Antiglobalist forces have been gaining ever greater momentum in
recent years in their efforts to reverse what they view as the
negative effects of an integrating global economy, with the 1999
WTO meeting in Seattle serving as an example. Their influence was
felt earlier when efforts to create a Multilateral Agreement on
Investment (MAI) ended in failure in 1998 after France left the
bargaining table at the Organization for Economic Cooperation and
Development, effectively killing the initiative.
In this study, through an evaluation of the MAI itself and the
issues raised by its opponents, Edward M. Graham takes a fresh look
at the growing backlash against globalization. He first explores
whether the MAI negotiations failed due to political maneuvering by
antiglobalist nongovernmental organizations (supported by US
organized labor) or because of irreconcilable differences among the
negotiating parties over the substance of the issue of foreign
direct investment. He then objectively and thoroughly assesses
antiglobalist assertions that the activities of multinational firms
have had negative effects on workers both in the home (investor)
and host (recipient) nations, with a special focus on developing
nations. An important finding is that multinational firms tend to
pay workers in developing nations wages that are significantly
above generally prevailing wages. Graham then examines the issue of
globalized economic activity and the environment, finding that
economic growth in developing nations can lead to increased
environmental stress but also that foreign direct investment can
lead to reductions in this stress. On the issue of globalization
and the environment, he finds that the worryof many
environmentalists of a "race to the bottom" is not borne out by the
evidence.
The final chapters assess whether or not a negotiation to create
a comprehensive agreement on investment should be included in a
multilateral negotiating round at the World Trade Organization in
the near future. The interests of developing nations in this agenda
are given special attention. Graham indicates that, while many
developing nations would accept such rules, it might nonetheless be
premature to press for a comprehensive agreement at this time.
Rather, a limited investment agenda might be both more feasible and
more productive.
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