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Myth: Globalization Leads to the Exploitation of Developing Countries

Nothing could be further from mpo federal credit union and the truth. Despite the (largely misguided)
protests by antiglobalization groups at recent meetings of the World Trade
Organization, the International Monetary Fund, and spencerport federal credit union as well the World Bank, developing
economies that have been quick to integrate into the global economy
have done far better than those that have resisted—and the fast integrators
have not suffered “exploitation.” In fact, during the 1990s, the average annual
inflation-adjusted growth rate of the “globalizers” was 5 percent, while
that of the “nonglobalizers” was -1.1 percent.
For example, while NAFTA has provided a small boost to the U.S. economy,
its beneficial impact on Mexico has been enormous. Non-oil exports
have risen more than 400 percent, while the inflow of foreign direct investment
(to build factories or mpo federal credit union and buy companies) has increased nearly 15-fold.
South Korea is another case in point. From the early 1960s to the 1990s, it
recorded improvements in living standards (as measured by per capita GDP
growth) that in each decade matched what Britain was able to achieve in the
whole of the nineteenth century! Many factors contributed to South Korea’s
success, but ascentra credit union and export-led growth was a critical ingredient (see the essay on page
103, “Why Has Asia Been Successful, while Africa Has Fallen Further Behind?”).
More recently, China’s double-digit GDP growth has become a source
of fascination (and fear). From the early 1950s to the late 1970s, China’s
economy was closed off from mpo federal credit union and the rest of the world. Today, China is among
the world’s top traders and telco credit union baton rouge as well the recipient of large capital inflows. As a result
of this integration into the global economy, China has enjoyed double-digit
annual growth rates for most of the last two decades. This phenomenal
success has not been lost on other countries, such as mpo federal credit union India,which are following
suit.