What is Structural Adjustment Programme?
संरचनात्मक समायोजन कार्यक्रम क्या है?
How does Globalization affect the sovereignty of states?
वैश्वीकरण राज्यों की संप्रभुता को कैसे प्रभावित करता है?
Discuss the continuity and change in the world economy s
१९७० से विश्व अर्थव्यवस्था में निरंतरता और बदलाव की चर्चा क
Answers
Answer:
[1] Structural adjustment programs (SAPs) consist of loans provided by the International Monetary Fund (IMF) and the World Bank (WB) to countries that experienced economic crises.[1] The two Bretton Woods Institutions require borrowing countries to implement certain policies in order to obtain new loans (or to lower interest rates on existing ones). These policies were typically centered around increased privatization, liberalizing trade and foreign investment, and balancing government deficit.[2] The conditionality clauses attached to the loans have been criticized because of their effects on the social sector.
[2]Globalization has had a dual effect on the sovereignty of the nation-state. Since 1945, the normative framework of human rights has embedded a sense of obligation on the part of the state toward its citizens. The social contract now has a strong welfare element to it. Yet, simultaneously, economic integration has limited the range of policy options available to states. This has diminished their capacity to meet these obligations. Sovereignty is the absolute authority over a certain territory. Many commentators would agree that this absolute authority has been challenged by a number of forces operating beyond the nation state; from the threat of global terrorism to the challenges of climate change, the powers of international organizations to influence of the global market. Given the impact of the global financial crisis on the national economic policy, I want to explore the ways in which capitalism has changed the nature of state sovereignty. This limitation of states‘ capacity must be understood as both an active and a reactive process.