Arguments in favour of globalization, and arguments against

7. Increased Protectionism and Neo-colonialism:
The business elites of various states have all also been trying to push for such international agreements and policy actions by the IMF and World Bank, that can enhance the ability of democratic politics to act on their behalf for securing their interests.
In place of traditional protection on the part of the rich and developed countries, globalisation has been giving birth to a new system of MNC protectionism, which is doubly injurious to the economies of all the countries, particularly of the Third World countries.
8. Unduly Increased Role of Big Business:
Most of the agreements and demands of the international financial institutions are invariably tuned to the policies desired by the corporate elite. The conditions laid down by them often gives primacy to budget constraint, the inflation control, in line with the neo-liberal and corporate agenda.
GATT, the WTO, and the NAFTA, also give top priority to corporate investor and intellectual property rights, to which all other considerations must give way. In the early 1980s, the IMF and World Bank took advantage of the Third world debt crisis and used their leverage with numerous distressed Third world borrower countries to agree to give first priority to external debt repayment, private as well as government.
It compelled them to adopt austerity programmes of tight money and budget cutbacks focusing heavily on social expenditures affecting the poor and ordinary citizens. It forced a stress on exports, which was to help generate foreign exchange to allow debt repayment and was to more closely integrate the borrower’s economy with the global system. It stressed privatisation, allegedly in the interest of efficiency, but serving both to help balance the budget without tax increases and to provide openings for investment in the troubled economies. The IMF has been doing the same in Asia.
9. Working Against Democratic Right of the Ordinary Citizens:
Further, the IMF- World Bank actions are often a source of denial of democratic rights to non-corporate citizens and elected governments. These are mostly subordinated to the rights of corporate investors—the superior class of global citizens with priority over all others and beneficiaries of the new MNC Protectionism.
In the NAFTA agreement, governments were denied in advance the right to take on new functions; any not asserted functions left to the private sector and to the superior class of citizens. In these agreements also, and even more aggressively in the Multilateral Agreement on Investment, the global MNCs have little responsibilities and virtually no responsibility can be imposed on them.
They can fire people, abandon communities, fatally damage the environment, push local companies out of business, and purvey cultural trash at their full discretion. They can sue governments, and disagreements are to be settled by unelected panels outside the control of democratic governments.