The Importance Of Globalization

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My first recommendation to promote better allocation of resources at the global level is to form a new development strategy focused on the needs of each individual nation state. This strategy relies on a total disregard of the Washington Consensus’ overgeneralized liberal development policies. The World Economic Forum needs to form committees for every under-developed country dedicated to the specific needs of each nation. Each committee must focus on the complex interrelatedness of social, political, economic, cultural, and natural factors unique to each nation. This individual tailored approach to development is time consuming, but it is a critical component of truly tackling the issue of development. This approach to development relies on the disintegration of globalization. The needs of many countries do not align with capitalist polices, and thus undermine the concept of a globalized capitalist market. My plan relies on an individual country-by-country development plan.
This is directly related to my second recommendation to the World Economic Forum which asserts the necessity of disintegrating the open globalized economy and replacing it with regionalist protectionist blocs. In line with the HIL claim, it is clear that the globalization of trade has crippled states in their attempt to balance trade liberalization and protection of domestic product (Balaam & Dillman, 2014). Thus, we need to abandon the liberal goal of regionalism as a stepping stone to globalization.

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