By Yash Tandon, Benjamin W Mkapa
Demanding the misdirected guidelines of the final 30 years concerning the South's accountability to boost itself instead of anticipate the North to hold the load, this book offers substitute innovations and paradigms of improvement for coverage makers and peoples' events on a large range of issues. It invitations readers to "dare to imagine another way" and concentrate on what globalization has became lately.
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Extra resources for Development and Globalisation: Daring to Think Differently
They may seek markets in the West, but they must reduce their dependence on them and seek to develop markets in the South. This is already happening. Silvia Liu of Merrill Lynch says that Asian dependence on the US consumer market has declined dramatically from 8 per cent of total exports in 2001 to 6 per cent in 2006. An increasing share of global trade is now between the countries of the South. Growth in China and India partly accounts for the current boom in certain commodities, especially oil and minerals.
The Doha round was the expression of an ultimate faith in the neoliberal ideology of the institutions of global governance that include the World Bank, the International Monetary Fund (IMF), the World Trade Organisation (WTO) and the Organisation of Economic Cooperation and Development (OECD), the club of the rich ‘donor’ countries of the North. Then came the FfD conference in Monterrey, Mexico, in March 2002. So desperate was the need to defend neoliberal ideology at Monterrey that its collapse in Argentina only a month earlier was calculatedly ignored.
The collapsing financial infrastruc‑ ture of the North and their banks’ undignified rush for their gov‑ ernments’ support is hardly an encouraging moment for seeking finances from the North for development in the South. Ironically, the North is already seeking funds from the South (including sovereign wealth funds) to recapitalise their banks. The final 17 DEVELOPMENT AND GLOBALISATION document might refer to the systemic risks of the unregulated global financial market and invite the Bretton Woods institu‑ tions (BWIs) and the Basel Committee on Banking Supervision to strengthen their capacity to regulate this market.