June 12, 2007
Have you noticed the revaluation of globalization taking place --a kind of backlash--amongst the development nations?
The neo-liberal narrative of the 1980s and 1990s was that the path to greater prosperity lies in opening up national economies and closer integration with world market. So they have cut tariffs and other trade barriers, and liberalised capital flows, and creating a generally permissive policy environment for economic integration.
The narrative is now changing. Some are scared by the success of globalisation in creating powerful new competitors (Chinas and India) in global markets, or they spooked by the strategic and security implications of the resultant redistribution in economic power. So we have the increasing use of protectionist arguments amongst the developed nations.
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Globalization generally serves corporate interests, and does not address the moral claims of poor and working classes throughout the globe. How can developing countries compete with the USA? The fruits of globalisation are eaten by multinational companies and of course politicians.
Rob