Globalisation impact

Sir, - Mr. Mike Moore's arguments (`The WTO and Developing countries', Oct. 20) are unconvincing and not supported by factual data/evidence. His efforts are aimed at securing the acceptance for the WTO-monitored globalisation and liberalisation regime by the third world population, who are afraid of its negative impact on their lives and livelihood.

The claim by Mr. Moore that `poor country marginalisation' argument distorts facts, itself is a distortion of facts. Studies by a number of social scientists have brought out the gravity of the negative fallout of globalisation on a large majority of third world countries, exposed to the orthodoxy of globalisation- imposed structural adjustment programmes through the 1980s. These countries have suffered significant decline in important development indices in their economies.

Worse, globalisation has tended to negate the economic and social benefits of growth of the poor people in the majority the developing and developed countries. Only a small number of privileged elite investors reap hyper-benefits from the liberalised regime. Investment and profits by the rich get a boost. Despite increase in export growth, developing nations are facing debts resulting from the collapse of commodity prices and due to the monetarist financial policies of the rich nations.

There is no credible and viable mechanism to enable the poor nations to cope with the external shocks to which their economics are exposed. The beneficiaries of increased production on selected sectors, and of improvement in living standards are also the privileged rich, whose consumption of luxury goods have increased significantly. The rich prosper at the cost of the poor.

A. Basheer,

Kannur

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