Economic Globalization:Minimization of State Economic Role

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Date
2015-06-15
Authors
Mohammed Nour Ohaj, Hamid
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Publisher
UOFK
Abstract
Economic globalization consists of the IMF, the world Bank and the WTO economic policies. While the IMF and world Bank measures are defined as monetary, fiscal, exchange rate and the privatization of the public sector policies the WTO measures are directed at reducing trade barrieries. These policies aim at minimizing the role of the state in the economy. Supporters of these policies (known as economic globalization) claim that these I measures will boost growth, create employment, transfer technology and promote higher standard of living in the developing countries. But more than two decades of applying these policies to the third world counties have produced disappointing results, particularly in Africa and Latini America. The only exception was East Asia and China, these counties has benefited from economic globalization because they have kept a heavy role for the state in their economy and hence have benefited a lot. Accordingly the east Asian and chinse experience suggest that the nation state has an import role to play in the national and international economic system. So if the phenomenon of globalization is to function in a way beneficial to all countries then the IMF, the World Bank and the WTO should allow the LDC’s governments to have the right to intervene in the economy and choose the speed and degree of economic liberalization as well as supporting the economic sectors that need some protection for the interest of their counties
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Keywords
Economic, Globalization,Minimization ,Economic Role
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