International Journal of Business and Social Science

ISSN 2219-1933 (Print), 2219-6021 (Online) DOI: 10.30845/ijbss

 

“The Economic Globalisation and its Threat to Human Rights”1
Mr. Nisar Mohammad bin Ahmad

Abstract
Throughout the late twentieth and the early twenty first century, the term „globalisation? has been frequently used in contemporary academic and general discourse as well as at the forefront of international economic debate. Globalisation has a fundamental impact on our daily life, and the debate of its good and bad impacts remains unresolved. Although this era has given rise to the significant advancement in various elements such as technological, social, economic, political, cultural, and sociological, the discussions about economic globalisation are much more dominant and commonplace. This is because the process of globalisation itself is mainly driven and engineered by corporate elites as well as the so-called transnational companies (TNCs). This constitutes the idea that globalisation is fuelled by profit-making activities and serving business ends. Having been underpinned by the ideology of neoliberalism and market driven, globalisation is therefore devoid of any normative principle of justice and humanity. In aiming for the profit maximization, social and human rights responsibilities have sometimes been abandoned and sidelined. As consequences of this phenomenon, growing threats and violations to human rights have occurred, such as the inequality in economic growth, poverty, violations of fundamental human rights, and attack to states sovereignty. Considering the negative impacts of globalisation, there have been mounting concerns and calls for a mechanism to „manage? a globalisation as it is a process that cannot be stopped. This includes the attempt to regulate the actions of TNCs so as to ensure that they will not violate human rights principles in their activities. This paper aims at exploring the evolution of globalisation, in particular, the economic globalisation and its potential impacts on human rights. It will also consider the possibility of establishing a regulatory transnational regime which would not impede globalisation but would make its players more accountable and socially responsible.


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