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Globalization Reloaded: An Unctad Perspective

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Richard Kozul-Wright
Paul Rayment
Abstract

This paper rejects the characterization of globalization as an autonomous and irresistible process driven by the impersonal forces of the market and technical progress. Whether domestic or global, market forces are shaped and controlled by policy choices and the institutional frameworks in which they are made. In the absence of adequate institutional frameworks and productive capacities, rapid liberalization is as likely to lead to stagnation and unemployment as to growth and rising incomes per head. We show that the major economic forces presumed to be crucial for spreading the benefits of globalization have been less global than often presented, have proved to be much weaker than widely predicted and carry potentially damaging effects as well as benefits. Accordingly, and without denying that by the late 1970s many developing countries needed to find new ways of inserting themselves into the international economy, we argue that the new policy orientation of macroeconomic stringency, downsizing the public sector and the rapid opening of developing country markets to foreign trade and capital after the debt crisis, has failed to produce an economic environment that supports faster economic growth and strengthens productivity performance. In suggesting the outlines of a more strategic approach to economic development the emphasis is on the need for domestic investment to be mobilized as the basis for industrialization and for a gradual approach to integration with the global economy.

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Paper provided by United Nations Conference on Trade and Development in its series UNCTAD Discussion Papers with number 167.

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Date of creation: 2004
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Handle: RePEc:unc:dispap:167

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  1. Barry Eichengreen & Michael D. Bordo, 2002. "Crises Now and Then: What Lessons from the Last Era of Financial Globalization," NBER Working Papers 8716, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. J. Michael Finger & Julio J. Nogués, 2005. "The Unbalanced Uruguay Round Outcome: The New Areas in Future WTO Negotiations," International Trade 0502010, EconWPA. [Downloadable!]
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  7. Michael D. Bordo & Barry Eichengreen & Douglas A. Irwin, 1999. "Is Globalization Today Really Different than Globalization a Hunderd Years Ago?," NBER Working Papers 7195, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May. [Downloadable!] (restricted)
  9. Srinivasan, T.N. & Bhagwati, J., 1999. "Outward-Orientation and Development: Are Revisionist Right?," Papers 806, Yale - Economic Growth Center.
  10. Richard B. Freeman, 2003. "Trade Wars: The Exaggerated Impact of Trade in Economic Debate," NBER Working Papers 10000, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1998-2), pages 1-136. [Downloadable!]
  12. Stanley Fischer, 2003. "Globalization and Its Challenges," American Economic Review, American Economic Association, vol. 93(2), pages 1-30, May. [Downloadable!]
  13. T. N. Srinivasan & Jagdish Bhagwati, 1999. "Outward-Orientation and Development: Are Revisionists Right," Working Papers 806, Economic Growth Center, Yale University. [Downloadable!]
  14. Anne O. Krueger, 1997. "Trade Policy and Economic Development: How We Learn," NBER Working Papers 5896, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  15. Gourinchas, Pierre-Olivier & Jeanne, Olivier, 2003. "The Elusive Gains from International Financial Integration," CEPR Discussion Papers 3902, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  16. Gordon H. HANSON, 2001. "Should Countries Promote Foreign Direct Investment?," G-24 Discussion Papers 9, United Nations Conference on Trade and Development. [Downloadable!]
  17. Greenaway, David, 1993. "Liberalising Foreign Trade through Rose-Tinted Glasses," Economic Journal, Royal Economic Society, vol. 103(416), pages 208-22, January. [Downloadable!] (restricted)
  18. Kozul-Wright, Richard & Rayment, Paul, 1997. "The Institutional Hiatus in Economies in Transition and Its Policy Consequences," Cambridge Journal of Economics, Oxford University Press, vol. 21(5), pages 641-61, September.
  19. repec:rus:hseeco:121565 is not listed on IDEAS
  20. Greenaway, David & Morgan, Wyn & Wright, Peter W, 1998. "Trade Reform, Adjustment and Growth: What Does the Evidence Tell Us?," Economic Journal, Royal Economic Society, vol. 108(450), pages 1547-61, September. [Downloadable!] (restricted)
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