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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.

Suggested Citation

  • Richard Kozul-Wright & Paul Rayment, 2004. "Globalization Reloaded: An Unctad Perspective," UNCTAD Discussion Papers 167, United Nations Conference on Trade and Development.
  • Handle: RePEc:unc:dispap:167
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    File URL: http://www.unctad.org/en/docs/osgdp20041_en.pdf
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    References listed on IDEAS

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    Cited by:

    1. Mavroudeas, Stavros & Papadatos, Fanis, 2007. "Reform, Reform the Reforms or Simply Regression? The Washington Consensus' and its Critics," MPRA Paper 19735, University Library of Munich, Germany.
    2. Nissanke, Machiko & Thorbecke, Erik, 2006. "Channels and policy debate in the globalization-inequality-poverty nexus," World Development, Elsevier, vol. 34(8), pages 1338-1360, August.
    3. Machiko Nissanke & Erik Thorbecke, 2010. "Channels and Policy Debate in the Globalization-Inequality-Poverty Nexus," Working Papers id:3224, eSocialSciences.
    4. Dimitri Uzunidis & Lamia Yacoub, 2009. "Global governance and sustainable development. Rethinking the economy," Journal of Innovation Economics, De Boeck Université, vol. 0(1), pages 73-89.
    5. Nissanke, Machiko & Thorbecke, Erik, 2005. "Channels and Policy Debate in the Globalization-Inequality-Poverty Nexus," WIDER Working Paper Series DP2005/08, World Institute for Development Economic Research (UNU-WIDER).

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