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Perils of Globalization - reply to Charu



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Charu my man, I knew you would come through when it is getting dull in here to
make it more exciting.  Good to hear from you!  Reply is included below.

Charu datt wrote:

> My own position is that I do not endorse the pervasive government
> control of industry engenderd by licence-raj, but neither do I support
> surrendering that control to the even less accountable local and global
> corporate interests that would replace the power currently exercised by
> government.

Power must be diluted if we are going to see any improvement in standard of
living, human rights, purchasing power, etc.  While I agree that local
interest
outweigh any global interests, it is for this very reason that I support
liberalization before globalization (while the differences between the two
become very unclear as time progresses).

>      ...even if there are efficiency gains from freer trade, when the
>      terms of trade are set by free market forces there is every reason to
> believe the lionís share of any efficiency gain will be distributed to the
> country that was better off in the first place -- thereby aggravating global
> inequality.

I am by no means advocating stop-and-go globalization where there is no plan.
We must march ahead with a good plan!!  This prescription is much like the
argument made in your article below where a "controlled" globalization would
yield more benefits by addressing local interests over global hegemony.

It is exactly for this reason that I stated previously that a competent Indian
Legislature is a prerequisite for globalization.  Much as liberalization would
empower local citizens, globalization can shift power to India if we had some
reasonable people in the Parliament.  The examples below where some countries
have actually suffered due to globalization are self-evident that their
Government was indeed incompetent.

Surely, we are not to ignore states such as Singapore and Hong Kong where the
Government is moderately competent and implemented a "planned" globalization.
Global isolation is often prescribed as a remedy for legislative
incompetence by
a misinformed electorate.  This is a grim injustice to the present and future
generations!!  We have an obligation to engage the world at large and benefit
from it.

Globalization can and must be used as a vehicle to shift more economic
power/prosperity to India.  The overwhelming question is whether we have
such a
vision or do we whimper at every challenging obstacle?

Sincerely,
Vamsi M.



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