Faculty of Commerce and Business Studies (FCBS) and Faculty of Management Studies (FMS), MRIIRS jointly organized Faculty Research Colloquium recently which was conducted by Prof R. K. Arya on the topic- ‘Breakdown of Globalization- Concept Misunderstood’.
Prof R K Arya, Department of Business Studies, is an experienced faculty with three post graduate degrees in Statistics, Econometrics and Financial Management to his credit. He did his doctorate in International Economics and has served the department like Overseas Development Administration, UK for projects conducted by Project and Development India Ltd, Planning Commission, Government of India and Ministry of Social Justice and Empowerment. He remained associated with IIPA, NIEPA, IASP, for contributing in seminars and conferences.
Prof. Arya started with the concept asserting that the concept of globalization is not moving in the right direction. ASEAN economies have been benefited at the cost of western economies which in fact in the pursuit of excellence, continue to have intellectual property and finally had to depend on ASEAN economies from where consumption is originated.
He continued that in order to repair the economy, the developed economies have to take the stand for protectionism. It will give the way to broken multilateral trade system and guidance from World Trade Organization (WTO) appears to have been lost. Gradually the people have been recognizing that it was a false globalization which benefited these developing economies by creating better terms of trade and investment. Soon the same regional trade will come into existence and stability of WTO is doubtful.
Prof. Bedi, Dean FCBS & FMS gave the closing remarks and raised few research issues like Developing index of globalization, Impact of globalization on different countries and industries, and Aligning macroeconomic policies to globalization trends.