Question

challenge to fair globalisation​

Answer 1

Explanation:

Remarks by Joan E. Spero, Under Secretary of State for Economic, Business and Agricultural Affairs, at the World Economic Development Congress, Washington, DC, September 26, 1996.

It is a pleasure to be here with you for this fifth annual meeting of the World Economic Development Congress. I would like to talk to you today about the challenges of the increasing integration of the world economy. The evidence for globalization is striking:

-- Capital now moves with startling speed around the world. Each day over $1 trillion is traded in a global foreign exchange market that never closes.

-- Technological advances in computers and telecommunications are paving the way for a new information-based economy.

-- Even small and medium-sized companies recognize that the competition for market share is global, and that participating in the global economy is no longer a choice but a necessity.

What is the role of governments in shaping the new global economy? One role is to get out of the way -- to remove barriers to the free flow of goods, services, and capital. But, just as free markets at home require an appropriate legal and institutional framework to function properly, so a more integrated world economy also demands effective international institutions and "rules of the game." These can only be established through cooperation among governments. Moreover, the domestic economic choices that governments make will have a major impact on international patterns of trade and investment, as well as on the prosperity of individual countries.