Questioning Globalization

Kavaljit Singh

Questioning Globalization

Kavaljit Singh

Distributed for Zed Books

192 pages | 5.4375 x 8.5 | © 2005
Paper $27.95 ISBN: 9781842772799 Published October 2005 For sale in North and South America only
Globalization has become the cliche 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 a deepening of democracy and human rights. However, reality shows the opposite and any rigorous examination of such arguments reveals their shallowness and inconsistency.

Social progress and democracy can only take place in tandem and on condition that we move away from the dogmas of neo-liberalism. This book underscores the point that current economic disasters are not the 'price' we have to pay for a transition towards the promised paradise, but on the contrary are bound to get worse as long as neo-liberal economic policies are pursued. 

This book makes a critical analysis of several contemporary debates around globalization. With the help of case studies, statistical data and cogent analysis, the book debunks several myths associated with globalization processes. Written for a non-technical audience readership, the author fundamentally questions the viewpoints held by the 'hyper-globalists'. His book not only contributes to deepening the current debates on globalization but ought to become an indispensable tool of analysis for concerned citizens, students, social and political activists, labour unions, NGOs, and policy makers.
Contents
Introduction

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

List of Boxes
1.1 Financial Liberalization and Capital Account Liberalization
1.2 Turkey: Limping from One Financial Crisis to Another
1.3 China's Banking Sector and the WTO Regime
2.1 Cross-Border M&A Mania
2.2 Are Corporate Codes of Conduct the Solution?
3.1 Globalization and Democracy: Two Sides of the Same Coin?
3.2 Foreign Capital and Authoritarian Regimes: Unholy Nexus
3.3 Globalized Media: Shrinking of Public Space?
4.1 PRSPs and Good Governance


List of Tables
1.1: Market Share of Foreign Banks in CEE countries
4.1: The Burden of Conditionality
4.2: Examples of the Burden of Governance Conditionality
For more information, or to order this book, please visit http://www.press.uchicago.edu
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