Globalization and Development

Term: Fall 2009

Subject Code: GECO

Course Number: 6230

This course analyzes the implications and consequences of globalization for development in the contemporary world economy. It questions the orthodox prescription that globalization and markets are the road to development in the twenty-first century, to develop a heterodox perspective based on an understanding of theory and a study of experience. It begins with a historical analysis, to highlight the parallels, similarities and differences in, comparison with an earlier epoch of globalization during the late nineteenth century. It considers the economic characteristics, manifestations, and drivers of globalization in the present phase. And it shows that the existing global rules, which are unfair, encroach upon essential policy space.  This leads into the discussion of the impact of globalization on countries in terms of growth and on people in terms of well-being, with some focus on the gap between rich and poor, which suggests that the outcome is uneven development and economic divergence rather than rapid growth and economic convergence. Given these realities, the course explores how globalization could be made more conductive to economic development that benefits poor countries and poor people. In this endeavour, it poses, and attempts to answer, two questions.  In the national context, is it possible to introduce correctives and redesign strategies so that the outcome is a more egalitarian development? In the international context, is it possible to reshape the rules of the game and contemplate some governance of globalization to create more policy space for the pursuit of national development objectives?

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