Globalization and Inefficiency in Less Developed Countries

Casimiro V. Miranda, Jr.
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Casimiro V. Miranda, Jr.: University of the Philippines School of Economics

Philippine Review of Economics, 1999, vol. 36, issue 2, 257-278

Abstract: This paper explains theoretically that the present economic problems of less developed countries, particularly in Southeast Asia, are the direct offspring of the inefficiency of their industries, disabling them to effectively compete in the world market. Globalization simply exposed this inefficiency. The sharp depreciation of these countries’ currencies is merely a consequence of such inefficiency. Thus, these countries’ problems are not financial in nature but a real sector phenomenon.

Date: 1999
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