Research Notes: Impacts of Economic Globalization on Sustainable Development

The last decade of the last century coined two strategic terms, Globalization and Liberalization which stand more than any other term for the global economic development. The economic policies, adopted and enforced globally by the industrial powers are described by globalization and liberalization after collapse of the socialist block and became dominant in the entire Western world. These policies basically constitute the market oriented free trade economies.

Previously there were two political systems competing and influencing in the world. Developing countries receiving international development assistance therefore had a certain leeway. Most of these countries have little or no infrastructure or skills and also a very weak private sector. Such countries were, and many of them are still
not prepared for the free trade system of economic development. They found it necessary to pursue a planned economic growth under the guidance of the state.

These planned economies have not, in all respects, been a success. Far from it, the fact is that many developing countries have not had the necessary governing experience to run a planned economic system, and in some cases, corruption and internal conflicts have led them to tyranny and anarchy, unfortunately. But the question is whether the free trade system of economic growth under the auspices of globalization and liberalization has been a success.