14 Pages


This chapter discusses the incalculable cost of the often-glorified economic globalization, as well as the fallacy of the usual neoclassical proposition that economic globalization, along with free trade, contributes to efficient allocation of resources. It argues that global economic expansion, driven by the well-established world power structure, imposing upon humanity such uncanny facilitation, destruction and exclusion, has strongly discouraged worldwide human collaboration for the common good Sustainable Development. Economic globalization in the contemporary world was initiated by the modern advanced countries, establishing their international agencies, such as the International Monetary Fund (IMF), World Bank and the General Agreements on Tariffs and Trade (GATT)/World Trade Organization (WTO), to force or persuade all non-modernized societies into opening up their economies for international free market competition. Global and multinational corporations, often dislocating the labor market in their mother countries, have advanced into the developing nations to exploit the human resources under the pretense of offering job opportunities and technology transfer.