| Chapter 2: | The Challenge of Globalization |
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contributions made to society that corporations will advance the collective interests of a society. His faith in this economy is unwavering, and is expressed as follows:
…until humankind evolves into some other form of creature than it is today, the free market economy is now and forever shall be best. As we overcome the remaining (formidable) obstacles to the perfection of the one-world economy, we will establish the conditions for a rising wave of prosperity and liberty the likes of which the majority of humanity has before enjoyed. We will bequeath to our children the basis for untold wealth, enduring peace, freedom and happiness. All they will need to do is complete the project we have pioneered. We will go to our grave having done far more than our fair share on behalf of those who will follow. We will have delivered humankind to the end of economic history (Ibid., pp. 9–10).
In response to this glowing, faith-filled approval of globalization, Bhagwati (2004), a champion of free trade, admitted that there are “possible downsides” and offered a “how-to” to make the “beneficial globalization” process work better. He requested establishing institutions and policies which will either eliminate the problems or allow societies to cope with them. He exhorted that optimal, not maximal speed of globalization, is to be achieved. He further stated that economic globalization affects poverty, child labor, women in the work force, and the environment.
According to Bhagwati (2004), economic argumentation and the empirical evidence do not lend support to the feared adverse link between child labor and globalization in the shape of trade. He further stated that although environmentalists claim that free trade is harmful to the environment, free trade must be combined with appropriate environmental policies and correct valuation of the environment.