Developing economies and the demographic and democratic imperatives of globalization

In the past decade the world economy has witnessed both great progress and great inequities resulting in part from the liberalization of markets-including capital markets-that has accompanied the process of globalization, and from the intense pace of technological change. This article highlights the need for individuals, organizations and governments to counterbalance the excesses and abuses of capitalist societies while at the same time noting the importance of ensuring environmental safeguards. It recognizes, however, that efforts must be directed at maintaining the dynamic momentum of globalization and of extending its benefits to greater numbers. For this to happen, there must first be a debate about globalization, focusing on how to intensify its pace and extending its benefits, as well as curbing its excesses. Second, intellectually robust coalitions must be created between business, NGOs, the academic community, the media and other interested parties, to put pressure on national governments in both developed and developing countries, and on international government institutions, to improve, intensify and extend the process of both political and economic liberalization.