The Other Side of Paradise: Coping with the Downsides of Globalization for Developing Countries

Those in the business disciplines usually propose the superiority of unfettered market forces as an economic rationale in favor of globalization. This paper argues that business interests need to hear what critics have to say about the negative effects of globalization on developing nations and the need to balance economic as well as cultural, developmental, social and other considerations. Further, the importance of these non-economic effects of globalization requires the regulation of pure capitalism through different perspectives and approaches, some of which are proposed in this paper. These include consciously acknowledging the downsides, modifying our thinking about globalization, designing alternative models of development, creating frameworks for collaboration among agencies in critical areas, and establishing appropriate multilateral institutions with enforcement powers.