1970 to 1996 for 127 countries,
trade openness and portfolio
investment flows seem to affect
democracies negatively (the former
with a constant and the latter with an
increasing effect over time), while the
effects of foreign direct investments
and the spread of democratic ideas
seem to have had a positive impact
(the former with a weakening and the
latter with a persisting effect over
time).
Proponents and/or beneficiaries of
economic globalization, however,
have either completely ignored or
downplayed
the negative
externalities
of this multidimensional
process.
and investment in recent decades has
increased the ―destruction of the
environment and local, sustainable
livelihoods.‖
The term glocal has been coined to
highlight the interplay between the
global and local perspectives. This
hybrid term draws our attention to
the increasing interdependency
between the global and local levels.
The superiority of a glocal
perspective over a highly abstract
global one, with respect to
environmental issues, could be seen
in the debate over the Global
Celebrating
or
championing
Environmental Facility (GEF), which
was created in 1991 as an
international mechanism under the
supervision of the World Bank,
UNDP, and UNEP to provide funds
and technical assistance for national
initiatives
addressing
global
environmental
problems.
The
Page
indiscriminate
ly
portrays
almost
a
surreal
picture
of
what
is
actually taking place on the ground.
Overemphasis on the highly abstract
global dimension of world politics
always runs the risk of losing touch
with reality. As prominent Indian
critic of globalization, Vandana
Shiva, notes, globalization of trade
39
globalization