Many people in the academic world have also have raised concerns about the inequities and injustices witnessed in the developing world as a result of WTO rules. Scholars such as John Mickelethwait and Adrian Wooldridge endorse the status quo on the grounds that it has increased economic opportunities for many people as well as providing a counterbalance for political hegemony. But somehow, this assessment does not weigh up to the ground realities of a vast majority of people who fall under the category of ‘losers’. In this regard, the proposal made by Indian born economist Amartya Sen makes more sense. Sen had done extensive studies on poverty and famine in Third World countries and has come to the conclusion that globalization under current WTO norms is not completely fair. He argues that unfettered capitalism across national borders is to be encouraged, but the accrued wealth has to be more evenly distributed among the people. In other words, what Sen proposes is a benign form of globalization, whose benefits reach all strata of society (Bhattacharya, 2008). Renowned economist Joseph Stiglitz is also not in favor of WTO rules for the developing world as it exists today. He condemns the prevailing system as following market fundamentalism and suggests that proper governmental regulation is essential for reducing disparities in wealth.
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