Although the question is that synonymous with modern social and economic growth index of any developing nations, and perhaps an hypothesis in unravelling the growth concept of a nation, nevertheless, is important to note here that Globalization is not a new phenomenon, and while inevitable, was propelled to its present proportions by deliberate policies in the areas of trade, finance and investment. The historic trend where the benefits of globalization were asymmetric and unequal or where it benefited only the strong as with the present situation between developed and developing countries, is no longer tenable. This trend must be halted and reversed by enhancing the capacities of developing countries especially LDCs, to participate meaningfully in the process.
In the absence of this, globalization would only lead to the further marginalization of the weak and pose serious concerns for international peace and stability. Therefore, there is a need for new institutional and policy changes to humanize globalization. Here, we mean firstly that the asymmetries, which make it difficult for LDCs to be beneficial participants should be removed. The free movement of capital could be matched with the free movement of labor. Trade liberalization could proceed faster in developed countries aimed at removing all quotas and duties and agricultural subsidies. Commitment to eradication of poverty and integrating the LDCs into the world economy – the right to development – should be matched by concrete actions in the area of Overall Development Aggregate, trade, debt and FDI. This is, in our opinion how globalization is to be humanized. And in order for this to happen, the cooperation of all stakeholders is required.
Concerning trade and market access, poor countries should not be looked at as buyers’ market only but should be supported in efforts to access external markets. Even as a buyers’ market, their enhanced purchasing power would benefit all sellers. Duty free and quota free market access for LDCs must be implemented immediately. Market access alone is not the panacea, a host of actions aimed at removing supply-side constraints and enhancing productivity and competitiveness are also required. The dichotomous situation where developed countries subsidized their agriculture and poor countries, through conditionalities, are not permitted to engage in similar practices , as stated above, is unacceptable and should be redressed as a matter of priority. At the same time the colossal losses as a result must be compensated. This is, in fact, another strong case for enhanced ODA in support of diversification, capacity building for competitiveness.
Paradoxically, the implementation of the international agreed target of 0.7% of the GDP of industrialized countries as ODA for developing countries and 0.15% and above as Overall Development Aggregate as I will prefer to use the term for LDCs should be implemented urgently. Beside the volume, the quality and effectiveness of Overall Development Aggregate (ODA) should be improved and it should target areas that will positively impact poverty eradication, promote accelerated growth and overall development and thereby leverage private capital flow and reduce aid dependency. For this parts, the LDCs should also demonstrate the resolve to continue the policy and structural reforms that are needed to make the new social institution to succeed, including the area of governance, transparency and accountability.
To triumph in this target, the current administration should apart from concentrating on power, energy and manpower development, it should as well establish some vital Social Institution seemingly for the growth of intellectual capacity necessary for Nation-building alone, and perhaps for the overall transformation process.
ECONOMIC AND INDUSTRIAL GROWTH RESOLUTION CONCEPT
Since it has been agreed upon by the contemporary African Least Developed Countries to be liberated from their pitied state of economic woes, within the African Sub-region, solutions, programs and agenda has been developed by the AU to tackle issues of poverty in its entirety. Not minding the solutions proffered by the IMF and other international institution seemingly for humanitarian gesture, and due to the Pact already entered as members of the UNO. Within
(i) To assist the Secretary-General in ensuring the full mobilization and coordination of all parts of the United Nations system, with a view to facilitating the coordinated implementation of and coherence in the follow-up and monitoring of the Programme of Action for the Least Developed Countries at the country, regional and global levels;
(ii) To provide coordinated support to the Economic and Social Council as well as the General Assembly in assessing progress and in conducting the annual review of the implementation of the Programme of Action;
(iii) To undertake appropriate advocacy work in favour of the least developed countries, in partnership with the relevant parts of the United Nations as well as with the civil society, media, academia and foundations;
(iv) To assist in mobilizing international support and resources for the implementation of the Programme of Action for the Least Developed Countries and other programmes and initiatives for least developed countries;
(v) To provide appropriate support to group consultations of Least Developed Countries.
THE CONTEMPORARY CONCEPT