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Challenges And Options For
Liberalisation In A Globalised Economy
The world as we know it
Certain concepts become
bywords for an entire economic era. During the 1990s ‘globalisation’ will be
remembered as the dominant theme. States are in retreat in the face of powerful
international economic forces, which are constantly circumscribing their sphere
of action. While carrying different connotations for different people,
globalisation encapsulates both a description of changing patterns of world
trade and finance, and an overwhelming conviction that deregulated markets will
achieve optimal outcomes for growth and human welfare.
To
the detached observer, noting the contrast between the presumed benefits of
globalisation and developments in the real world, the international economy
displays a number of worrying trends. Most obviously, poverty, mass unemployment
and inequality have grown along side the expansion of trade and foreign
investment associated with globalisation. In the developing world, poverty
continues to increase in absolute terms and the gap between ‘successful’
and ‘unsuccessful’ countries is widening. In the industrialised
world, unemployment has reached levels not witnessed since the 1930s and in some
countries, income inequalities are wider than at any time this century. In a
world of disturbing contrasts, the gap between rich and poor countries and
between their rich and poor citizens only continues to widen. It is increasingly
apparent that this reality will not be changed through growth alone.
In
country after country, economic growth is being accompanied by rising
disparities, in personal as well as in regional incomes. In every country, the
masses are complaining that development has not touched their ordinary lives.
Economic growth means little social justice and been accompanied by rising
unemployment, worsening social services and increasing absolute and relative
poverty.
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