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Globalization And The South: Some Critical Issues

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  • Martin KHOR

Abstract

This paper examines the implications of some of the main features of the globalization process for developing countries. It also makes several proposals for developing countries in considering national-level policies to face the globalization challenge, as well as coordination among developing countries in facing negotiations or making proposals at the international level. While there are many aspects to globalization, among the most important is the recent globalization of national policy-making not only through the normal spread of orthodox theories but more importantly through international agencies, such as the Bretton Woods institutions and the World Trade Organization, through which the North has leverage over the South. The paper examines the liberalization of trade, finance and investment as well as policy implications and choices in each of these categories. It is argued that, while there are some advantages to an open regime for developing countries, the impact of openness depends on a country’s level of development and preparedness to take on the challenges of subjecting local production units to foreign competition, of being able to break into world markets, and of weathering the volatility and fickleness of private capital flows and their propensity for lending recipient countries into a debt trap. It is therefore imperative that developing countries be given the possibility to have an adequate range of options, of when, how and to what extent to open their economies. For them to maintain the choice of flexibility in policy options, developing countries have to collectively press their case in international forums and institutions where decisions on the global economy are made. Failure in doing so would mean that developing countries will continue to be subjected to international and national policies that are unsuitable to their development, and that more than ever close off their development prospects and options.

Suggested Citation

  • Martin KHOR, 2000. "Globalization And The South: Some Critical Issues," UNCTAD Discussion Papers 147, United Nations Conference on Trade and Development.
  • Handle: RePEc:unc:dispap:147
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    File URL: http://www.unctad.org/en/docs/dp_147.en.pdf
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    1. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 407-443.
    2. Rama, Martin, 1990. "Empirical investment equations in developing countries," Policy Research Working Paper Series 563, The World Bank.
    3. Borensztein, E. & De Gregorio, J. & Lee, J-W., 1998. "How does foreign direct investment affect economic growth?1," Journal of International Economics, Elsevier, pages 115-135.
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    Cited by:

    1. Ingwe Richard, 2014. "Public treasury looting for global North banking, public welfare denial, migration and sex-slave trafficking of Nigerians after colonialism," Bulletin of Geography. Socio-economic Series, De Gruyter Open, vol. 24(24), pages 1-21, June.
    2. Kimberly Ann. Elliott & Debayani Kar & J. David Richardson, 2004. "Assessing Globalization's Critics: "Talkers Are No Good Doers?"," NBER Chapters,in: Challenges to Globalization: Analyzing the Economics, pages 17-62 National Bureau of Economic Research, Inc.
    3. Servaas Storm & J. Mohan Rao, 2002. "Agricultural Globalization in Developing Countries: Rules, Rationales and Results," Working Papers wp71, Political Economy Research Institute, University of Massachusetts at Amherst.
    4. Muhammad Shahbaz & Mohammad Mafizur Rahman, 2012. "The Dynamic of Financial Development, Imports, Foreign Direct Investment and Economic Growth: Cointegration and Causality Analysis in Pakistan," Global Business Review, International Management Institute, vol. 13(2), pages 201-219, June.
    5. Adarsh Kishore, 2002. "Towards an Indian Approach to Globalisation," RBA Annual Conference Volume,in: David Gruen & Terry O'Brien & Jeremy Lawson (ed.), Globalisation, Living Standards and Inequality: Recent Progress and Continuing Challenges Reserve Bank of Australia.
    6. Jeff Everett & Dean Neu & Abu Rahaman, 2006. "The Global Fight against Corruption: A Foucaultian, Virtues-Ethics Framing," Journal of Business Ethics, Springer, vol. 65(1), pages 1-12, April.
    7. Mohamed Mansour Kadah, 2003. "Foreign Direct Investment and International Technology Transfer to Egypt," Working Papers 0317, Economic Research Forum, revised 06 Dec 2003.
    8. Hoque, Mohammad Monjurul & Yusop, Zulkornain, 2010. "Impacts of trade liberalisation on aggregate import in Bangladesh: An ARDL Bounds test approach," Journal of Asian Economics, Elsevier, vol. 21(1), pages 37-52, February.
    9. Kabundi, Alain & Loots, Elsabe, 2007. "Co-movement between South Africa and the Southern African Development Community: An empirical analysis," Economic Modelling, Elsevier, vol. 24(5), pages 737-748, September.

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