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Unformatted text preview: UNIT 30 GLOBALISATION AND THE RESPONSE OF THE DEVELOPING COUNTRIES Structure Objectives Introduction Policy Concerns of Less Developed Countries Domestic Policy Responses Initiatives at the International Level 30.4.1 Service Sector 30.4.2 Intellectual Propcny Kights 30.4.3 lnvestnicnt Mcasures 30.4.4 Dispute Scttlemcnt Mechanism 30.4.5 Creation 01' W'TO WTO and the Less Developed Countries 30.5.1 Agriculture 30.5.2 Textiles and Apparels 30.5.3 Tariffs on Industrial Goods 30.5.4 Services 30.5.5 Intellectual Property Rights 30.5.6 Trade Kelated Investments Needed Policy Franiework Let Us Sum Up Sonie Useful Books 30.9 Answers to Check Your Progress Exercises ' 30.0 OBJECTIVES AFter going tlirougli tliis unit, you will be able to: Explain the meaning of tlie process of globalization as it is unfolding itself presently; Understand tlie varied impact that globalization has made on tlie developing countries; and Assess tlie general and the specific responses of the developing countries across the world. 30.1 INTRODUCTION In this unit an attempt is made to focus on tlie meaning and significance of tlie globalization process, and tlie inipact it is making on tlie current international system. The emphasis liere is to study specifically tlie inipact of tlie globalization process on tlie developing roi~~itries in order to i~nderstand tlie different responses with which tlie developing coi~ntries are evolving policy packages to meet tlie challenges posed by globalization. It is claimed by some writers that tlie current phase of globalization is part of an ongoing historical process. Yet, the current process of globalization in terms of its accent is more towards integration of national economies across tlie world specially integrating their systems of production and finance. This process is driven by a package of policies unleashed by the industrially advanced countries seeking liberalization of trade and investment of capital across tlie world. Further, it is embodied in an ensemble o f international relations and institutions at tlie apex Globalisation and the of which are the multinational corporations (MNCs), multilateral trading and Developing W o r l d financial i~istitutions such as tlie International Monetary Fund (IMF) and tlie World Trade Organization (WTO). Also, the pace of the current globalization process is reflected largely in respect of tlie incredible growth in the size of cross-border flows of goods, services and capital. 30.2 POLICY CONCERNS OF LESS DEVELOPED COUNTRIES Tlie inipact of tlie current process of globalizatio~i is extreniely uneven, botli witlii~i and between nations. Consequently, it has resulted in rising income ineqi~alities witlii~i countries as well as between countries. Tlie less developed coi~ntries experience a niore skewed income distributiorl. wliicli is attributed largely to tlie sliift in laboi~r demand. It lias also led to greater polarization across countries because teclinology-the prinie factor responsible for tlie current wave...
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- Spring '12