Globaloney? (Review Essay)
Strange, Susan “Globaloney? (Review Essay).” Review of International Political Economy 5, no. 4 (1998): 704-711.
In this review of the influential Paul Hirst and Grahame Thompson Globalisation in Question (Oxford: Polity Press, 1996) alongside two other books arguing a similar position, Strange makes a major intervention in the debate over the ‘myth’ of globalisation. Arguing that the authors (like others) miss the deterritorialisation of commercial power in the global system, Strange allows that there needs to be a corrective to the extreme globalisation thesis of complete transformation, but that a failure to examine what is really happening in the global political economy, while relying on aggregated and out-of-date statistics has led too many political economists to fail to recognise the very real changes in the balance of power between multinational corporations and states. For Strange it is this balance of power that is of major importance for understanding globalisation.
Keywords: Globalization; Theory; Corporations; States; Transnational Corporations; Authority vs Markets