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MARKETS AND GLOBALISATION |
Such controls have always been necessary for the functioning of the system of the market economy.
Some examples are regulations on investment, prices, trade etc. While, earlier, these controls were
exercised by the national governments after globalisation such controls are now exercised by the
various world bodies such as the World Trade Organization (WTO). These aim at regulating the world
markets in the interest mainly of those controlling the global markets (multinationals or international
businesses). Therefore, while it apparently seems that controls have been done away with for the
‘global good’, in fact the benef t accrues to these multinationals.
2. Social controls in the broad sense : Although they ...