This paper identifies globalization as a factor behind the rapid increase in executive compensation and inequality over the last few decades. Employing comprehensive data on top executives at major U.S. companies, we show that compensation is higher at more global firms. We find that pay responds not only to firm size and technology but also to exports conditional on other firm characteristics. Export shocks that are not related to the executive's talent and actions also increase executive compensation, indicating that globalization is influencing compensation through pay-for-non-performance. Furthermore, this effect is asymmetric, with executive compensation increasing due to positive export shocks but not decreasing due to negative shocks. Finally, export shocks primarily affect discretionary forms of compensation of more powerful executives at firms with poor corporate governance, as one would expect if globalization has enhanced rent-capture opportunities. Overall, these results indicate that globalization has played a more central role in the rapid growth of executive compensation and U.S. inequality than previously thought, and that both higher returns to top talent and rent-capture are important parts of this story.
Globalization is the urgent topic which is worth attention. If a student has chosen to investigate this problem, he should be careful and attentive to collect enough data for the research. It is important to research this topic from all possible side, from the point of view of history, economics, politics, culture, etc. A student should explain the term globalization professionally, point out its advantages and disadvantages and support his point of view with the reliable evidence. A student should summarize the topic reasonably providing the reader with the predictions concerning the process of globalization.
Research of the politics of globalization consists of estimation of the growing militarization of global relations, the occurrence of new nationalisms and ethnic confrontations, and the intensive migrations of peoples across regions or even across the world. This process concerns essential problems on notions of cultural belonging and citizenship in almost all countries in the West (Szeman 2001).
Globalization is known as the name of the social, economic and political processes taking place in our world. During the last years, globalization has become an important subject for various popular and academic debates. Today the concept of globalization is implemented to describe different aspects of contemporary life. It includes such aspects as complexity of contemporary capitalism, the difficulties of the nation-state system and the increasing quantity of transnational corporations and organizations as well as essential competitiveness between global culture to local cultures, the rise of the communications revolution due to introducing of new technologies in the world (Szeman 2001). In other words, globalization is a concept that has both positive and negative sides of the contemporary existence. This paper discusses the concept of globalization and its perspective on the changing patterns of the economic, political and cultural life in the contemporary world. Additionally, it focuses special attention on the discourse of fordism, post fordism, post modernity and postcolonial theory as well as the development of the networked society in the time of globalization.
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The concept of globalization has also been researched in regards of the development of new communication technologies that are significant in destroying our world spatially. With the help of these global communication technologies, it has become possible to perceive our globe as a single space shared by all human beings. It does not only mean that with the help of computer and communication technologies we can instantaneously transmit and transfer information each other all over the world. It mainly means that by circulating of information, images and ideas, people (and especially global elites) around the globe can find similar cultural referents. The emergence of a “global culture,” has been possible only due to the invention of new technologies. Today people in different countries can see the same news events or TV-show programs. Now it is evidently clear for all interesting hybrid cultural forms of global culture that the global distribution of cultural forms and ideas hardly equal. Many cultural critics in globalization has focused their special interest on the influence of the global distribution of a capitalist culture “anchored in the United States” and on its evident threat to the continued existence of local traditions and cultures (Szeman 2001). Probably, it is just here the study of globalization and postcolonial studies is most clearly imposed.
The relationship between globalization and the specific issues of postcolonial studies is too difficult and complex. This can be partially explained by distinctions in emphasis and that these two concepts have the disciplinary origins. In usual, globalization is still a term used mainly in the social sciences, where it is employed to depict contemporary Western experience, but postcolonial studies are introduced in the humanities and pay their main attention on the practices and experiences of non-Western countries, especially in the case if they are related to Western economic, cultural and political priority.
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Present-day globalization explains the matrix of global and local forces as well as of forces of resistance and domination, of a condition of quick change and a “great transformation” caused by the global restructuring of capital and multivariate effects of new technologies. Therefore, globalization is evidently a force of homogenization. The influence of globalization much depends from a position of country in global political, economic and military hierarchies as well as from its domestic political and economic structures, the institutional pattern of inner politics of the state, certain government and societal strategies for contesting, ameliorating and managing imperatives of globalization (Held and McGrew). The future will show what visions, perspectives and concepts best characterize globalization in present.