3. Immanuel Wallerstein, a famous American sociologist,
equates capitalism with globalization. However he rarely
mentions globalization. Rather, he prefers to call it a
‘world capitalist system’, instead of globalization.
Globalization with its huge paraphernalia appears to be
a new garb or a ploy of the imperialists to reclaim their
lost grounds in the colonies. It is argued that the
neoliberal design of global market and imperialist
ambition of colonizing the world has been converged in
the project of globalization.
5. The first casualty of globalization in the context of the
developing countries is the shrinkage of social sector.
The social sector has so long been jealously guarded by
the state. Health, education, and infrastructure have so
long been provided by the state. But, with the onset of
globalization, especially as a part of aid conditionality
state had to move out of social sector, leaving it to the
vagaries of market forces.
CASUALTIES
6. Second, the exposure of the social sector to the market forces as
part of SAP had a far-reaching and pernicious impact for the
developing countries as it led to exclusion, marginalization of
resources and pauperization.
7. Third, globalization has also led the developing countries
to an extractive mode of economic development. Unlike
their developed counterparts, most of the developing
countries have found it difficult to sustain in this globalized
order. Consequently, they have been compelled to indulge
in an extractive mode of development in order to remain in
the fray.
8. Fourth, as a corollary of the previous point, the above compulsion of
globalization had a serious ramification for the environment per se.
