Globalization and the Demise of Policy Sovereignty: A Perspective of the Developing Countries

Abstract

Unaware of what globalization is destined to, in the past three to four decades, naivety is abounding as if we had and still continue to have exclusive policy sovereignty of our own domestic policies.  Today, the idea of domestic or sovereignty over one’s own policy seems simply a memory of past narrative that may not match with the tenets and real practices of the unprecedentedly globalizing world. Consequently, the concepts ‘globalization’ and domestic or ‘sovereign’ public policies are becoming asymmetrical, lacking in common meeting grounds. The objective of this article is to draw the attention of a range of policy actors to become aware of the incongruity between globalization and policy sovereignty on one hand, and the inevitability of the advance of globalization and the need to rise up as strong competitor to survive and face head-on the likely predicaments that may result in,  on the other. Keywords: Globalization, Public policy, Domestic policy, Policy sovereignty, Competition, and Knowledge economy DOI: 10.7176/PPAR/9-9-03 Publication date:September 30th 201