Globalization and International Institutions

Abstract
The primary aims of this report was to identify what globalization is and its arguments, issues and the
driving forces and many other perspectives. The first section if this report defines what globalization is using
various literature, and then it comes to the critical part where it argues on the neo liberal globalization upon
poverty, inequality and growth but the arguments didnt end up with a clear conclusion. The second section
of this report dives deep into the roles played my major international organizations, IMF (International
Monetary Fund), WB (World Bank), and WTO (World Trade Organization). It was found that all these
institutions have performed really well in helping the developing countries when needed. But still it
concludes with a question mark. The final section of this report has provided with various aspects to support
and find out whether a heavy reliance of FDI is good or bad for a country.
Keywords: Globalization, FDI, Economic, Poverty, Inequality, Growth, Liberalization, development, Global,
Trade

Globalization and International Institutions

Table of contents

Contents
Introduction........................................................................................................................................................6
Area I..................................................................................................................................................................7
1.0 What is globalization?..............................................................................................................................7
1.1 Waves of Globalization............................................................................................................................7
1st Wave (1860-1914).................................................................................................................................7
2nd Wave (1944-1971).................................................................................................................................8
3rd Wave (1989- present)............................................................................................................................8
1.2 Neo-liberal globalization argument along with growth, poverty and inequality. (Positive and Negative
arguments)......................................................................................................................................................9
Conclusion & Recommendations.............................................................................................................12
Area II..............................................................................................................................................................13
2.0 Role played by international organizations in dealing with negative aspects of globalization..............13
2.1 International Monetary Fund (IMF).......................................................................................................13
2.2 World Bank (WB)..................................................................................................................................14
2.3 World Trade Organization (WTO).........................................................................................................16
Conclusions & Recommendations...........................................................................................................17
Area III.............................................................................................................................................................18
3.0 Foreign Direct Investments (FDI) on the perspective of a developing country (Negative and Positive
aspects) (Unctad.org, 2016).........................................................................................................................18
3.1 Financial Crisis in Africa (2007-2009)..................................................................................................22
Conclusions and Recommendations........................................................................................................23
Conclusion........................................................................................................................................................24
References........................................................................................................................................................25

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List of tables
Table 1: Waves of Globalization......................................................................................................................10
Table 2: Poverty levels as at 2012....................................................................................................................13
Table 3: IMF.....................................................................................................................................................14
Table 4: World Bank.........................................................................................................................................15
Table 5: WTO...................................................................................................................................................17

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List of figures
Figure 1: Three waves of globalization..............................................................................................................9
Figure 2: Two views on the relationship between growth, poverty and globalization.....................................11
Figure 3: Economic Growth (2000-2012)........................................................................................................12
Figure 4: IDA & IBRD (Lending wings of WB) During the period of Financial Crisis..............................16
Figure 5: Global FDI inflows...........................................................................................................................20
Figure 6: FDI inflow comparison by region....................................................................................................21
Figure 7: China FDI as at 2016 Aug................................................................................................................22
Figure 8: FDI and Trade Openness..................................................................................................................22
Figure 9: FDI earnings by UK from 2003-2012..............................................................................................23

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List of abbreviations
IBRD International Bank for Reconstruction and Development
IMF International Monetary Fund
GATT General Agreement on Tariffs and Trade
EU European Union
FDI Foreign Direct Investment
UNCTAD United Nations Conference on Trade and Development
OECD Organization for Economic Corporation and Development
R&D Research and Development
UK United Kingdom
WB World Bank
WTO World Trade Organization
FIL Finance Intermediary Loans
IDA International Development Association
LDC Least developed countries
EIF Enhanced Integrated Framework
TIM Trade integration Mechanism
BOP Balance of Payment

Globalization and International Institutions

Introduction
This report will be focusing on three major areas of globalization in terms of development, poverty and
inequality as given below;

Area I Critical assessment of the arguments for and against globalization in terms of increasing

growth and reducing poverty and inequality in the global economy.

Area II Critical evaluation of the role played by the international organizations in dealing with

negative aspects of globalization after 1980s.

Area III Critical analysis on whether a heavy reliance on FDI is favorable or unfavorable for a
developing country.

The author has conducted secondary research to cover the areas above, based on text books, journal articles,
websites, newspapers etc.

Globalization and International Institutions

Area I
1.0 What is globalization?
Globalization is an evolving phenomenon. There are so many definitions given by various trade
organizations, economists, authors etc.
Thomas Larson, a Swedish journalist has defined globalization as the process of shrinking of the world, the
shortening of distances, and the closeness of things. It allows the increased interaction of any person on one
part of the world to someone found on the other side of the world, in order to benefit (Larson, 2001)
Roland Robertson was the first person to define globalization as; the understanding of the world and the
increased perception of the world as a whole. (Robertson, 1992).
Held et al. (1999) stated that globalization is often described as spatiotemporal processes of changes which
establishes transformations of human concerns in an organization by linking together and widening of
human activities across various regions and continents.

1.1 Waves of Globalization

Figure 1: Three waves of globalization

Source: Trade, Growth and Poverty (Dollar and Kraay, 2001)

1st Wave (1860-1914)

The flow of goods were accelerated. Internationalization had a great impact on Europe and North America.
A lot of international migration along with financial integration were seen during the period than it is today.
Free capital movement between countries were seen. Almost 60 million people left Europe to seek their own

Globalization and International Institutions

fortunes in the world out there. Liberal trade policies were followed by many countries after years of
protectionism. For an example the Great Britain and France came up with a free trade policy in the year
1860. Along with that, many other European countries adjusted themselves to suit the free trade system.
(Nordregio.se, 2008)
2nd Wave (1944-1971)
The second wave appeared along with the multiplication of international relations. Improvements in terms of
transportation and communication were highlighted during the time. During this period, a lot of developing
countries were stuck in their primary commodity exporting and they were deeply in trouble with capital
flows. This was mainly due to their own inward oriented trade policies. The World Bank (IBRD) and the
International Monetary Fund (IMF) were established during the period. Along with the establishment of
IBRD and IMF the General Agreement on Tariffs and Trade (GATT) came into use in the year 1948.
(Nordregio.se, 2008)
3rd Wave (1989- present)
An era which is being powered by individuals, along with global fiber optic networks. Enhancement of
international flow of goods, capital, services and labor due to advanced technology. Expansion of railways
and other transport developments were seen during the early stages. The third wave of globalization actually
created a flattened world, where new social, political and economic models have emerged. (Poppi and
Cheng, 2013), (Nordregio.se, 2008)

Table 1: Waves of Globalization

Source: Authors work based on Nordregio, 2008

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1.2 Neo-liberal globalization argument along with growth, poverty and inequality. (Positive and
Negative arguments)
International Forum of Globalization book carrying the title Does Globalization help the poor? provides a
confident answer saying no, whilst the back cover of Surjits (2002) book which carries the title Imagine
Theres No Country: Poverty, Inequality and Growth in the Era of Globalization, questions ; Who has
gained from Globalization? and provides an answer with equal confidence saying the poor. None of the
readers of these books will come away any wiser about the answers provided to the questions. (Ravaillon,
2003)
When it comes to Globalization and poverty, it is a highly debated topic in the literature. Some of the studies
have proven that globalization reduces poverty whilst some other studies have proven that globalization
increases poverty. The ones who are in favor of globalization tends to say that there were significant steps in
the fights against global poverty, and also a reduction in inequality during the last 25 years, and the reason
behind this achievement was the liberalization of economic policies. And on the other hand there are critics
who claims that liberalization of economic policies or globalization has led to increases in inequality as well
as poverty. The rich people getting richer and the poor getting poorer. Both parties have proven their points
with facts, but without a clear debate, studies and conclusions. (Neutel and Heshmati, 2006)
The standard approach for the country level relationship between economic growth, globalization and
poverty as provided in most literatures is illustrated in the figure 2A given below. For an example, the study
by Dollar and Kraay (2004) which is often cited, argues that trade is favorable for growth and concludes
stating that if trade increases growth rates, it will contribute to proportionate increases in the income of the
poor.
Globalization can at least affect absolute poverty in the short run, despite of its effects on growth. Growth
will appear when the average real income increases, but poverty actually depends on the real incomes of the
poor.
Another doubt with the standard approach is that recent findings by Bergh and Nilsson (2014), Milanovic
and Squire (2006) have found that globalization also causes higher income dispersions resulting in global
inequalities in addition to economic growth. Therefore the effect on poverty is uncertain.
Figure 2B, which was preferred by Bergh and Nilsson (2014) contrasting to the standard approach, has
provided with an assumption stating that globalization will affect the prices, information flows and incomes,
which on the other hand may or may not contribute to economic growth or poverty reduction.

Globalization and International Institutions

Figure 2: Two views on the relationship between growth, poverty and globalization.
Source: Authors work based on Bergh and Nilsson, 2014

The World Bank, who is one of the main contributors to this argument has stated that globalization reduces
absolute poverty when more unified economies shows a higher growth, and this growth is generally widely
distributed. (Neutel and Heshmati, 2006)

Dollars work showed some extensive critiques. When it comes to global inequality he has argued that
global level of inequality has showed a slight declining stage since the 1980s. Contrasting the argument
Milanovic (1999) has stated that it is only true when it comes to the calculations of per capita income which
is weighted over a countrys population. Even his results showed that China and Indias inequality levels are
rising but it is even below the average global level of inequality. Even Watkins (2002) came up with a
similar conclusion that increased trade does not always tend to result in increased inequality.

Globalization and International Institutions

Watkins (2002) argues saying that many of the first rate globalizers is having fifth rate records on their
poverty reductions. And he has proved this with his example; where countries like Vietnam and Thailand
where they have certain restrictive trade barriers as well as slow liberalized imports have claimed to earn a
strong record on poverty reduction and economic growth. On the other hand countries such as Mexico and
Haiti who earns a world class position in import liberalization, have weak records on poverty reduction and
economic growth.

The author has proved this argument by Watkins using the figures given below.

Figure 3: Economic Growth (2000-2012)

Source: (TheGlobalEconomy.com, 2016)

Globalization and International Institutions

It is clearly seen that Thailand and Vietnam are showing higher growth rates in comparison to Haiti and
Mexico who are major players in liberalized imports.

Table 2: Poverty levels as at 2012

Source: (Iresearch.worldbank.org, 2016)
The diagram above shows the purchasing power parity/1.90$ of the countries which Watkins took as his
example. Even here it is proved that Haiti and Mexico who claimed to hold positions as world class
importers to have high poverty levels in their countries than that of Thailand and Vietnam.
Conclusion & Recommendations
Some of the evidences and the arguments which were discussed above showed merely a negative or a
positive relationship while some other arguments which showed a more deep relationship argued that,
globalization can contribute towards growth, reductions in poverty and inequality in some cases whilst
certain situations will worsen them. Means of closer economic integration would at least help to identify
problem sooner by the time it occurs which will help an economy to take necessary steps in overcoming
them, and on the other hand it will help to reduce inequality and poverty ensuring a higher growth of the
economy.

Globalization and International Institutions

Area II
2.0 Role played by international organizations in dealing with negative aspects of globalization.
According to Hanreider (1966) and international organization is an institutional agreement between
members of an international system in order to achieve objectives according to systematic conditions,
reflecting attributes, aspirations and concerns of its members
The international communities has increasingly become so independent and interconnected over the last two
decades. This was due to the rapid enhancement in technology and economic integration. Certain
weaknesses and shortages in global economy appeared from the recent economic crisis. The economic risks
seem to grow every day. The international organizations therefore holds a critical role of managing the
economy and to prevent the occurrence of yet another economic crisis. A few of those well-known
organizations are International Monetary fund (IMF), World Trade Organization (WTO), World Bank (WB)

2.1 International Monetary Fund (IMF)

International Monetary Fund (IMF)

Established after the second world war in July 1944

Initially established with the purpose of preventing another worldwide

cataclysm such as the war and depression

Responsible in stabilizing currencies and global financial markets

Table 3: IMF
Source: Authors work based on IMF (2016)

According to IMF (2016) during the financial crisis of Asia in the 1997, the countries which were affected
including Korea, Indonesia and Thailand had to request immediate financial support from the IMF due
openness of their currencies and obtaining a lot of short term loans from foreign countries. But in the end

Globalization and International Institutions

IMF was put to blame mentioning that by adhering to their policies and agreements it would only worsen the
situation.
The IMF also has done some structural adjustments in issues such as government deficits, banking rules and
regulations and pension policies. An example is, that during the financial crisis in the 1997, IMF had advised
the Korean Central Bank to fight the inflation rather than depending on financial assistance, because IMF
believed that fighting inflation is one of the primary purpose of a Central Bank. (Stiglitz, 2002)
The Financial Sector Assessment Program was launched by the IMF in late 1990s with the purpose of
controlling the debt burdens of countries. They took another initiative for heavily indebted poor countries
ensuring that those countries wont face any burden which they cannot manage. The steps taken by the IMF
led them in providing financial assistance at a much quicker pace without any consequences and also the
steps taken helped economies to reduce their poverty and social policy constraints. (IMF, 2014)

2.2 World Bank (WB)

World Bank (WB)

Was established in the year 1944 and was known as the IBRD

(International Bank for Reconstruction and Development.

Poverty reduction and improving living standards were their major

goals.
Was initially established for the purpose of stabilizing the world
economy after the war.

Table 4: World Bank

Source: Authors work based on WB (2016)
As reported by the worldbank (2016) the financial crisis which took place in the year 2008 drastically
reduced global growth, trade and the access to finance for the developing countries. This was due to
extremely high prices in fuel and food. Winters (2011) stated that in June 2008, the price on an oil barrel was
raised up to $126 which was double the price prior to the last year in 2007. And this had caused a rise in the
price level of all agricultural inputs and imported goods. (Fertilizers and fuel neededfor farm machinery).
The WBs lending capacity was expanded up to $750 billion along with the support from creditor
countries. This expansion helped them to distribute large proportions of loans such as low interest
loans, interest free credit loans, Financial intermediary Loans (FIL) to suit the borrowing needs of the
countries. All the loans during the financial crisis were handled by WBs two lending wings the IDA

Globalization and International Institutions

and the IBRD. During the period of 2008-2011 they had committed more than $189 Billion for
infrastructure, finance, health and education of these economies. (worldbank, 2016).

The chart given below shows the lending data of the two wings of WB. It is clearly seen that they have
provided more financial support to low income and middle income economies.

Figure 4: IDA & IBRD (Lending wings of WB) During the period of Financial Crisis
Source: (Winters, 2011)
Since the2000, The WB has been devoted contributing in achieving the Millennium development goals.
(MDGs). Their goals were;
Eradicating absolute poverty and hunger
Universal education for primary level
Empowering women and promoting gender equality
Reduction of child mortality
Improving health
Fight diseases such as malaria, HIV
Environment sustainability
Global Partnership for development
(WB and IMF, 2013)

Globalization and International Institutions

2.3 World Trade Organization (WTO)

World Trade Organization (WTO)

Was established in the year 1995

Primary goals is keeping peace, inequality reduction, price reduction of
goods, ensure economic growth and encourage a safe and sound

environment.
Its core mission was to promote the trade liberalization along with
lowers trade barriers, and to promote fair competition.

Table 5: WTO
Source: Authors work based on WTO (2016)
Over the past 50 years the WTO system has been sponsoring numerous rounds of trade negotiations. The
Uruguay round was one negotiation and the main aim of Uruguay negotiation was to reduce the trade
barriers and expanding their trade agreements to international level including foreign investment. This
system actually balances the countries gains and losses. Their next trade negotiation round was on Doha,
which they intended to address problems of developing countries. (Milner, 2005)
Reliability was created for the suppliers from developing countries and WTO guided them to compete
against their giant competitors who grab their countrys competitive advantage on the other hand a favorable
trading environment was created and the price fluctuations and new entrants to the market were balanced
and taken care of. This eventually increases an economies growth and contributes in the reduction if their
inequality and poverty. (Baylis et al. 2014). WTO never forgot the LDCs (Least Developed Countries).
They took steps to increase their income equity and showed them the right path to engage in proper
trade. They introduced a technical assistance and support program called the EIF (Enhanced Integrated
Framework). Moreover this framework has helped the LDSs to actively engage in the international
market and to overcome their constraints. Due to trade liberalization some countries had to suffer from
consequences related to BOPs. TIM (Trade Integration Mechanism) was then introduced by WTO to fund
the victims. (WTO, 2016)

Globalization and International Institutions

Most of the developing countries have been experiencing favorable outcomes from the liberalization of trade
policies. Since the 1980s, barriers for most of the developing countries were reduced. Along with that, WTO
has been increasingly involved in the connections between trade barriers and the domestic policies. They
even managed to lower these quotas and tariffs in significant amounts which ultimately backed down
various domestic policies such as environment policy, taxes and laws, subsidies (domestic) and
intellectual property laws. (Milner, 2005)

Conclusions & Recommendations

The WB, IMF and WTO have contributed so much in helping the poor countries during the periods of
various crisis. They even have helped in providing monitoring and information. But this provision have been
asymmetric, it was the developing countries which were always monitored and provided with information.
But this even may make the developed countries or the private investors more attracted towards investments
and provide loans to these poor countries. But those agreements are often imposed with various powerful
conditions on the developing countries which may have affected their growth. Therefore the WB, IMF and
the WTO will have to closely monitor all these factors and make sure that both the parties are being
benefited.

Globalization and International Institutions

Area III
3.0 Foreign Direct Investments (FDI) on the perspective of a developing country (Negative and
Positive aspects) (Unctad.org, 2016)
UNCTAD (2016) has defined foreign direct investment as an investment which is made to acquire a steady
interest and a control in an enterprise operating outside the economy of the investor. The role or the purpose
of the investor is to gain an effective voice in the management of that particular enterprise. The group of
associated entities or the foreign entity who does the investment is identified or called the direct investor
Foreign Direct Investments (FDI) have become more and more important in the past two decades in the
developing world, along with an increasing number of developing countries achieving substantial and
increasing amounts of inward FDI through attraction. Theoretical literature has found that, an economy may
be benefited from a number of channels in which FDI inflows whilst this empirical theories has fallen off
behind and has experienced a lot difficulties when identifying these advantages in practical scenarios. (Alfar
et al., 2004) (Bengoa and Sanchez, 2003)
Many literature and policy makers confront that foreign direct investment (FDI) is subjected to have more
important favorable positive effects on a host countrys development effort. (Markusen, 1995). FDI can also
act beyond its major role of direct capital financing by acting as a source of important technology and
expertise while developing relationships with the local firms, which will contribute for an enhanced
economic growth proving a jumpstart. These arguments have provided reasons and incentives for
developing countries to encourage foreign direct investments
Apart from the theoretical literature, when it comes to reality or the practical scenarios, the recent research
done has found that generating positive spillovers for the host countries is uncertain at both macro and micro
levels.
Traditionally, foreign direct investment was majorly concerned and attracted more towards the developed
countries than that of the developing economies. Still the developed countries hold the most number of
shares in terms of FDI. But during the recent years the developing countries have been performing really
well in attracting FDI. The rate of attracting FDI is drastically increasing in developing economies.

Globalization and International Institutions

Figure 5: Global FDI inflows

Source: UNCTAD (2015)
According to the reports by United Nations Conference on Trade and Development (UNCTAD) as at 2015;

FDI flows to developed economies Dropped by 28% to $499 billion.

FDI flows to transition economies Dropped by 52% to $48 billion.
FDI flows to developing economies Increased by 2% to $681 billion.

Globalization and International Institutions

The developing Asia has been the driving factor for FDI inflows, whereas Latin America and the Caribbean
faced consequences, Europe in a declining stage and Africa remaining flat.

Figure 6: FDI inflow comparison by region

Source: UNCTAD (2015)
For example China which falls under developing Asia and a world class performer in FDI inflows, has
increased their inflows by 4.5% in 2016 Aug in prior to their previous year performance resulting in $85.88
billion.

Figure 7: China FDI as at 2016 Aug

Source: (tradingeconomics.com, 2016)

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The Organization for Economic Corporation and Development (2002) (OECD) has stated that benefits from
FDI actually depends according to the host country and their context, and that there are some factors which
holds back the potential benefits of FDI. They include the level of health and general education, the level of
technology of the host country, openness to FDI and trade, economic performance, regulatory frameworks
and competition.

Figure 8: FDI and Trade Openness

Source: (UNCTAD, 2010)
This graph given above shows that developing countries like China, India and Argentina are very close to
openness to trade. China and India who are well known for FDI attractive destinations at present are
increasingly showing remarkable performances in terms of FDI inflows.

3.1 Financial Crisis in Africa (2007-2009)

As OECD (2002) mentioned, economic growth of a country will affect the FDI inflows. This is a situation
where the African economy was once affected by the financial crisis, which reduced their capital inflows in
massive amounts. Their FDI inflows declined by 21% in 2008 and 36% prior to 2008.

Globalization and International Institutions

Figure 9: FDI earnings by UK from 2003-2012

Source: (statista, 2014)
This graph given above is a situation where the UK received very low earnings from Africa during the
financial crisis from 2007-2009.
The studies by Carkovic and Levine (2002) and Alfaro et al. (2003) and their results shows a very little
support for FDI having positive effects on the growth on an economy. There are certain growth determinants
which includes such human development measures, institutional quality, domestic finance development,
information sets which affects the positive side of FDI. (Alfaro et al. 2003)

Conclusions and Recommendations

It was found that FDI had a favorable environment for some of the developing countries. The rest of the
countries had certain consequences. One example was the financial crisis which Africa had to face in 2007.
It was found that some factors did hold the potential benefits of FDI such as a countrys economy, health,
education, openness to trade and its rules and regulations. The incentives in motivating FDI should specially
focus on activities that will create the strongest potential for spillovers which includes R&D, training,

Globalization and International Institutions

education, linkages between foreign and domestic firms. Also rather than introducing narrow FDI policies,
attractive and equal terms should be provided to all the investors both domestic and foreign.

Conclusion
Based on all the factors and findings which were mentioned and found, it was seen that there were certain
disadvantageous situations for globalization and the negative arguments or aspects were heavy. But
globalization is actually important for every economy as it contributes towards an economies development
along with better human lifestyles. Theoretical literature proved most of the time, that globalization is

Globalization and International Institutions

favorable for a country to reduce its poverty and inequality. But there were cases where some arguments
came up against them saying that, when it came to certain practical scenarios the theory happened to be
wrong. But theres hope. Along with the support of international institutions such as WB, IMF and WTO, the
problems will be controlled and will turn out to create a favorable environment. Globalization will support
FDI and this will eventually increase a countrys economy creating a safe and a sound environment for
investments. But without close monitoring processes or perfect policies, this cant be achieved. Therefore
sometimes reliance on FDIs can be dangerous. China which was highlighted in the last section of the report
have performed really well in FDI inflows, and the reason behind this was utilizing proper policies and close
monitoring processes.

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