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... all modernizing societies into mere appendages of the core countries at the receiving end of a bad deal.18 The suggested antidote to globalization, modernization, westernization, or McDonaldization is localization by de-linking from the world techno-economic system.19 Islamic countries like Iran and Afghanistan and communist states of North Korea and Myanmar may be cited as followers of this approach ... ...
... a nation has to adopt if it is going to successfully fit into the new world paradigm. Policies include the removal of subsidies, increased levels of taxation, reduction in public expenditure, de-regulation/liberalisation of economies, privatisation of the public sector and devaluation of currency. These policies were promoted as seeds of globalisation leading ultimately to development and economic growth, however over ... ...
Abstract External debt today poses one of the biggest barriers to development for many of the worlds less developed countries (LDC's). Excessive external debt is often responsible for the stagnation of economic growth given that the uncertainty it creates discourages the private sector from investing in the economy for fear about the stability of the government, and it also discourages public investment and reforms given that policy makers are aware that any benefits would be likely to be transferred abroad in the form of debt servicing. I will in this paper, present some arguments for and aga...
