Democracy in the Globalised EconomyReaching the Unreached?

Dr.C.Muthuraja, M.A, M.Phil, PhD

Dean of Self Financed Programmes &

Associate Professor in Economics

The American College, Madurai – 625 002, TAMILNADU

Email: cmuthuraja@gmail.com (M-094863 73765)

(Presented in Conference on “Democracy in the Globalised Economy” organized by Parliamentarian Forum on Human Rights for Global Development(PFHRGD)

& Friedrieh-Ebert-Stiftung-India Office at Madurai on 15.11.2014)

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CONTENTS♦ Introduction♦ Economic Development and Democracy♦ Democracy ♦ Why Democracy?

♦ Globalised Economy♦ Issues of Globalised Economy♦ Globalised Economy and Democracy♦ Globalised Economy Promotes Democracy♦ Globalised Economy Obstructs Democracy♦ Reaching the Unreached? Role: GOVERNMENT-

PRIVATE-NGO’S-INDIVIDUAL -+++

♦ Summary + AppealSINCE 1881

Democracy

♦ ‘demos’- people and ‘Kratic’- power♦ ‘A government of the people, by the

people and for the people’ -President Lincoln in 1863

♦ ‘Rule by people’- Thomson♦ Respect of the rights of the people and the

guarantee of equal opportunity for all people

♦ ‘People’ as a focal pointSINCE 1881

Why Democracy?

♦ Protects the interests and demands of People ♦ Minorities are free from discrimination♦ Controlling government power♦ Prevents the people who hold power abusing

it♦ Influence government decisions ♦ Provides the natural environment for the

protection♦ Effective realization of human rights

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Globalised Economy

♦Integrating economic decision-making

♦Creating a global market♦Through trade and investment rules

and privatization♦Technological advances - Increased

volume of exchanges

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Issues of Globalised Economy

♦ Trade liberalization♦ Tariffs♦ Global inflation♦ Greater exchange rate flexibility ♦ Global imbalances♦ Millennium Development Goals♦ Global financial stability +++++

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Globalised Economy Promotes Democracy

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♦ Increases the demand of international business for democracy

♦ Reduces information costs, increasing contacts and making organizations more effective

♦ Citizens have access to more information, supplied not just by their own governments

♦ Enables the democracies to export their values to autocracies, aided by their media

♦ Pushes the authoritarian state to decentralize power facilitating democracy

♦ Strengthens domestic institutions that support democracy♦ compels the popularization of norms respecting the rule of

law and civil & human rights

Globalised Economy Obstructs Democracy♦ Reduces state policy autonomy and brings about public

policies ♦ Reduces the ability of states to implement domestically

oriented economic policies♦ Produces more domestic losers than winners, and it

diminishes the ability of the state♦ Enables the fast movement of money between countries,

resulting in balance of payment crises♦ LDCs are compelled to accept economic reforms imposed

by the DCs and international organizations♦ Economic crises hurt the poor more than the rich, raising

domestic income inequality♦ Social unrest then rises, and support for radical opposition

groups growsSINCE 1881

Globalised Economy Obstructs Democracy♦ Diminishes the national-cultural basis of democracy and

induces labour migration across countries♦ Enables the state and MNCs to control and manipulate

information supplied to the public♦ The government is less transparent and less accountable to

the people, and the level of democracy declines♦ Degrades the concept of citizenship, which is an important

prerequisite for a functioning and stable democracy♦ Widens the economic gap between the North and the South♦ MNCs distorts the economies of LDCs and obstruct

democracy♦ the gap in wealth rising, social unrest rises in the LDCs,

and their governments become less democratic

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Reaching the Unreached?

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ROLE OF ♦ INTERNATIONAL INSTITUTIONS♦ GOVENMENTS♦ PRIVATE CORPORATES♦ NON GOVERNMENT ORGANISATIONS♦ PUBLIC♦ INDIVIDUAL

♦MEDIA FAMILY

Integrated work by All

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♦ To Empower the Democracy in order to Empower People

♦Towards Global Democracy !?

♦Empowerment of Democracy through Economy and Education (EEE)

APPEAL

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DEMOCRACY EDUCATION FOR ALLPLEASE

EACH ONE TEACH ONE

IF NOT

EACH ONE CATCH ONE AND TEACH ONE

QUESTIONS PLEASE

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♦ QUESTIONABLE QUESTIONS

WWW.THANKS.COM

THANKING YOU?SINCE 1881