Arguments in favour of globalization, and arguments against

2. Inevitability of Globalisation:
Globalisation, the supporters argue, is inevitable. It is the only way and it alone has the potential to attain sustainable development. It is governable and it can be made more and more effective through an increase in global level understanding and efforts.
3. Globalisation Essential Under WTO:
Even before the World War II, several institutions and supra national organisations were created for guiding and regulating international economic relations. Later on, the International Monetary Fund (IMF) and the World Bank (WB) were designed to act as structures to manage the finances in a new international political economy, and were part of a new international order together with the regimes of the General Agreement on Tariffs and Trade (GAIT) and the United Nations.
GATT promoted standards for tariffs and then tariff cuts, and then turned into the World Trade Organisation (WTO) at the Uruguay Round in 1995, thereby also taking a broader role in shaping much of the international trade agenda. WTO can, therefore, be seen as an instrument of globalisation, as it surely pushes for free trade and discourages protectionism.
4. Defects of Globalisation Products of Selfishness of Some States:
The problems resulting from the WTO and Globalisation have been the result of certain lapses and attempts being made by some developed countries to hijack WTO and Globalisation in their favour. The new global economic regime is still in its childhood. When it becomes mature and fully developed, it would become a real source of prosperity and development for all.
5. Globalisation is Governable and Dependable:
What is needed is to check parochial designs and efforts of vested interests through concerted global level campaigns. Globalisation is governable, either through direct conduction and promotion of free trade policies and deregulation or through pressure on the majority world from economically powerful hegemony and supra-national organisations and institutions such as the IMF, the World Bank and the OECD.
Although the creation of regimes of international co-operation is an inevitable consequence of natural disasters, need for economic growth for regionalization, formal and informal structures do exist at various levels for globalisation to develop— Globalisation is already on. It has to be recognized as a natural and helpful part of contemporary international relations.
However, Globalisation has certain potential dangers as through it the corporate elite, and the MNCs, the Developed West can attempt to strength further their current domination of the international system. The need is to check these and not to eliminate Globalisation.
The need is to be prepared to create new structures of global governance, a new international economic regime for regulating globalisation and for reversing some of its fatal social, environmental economic and cultural effects on the states organisations and individuals. What is needed is not to end globalisation but to amend it for making it enduringly productive of desired results. It is also necessary to protect the WTO from being hijacked by the developed countries.
In February 2001, the Tata Energy Research institute organised the first sustainable development summit in New Delhi. It was attended environmentalists from all parts of the world. It fully endorsed the call for adopting and pursuing the gave of sustainable development. Globalisation can help the human level to pursue the goal of sustainable development in an effective and desired way.
Related Articles:

• 10 Arguments Against Globalisation – Explained!
• 5 Arguments in Support of Globalisation

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