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Indeed there is also much debate around the effects of economic gloalisation on the cultures of the developing world. Many politicians continue to assert that 'globalisation benefits all', yet the facts seem to disagree.
During the Cold War organisations such as the World Trade Organisation, the International Monetary Fund and the World Bank were established to make and enforce the rules of the global economy, in turn promoting neoliberal principles, such as privatisation of public enterprises and free trade. In return for supplying much needed loans to developing countries, the organisations demanded 'structural adjustment programs, often referred to as the 'Washington Consensus'. Theoretically these reforms were meant to alter the internal economic mechanisms of the indebted countries so they would be more able to pay back the debts they had incurred. In reality however this resulted in a new form of colonialism where 'Northern' companies reaped the benefits, as enforced cuts in public spending meant no social development programs, and so the countries were prevented from natural economic growth. Hence Third World Debt developed from being a problem to a major phenomenon, which people, ironically from all over the world work together to campaign against. This not only shows how unequal economic globalisation really is, but demonstrated the complexity of the issue as a whole; does the positive use of globalisation 'cancel' the negative effects out? Only time will tell.
Free Trade too is a phrase that is often connected with unfair and unequal economic globalisation. By definition it means the removal of trade barriers, so that all companies in the world compete on an 'equal' global market. Ideologically it seems to be reasonable, however in reality all too often Northern countries impose protectionist measures, enforcing tariffs on those who wish to import e.g. their steel into America, then small companies in developing countries are forced to compete with large Transnational Corporations in selling their own products e.g. bananas in their own country. This increases the North South divide and does nothing to help eliminate Third World Debt.
Third World Debt and economic globalisation is also very much a political issue. The situation at the moment can not be blamed entirely upon global economics, but the irresponsible actions of third world dictators have also contributed to the problem. Indeed policies such as free trade are often seen as curtailing the power of nation states and encouraging global governance, again working to remove the problem of abuse of globalisation. Organisations such as the United Nations many believe represent the first step towards universal law and policies, greater co-operation and indeed the elimination of Third World Debt.
However the events of September 11th remind us of the remaining divisions in the world, and increased national feeling has appeared to have lead towards a trend in the opposite direction. With some countries refusing to co-operate with the United Nations, and the need for reform in the organisation itself, politics is the one area in which globalisation is least pronounced.
However that is not to say that globalisation is not a political issue. Unlike common belief globalisation can be controlled and stopped if there is enough will. The question remains for you to answer however: should it and does it need to be slowed or stopped?
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Helen Lindley
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nice one Afeez Adeyemi Adisa | Jun 16th, 2004
Really, i enjoyed ur article. I give you excellent!
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