Globalization and its Discontents
Globalization has been both a force for good and ill in the world, argues Satheesan Kumaaran. Economies in conversion are often unable to exploit the benefits of liberal markets, the author says.
Globalization is undeniably the determinant force of the last decade, but what have been its effects? “Most developed countries and countries with economies in conversion are unable to exploit the opportunities of liberal markets. They are very vulnerable to the costs of adjustment. To strengthen their capacity to benefit from open trade and capital movements, good governance and effective implementation of the laws and rules are required, together with a wide range of necessary micro-economic reforms. Education and the creation of infrastructure for the better absorption and adaptation of more advanced technologies remain important.”
