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... monetary concerns related to the oil crisis of the 1970s. The Group of 7 Following the success of the Rambouillet summit, the meetings went on annually with Canada attending the San Juan Summit in Puerto Rico in 1976. The G6 was replaced by the G7 with the new comer. In 1977, G7 became G7+1 when the European Community (currently known as the ... ...
... 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 ... ...
