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Neoliberal globalization

Summary:
From Ted Trainer and current RWER issue The conventional approach to development assumes that movement towards a single unified global economic system is desirable. This is seen as providing greater access for all to markets, productive and export opportunities and sources of imports. Globalization involves reducing impediments to trade and investment such as tariffs, protection, subsidies and government intervention in the market. The pressure is on economies and individuals to produce for sale into the global economy in order to earn the income needed to purchase from it.  This arrangement has significant benefits but it forces all nations, regions and individuals into competing in the one market and many inevitably fail to do this very effectively. Nations must focus on selling

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from Ted Trainer and current RWER issue

The conventional approach to development assumes that movement towards a single unified global economic system is desirable. This is seen as providing greater access for all to markets, productive and export opportunities and sources of imports. Globalization involves reducing impediments to trade and investment such as tariffs, protection, subsidies and government intervention in the market. The pressure is on economies and individuals to produce for sale into the global economy in order to earn the income needed to purchase from it. 

This arrangement has significant benefits but it forces all nations, regions and individuals into competing in the one market and many inevitably fail to do this very effectively. Nations must focus on selling whatever resources they have cheaply. The poorest people and regions, and some entire countries, especially in Africa and the Pacific, are largely irrelevant to the interests of transnational corporations and therefore cannot expect much investment or development. They have no cheap resources to attract foreign investors and could not compete in export markets if they did.

Globalization is in the interests of rich nations and their corporations because it increases their freedom of access to resources and consumers in all countries. It involves leaving development to market forces, which in effect means that there will only be development of whatever it suits the corporations to develop.

A large literature has now accumulated documenting the damaging effects neoliberal globalization has had on many people and nations.

http://www.paecon.net/PAEReview/issue95/Trainer95.pdf

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