By David Bigman
Essentially the most extraordinary alterations on the planet financial system prior to now 3 a long time has been the diverging tendencies within the progress of the constructing nations. in comparison to East Asian international locations that experience built-in good into the worldwide economic climate, these of Sub-Saharan Africa have remained stagnant and became the world's least built region. The guidelines and programmes of overseas corporations have didn't enhance the placement whereas the worldwide economic system turns into ruled by means of trans-national companies. A evaluate of the suitability of globalization as an monetary technique for those under-developed nations is hence wanted. concentrating on the effect of globalization and at the constraints imposed by way of the adjustments within the world's creation and exchange, this ebook examines the possibilities open to the least constructed international locations as they layout their thoughts to speed up progress and alleviate poverty. because the world's wisdom of concerns touching on globalization grows, this examine will supply important insights.
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Additional resources for Globalization and the Least Developed Countries: Potentials and Pitfalls
Example text
In this context it should also be noted that the great success of the EA countries was because they chose to ignore the policy advice of the IMF, and, as Stiglitz claimed, governed globalization, took globalization on their own terms and chose what part of globalization they found appropriate at which pace. At least an equally important reason was that these countries were not drowned in debts like the SSA and LA countries, which the IMF had to bail out because, during the 1960s and 1970s, 16 Chapter 1 these countries were controlled by dictatorial regimes that suffocated economic development cut relations with the outside world and made any foreign debt impossible.
With the hindsight of 20:20, I would like to add some comments about the opposing views on globalization that define the debate. Stiglitz’s book Globalization and its Discontents is undoubtedly the more polemic of the three, and it clearly represents an unabashed criticism, though not on globalization per se, which Stiglitz does not see as inherently harmful or undesirable, but on the IMF and the two other leading multinational organizations, the World Bank and the WTO, that governed and guided the economic policies and processes that took place in the developing countries as an effect of globalization.
Given all these considerations, a complete cost–benefit analysis may lead to the conclusion that in some industries and some countries trade restrictions may well be a sensible solution. The conditions for a successful trade liberalization that guided the principles of the Washington Consensus and the conditions of the structural adjustment programmes of the IMF and the World Bank were, in most cases, determined in total disregard to the political and social needs and constraints. This, in my view, was the main weakness of these conditions that, in the end, also led to the rather turbulent demise of these programmes.