Privatization, liberalization and globalization are some common economic terms in todays world which nearly all of scholars, leaders economists recite, willingly or unwillingly and knowingly or unknowingly. Meaning, all most all da economic power houeses and emergin nations (including BRIC- i.e. Brazil, Russia, India and China) also adopting these policies in their own ways. In this context, Nepal - a landlocked and underdeveloped economy cant remain isolate. So joining WTO and like organizations is also customary for us. A briliant journalist and economist, Maritin Wolf has written a book. Why Globalization Works in which he has strongly and geniunly reaveled his views for globalization. many case studies written in that book also support his thought. After the current economic crisis ( mainly after 2008/09 to till date), scholars who believe in socialism have poured their wrath against capitalism and its main leading nations. On the other hand, some prominent economists like Ha-Joon Chang aruge that developing economies should have their economic plans and policies. Ha-Joon Chang( a Cambridge economist) argue that under-developed countries having low level of development cant grow without deep economic intervention by the state-including the imposition of protection policies. His argument also becomes true in case of Nepal where balance of trade (BOT) is sharply unfavourable after joining WTO. So, adoptation of liberalization and globalization policies are not automatic cure of ill poor economies. Rather, they may be curse if adopted in hunch. Mr. Chang claims that even the todays advanced western economies began their growth trajectory with the help of such measures but later kicked away the ladder for the poor coutries by forbidding them to use similiar policies. So, in this connection, Nepelese scholars, economists and leaders should implement such policies which benefit us vastly. We cant not stay away with rest of world but that does not necessarily mean we must follow their directions blindly. Foreign aids and foreign employment can be helpful to irrigate our barren economy for time being but not surely a perpetual source of income. So, we must develop our own economic model where there will be proper trade-offs between our internal ground reality and external world. And it creates more jobs and develops our domestic industtries Theoritical knowledge of growth and development theories are must essential to understand but not should be borrowed. A down-to-earth model of development is essential for todays Nepal.
Posted on: Sat, 09 Nov 2013 17:58:44 +0000
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