Questioning Globalization

Note from the publishers:

Globalization has become the cliché of our times. The neo-liberal virus has struck almost everybody including within the ranks of the left. The proponents of neo-liberal globalization claim that it produces “accelerated efficient” development along with deepening of democracy and human rights. However, reality shows the opposite and any rigorous examination of such frivolous arguments reveals their shallowness and inconsistency. Social progress and democracy cannot move ahead but jointly and on the condition that we move away from the dogmas of neo-liberalism.

The book underscores that the current disasters are not the “price” to pay for a transition towards the promised paradise, but on the contrary are bound to deepen as long as neo-liberal economic policies are pursued. Instead of focusing on past debates, the book makes a critical analysis of several contemporary debates related to globalization. With the help of case studies, statistical data and cogent analysis, the book debunks several myths associated with the globalization processes.

Written for a non-technical audience and lay readership, the book fundamentally questions the viewpoints held by the “hyper-globalists.” The book would not only contribute towards deepening the current debates on globalization but is also expected to become an indispensable tool of analysis for concerned citizens, students, social and political activists, labor unions, NGOs, and policy makers.

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CONTENTS

Acronyms

Data Notes

Acknowledgements

Preface

• 1. Does Financial Globalization Stimulate Investment and Growth?

Popular Myths about the Benefits of Financial Globalization

The Consolidation of Global Banking Industry

The Market Driven Global Banking Industry versus Imperatives of Development

Microfinance, Poverty Reduction and Women’s Empowerment

Concluding Remarks

• 2. Global Rules on Investment: Rules for Whom?

Regulation of Foreign Investment

History of Investment Rules

Investment Issues under NAFTA: Some Lessons

Investment Measures Under the Existing WTO Regime

Do Investment Agreements Lead to Increased Foreign Investments?

Benefits of Global Investment Rules: Myths and Realities

FDI is not a Panacea

IS WTO an Appropriate Forum for Investment Rules?

Investment Rules for Whom?

Concluding Remarks

• 3. Does Globalization Promote Democracy and Human Rights?

Globalization of Democracy

The Political Project of Globalization

Democracy Promotion US-style!

Global Crusade for Democracy or Polyarchy?

It is the Quality of Democracy, Stupid!

Globalization, Independent Economic Policy-Making and Democratization

Delinking of Economic Decision-making from Democratic Political Processes

Democratic Deficit from Local to Global Spaces

Globalization and Onslaught on Democratic Rights

Concluding Remarks

• 4. International Aid, IFIs and Good Governance: Whose Governance Matters?

Defining ‘Governance’ and ‘Good Governance’

The Soaring Graph of ‘Good Governance’ Agenda

From Washington Consensus to Post-Washington Consensus

IFIs and Governance Conditionalities

The Problem with Governance Conditionalities

The Limits of Technocratic Approach

Politics Matters

Governance of IFIs: Good or Bad?

Time to Broaden the Discourse on Good Governance

Concluding Remarks

• 5. Does Globalization Spell the End of Nation-State?

How Global is Globalization?

Have States become Powerless and Obsolete?

Can Globalization Survive without Nation-States?

International Institutional Arrangements and Globalization

Is Globalization Irreversible?

Globalization, Ethnicity and Nation-State

Concluding Remarks

Bibliography

Index