Tuesday, October 16, 2007

Against Globalisation

I am personally of the opinion that Globalisation in it's current form is a bad thing, it removes power from people's elected representatives and hands it to the multinational corporations. I have become more convinced since I started reading Bad Samaritans by Ha Joon Chang. It takes a detailed look at economic history and puts a new perspective on globalisation as it is currently seen.

It means that I don't like to see people in the Labour party accepting the current consensus on globalisation such as this post from Will Parbury.

My response is as follows:

Nations should not to be forced to integrate according to the neo-liberal consensus often posed by the multinationals, rich nations as well as the likes of the Economist and Anatole Kaletsky.

Nearly all rich nations got where they did using strict controls on foreign trade, working it to their advantage until their industries were ready to compete globally. The electronics division of Nokia made a loss for 17 years before finally turning a profit and this was at a time when the Finnish government considered excessive foreign investment in an industry "dangerous" and put in place incredibly strict measures to resist it. Many politicians in Japan wanted Toyota to give up on cars and return to making automatic looms.

I would urge Will, and anyone else not to be caught up in this supposed consensus on globalisation. Globalisation as it stands is not some amazing cure all for the world's economy, but a set of ideas based on reasoning that looks nice on paper, but doesn't measure up in real life.

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