In The News

Foreign Investment Isn't Enough

Jeffrey Kentor October 31, 2003
Although neoliberals argue that foreign investment spurs growth in developing countries, critics say high amounts of foreign capital may in fact retard development in the long-term. In a new study, economic sociologists Jeffrey Kentor and Terry Boswell suggest that both positions are incorrect, or at least partially so. Foreign investment is not a foolproof stimulant of economic growth, but...

APEC Acts with Speed on Trade

Achara Pongvutitham October 22, 2003
Thailand wrapped up the summit of APEC leaders in Bangkok on a sharp note. Delivering the summit's Bangkok Declaration to the World Trade Organization's offices in Geneva immediately after the close of the meeting, Thailand and APEC members were “clearly sending a signal to the EU that it should come back to the negotiating table" on the issue of agricultural subsidies....

Bangladesh Faces the Challenge of Globalization

Wahiduddin Mahmud October 22, 2003
Bangladesh's economy grew rapidly during the 1990s as the country liberalized its markets and became increasingly integrated into the world economy. Until the 2001 global recession, Bangladesh ranked third for improvement of human development - behind only Cabo Verde and China - thanks in large part to exports from its blossoming garment industry. Wahiduddin Mahmud, economist and former...

The World's Poor and Sick Have Not Been Forgotten

Krishna Ravi Srinivas October 20, 2003
If you're sick, it's definitely better to live in a rich country than a poor one. Pharmaceuticals produced in developed countries are prohibitively expensive for people in the world's poorest areas, but there are signs of improvement, says legal scholar Krishna Ravi Srinivas. In August 2003 trade ministers concluded negotiations on an agreement that will allow companies to profit...

We Have to Make Globalization Work for All

Joseph Stiglitz October 17, 2003
Why has globalization gained such a bad reputation? It was once the phenomenon supposed to 'save' the world system and provide a framework for global equality and integration. So is the concept inherently flawed, or does the fault lie with the implementation of policies? Nobel Laureate Joseph Stiglitz asks these questions and reflects on what went wrong with globalization during the...

Dateline Dubai

Mohamed Darwish September 29, 2003
In stark contrast to the scene at the WTO meetings this month, anti-globalization activists did not make their presence known at the World Bank and International Monetary Fund (IMF) annual meeting in Dubai, UAE. Air-conditioned tents set up for them by the government were left empty, as civil society representatives instead tried to engage in dialogue with the officials. Though hostilities with...

Too Soft, Too Open, Too Democratic?

September 26, 2003
Voting in the World Bank and IMF is far from democratic – votes are determined by the amount each state contributes to the coffers, leaving poorer countries with next to no say in decisions. This undemocratic system is in line with the original intent of the Bank and IMF: they were to be the lenders, representing creditor nations. No 'bank' allows the borrower to determine policy....