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 | Conflict and Cooperation in the Age of Globalization | | 25.11.2003 | | India Economic Summit 2003 | Jayanta Roy, Senior Adviser, International Trade, Confederation of Indian Industry (CII), India, welcomed Augusto Lopez-Claros, Chief Economist and Director, Global Competitiveness Programme, World Economic Forum, and said that with Lopez-Claros’s wide experience in working in the field in different countries across the world, he is an ideal person to speak on the topic of globalization. Roy flagged a few key issues confronting the globalizing world, key among which is how to channel the benefits of the global economy to the millions of poverty stricken people in developing countries. Roy said that India is a hesitant globalizer that needs to open up even more to achieve high rates of growth imperative for rapid development and poverty alleviation.
Lopez-Claros said that globalization means different things to different people. He identified three main vehicles of globalization: the integration of markets and technology, human interaction and communication, and the gathering of nation states on multilateral and plurilateral platforms to address issues that are of common interest. In his opinion globalization is inevitable, so institutions and governments must manage the globalization process.
Lopez-Claros identified key areas of reform and said that while there is a pressing need to reform international organizations to meet the requirements of a globalized world order, most such reforms need to be undertaken by individual governments. He suggested that focusing on areas such as educating all women, cutting back on unproductive government expenditure and ensuring transparency in global business relations will play a major role in addressing some of the negative consequences of the globalization process.
In this context, he mentioned that corruption in many countries is a key reason why the fruits of globalization have not reached the weaker segments of society. He also stated that a depoliticized and transparent international monetary authority can go a long way to create the right incentives for equitable development that harness the positive aspects of the globalization process.
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