Globalization At The Crossroads: New Emerging Trade Patterns And The Millennium Development Goals
Globalization, widely cited as the dominant international economic trend of the post-World War II era, stimulates the opening of the world economy. The relationship between trade and growth has been intensively debated in the economic literature, within the fields of economics, sociology, political sciences, and others. However, there is no clear argument linked to empirical and statistical findings leading us to conclude that increased globalization of the world economy has fulfilled worldwide expectations in terms of development. This paper attempts to address the issue of accelerating globalization and its development impact from an economic and social perspective. The global strategy of market-led trade patterns has given rise to new trends at the multilateral, regional and bilateral levels. New emerging countries are redefining trade and power relations, within our economic development paradigm. But, despite the growth in international trade relative to GDP in the majority of countries, 2 billion people still leave in poverty in countries that are left behind. The following analysis of globalization and its resulting trade patterns over the last decades illustrates the issues at stake, particularly with regard to the UN's millennium development goals. We stress that globalization has broad ramifications for the future path of the global economy and its governance. We point out that despite the complexity of the issues, the interface between globalization, trade, and social development cannot be put aside any longer.Presented at the 15th International Conference, Istanbul, Turkey, May 2005.
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