Economic Development in a Changing Globalised Economy: The Case of Developing Countries

In the context of the changing economic environment, this analysis is of particular relevance to Third World countries, who are currently being asked and/or actively encouraged to implement the "globalisation" strategy. The paper will analyse the globalisation strategy and discuss the critical views that are being strongly advanced against it. It will also incorporate some evidence testing the effectiveness of the liberalisation programme. Finally, the paper looks for a way forward for the globalisation debate, which has been polarised along ideological grounds, often within a 'state versus the market' framework. Rather, the paper argues for a a careful examination of the economic and institutional framework in which policies are designed and implemented, and a policy framework that can make both these institutions, the state and the market, complement each other, thus ensuring rapid socioeconomic development. [DSA, Annual conference 2003: Globalisation and Development]