as well as unwarranted criticisms. As suggested by (), in the international monetary system, there exists a positive relation between hegemony and liberalisation of trade. Also, () pointed out that stability of worldwide monetary system is reliant upon a dominant power and a hegemone role is extremely important for economic welfare. As per (), it is practically impossible to provide different public goods in case if there exists no hegemony. Essentially, in this regard it can be said that the entire world operates in a better way when there is existence of a hegemonic power as this sees in its own interest whether different collective goods are properly delivered. Again, incentive that a particular hegemonic power has to deliver international collective goods reduces as it becomes comparatively less significant in the world economy. In this connection it can be said that the American hegemon played a vital role in the process of instituting and handling the global economy after World War II. In this case strong support as well as cooperation was delivered by the allies of the Cold War of USA. Post war liberalisation of trade was acceptable in terms of politics as government pursued various policies that could guarantee attainment of full employment but with compliance to worldwide agreed upon directives and regulations. Therefore, it can be hereby said that solution to various problems of governance was attained by means of leadership, worldwide co-operation as well as domestic consensus.

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