Developing Countries’ Experience with Neoliberalism and Globalisation

Abstract

This study analysis developing country’ experiences of the last three decades after many of these countries had adopted neoliberal economic policies. An attempt is being made to study their achievements in terms of reducing poverty and unemployment. Also explores neoliberalism and globalisation and its impact on the process and development of democracy in developing countries in the present framework of global capitalism.

I find that despite the disastrous experiences of neoliberal polices, especially in Latin American and African countries, still the international institutions are imposing these policies on the developing countries. It seems that little lesson has been learned from the past. There is a gap in the literature regarding the critical analysis of these polices. In recent years a number of Latin American countries have abandoned neoliberalism and adopted polices to be suitable to their national interests rather than foreign capital. I intend to examine these developments in details. We will briefly analyse the international financial institutions policies such as IMF and World Bank and their close co-operation with World Trade Organisation (WTO).

Neoliberal versions of the ‘globalisation’ thesis are challenged, and it is argued that national-level economic process remains central and that the international economy is far from ungovernable. The study also examines India’s recent experiences of neoliberal policies, while in contrast to that Ecuador’s attempt to opt out of neoliberal policies and chart out new economic policies aimed towards more national economic control of resources and with active state intervention in favour of under privileged classes in the country.