What do you understand by ‘fairer rules’? How far it is beneficial for all. State some important points.

Globalisation can be fair only when its benefits are being distributed to every section of the society. Some of the guidelines that can be followed for the implementation of fairer rules are:

• The government can implement policies to ensure that the interest of both the richer sections and the poorer sections of the society are safeguarded. The government can implement rules for fairer distribution of income. Richer sections can be taxed more, and the income can be re-distributed.

• The government must ensure that the interest of workers in both organised and unorganised sectors are protected. Strict labour laws must be enforced to reduce the uncertainty in jobs while being employed in MNCs.

• The government must make sure that the small, local produces are not eliminated from the market because of the excessive competition. They must be protected from the excessive imports of foreign goods and services. Thus the government can ensure the protection of such industries from unfair foreign competition until they are strong enough to face the market.

• WTO is the major international organisation that is supervising and regulating the functioning of the economy in the globalised world. But WTO is being dominated and controlled by the developed countries. The government can integrate with other developing countries facing the same problem and raise their issues to WTO thus ending their domination.

• Developing countries can negotiate with WTO for fairer rules regarding the import and export of agricultural commodities. Developed countries have retained and maintained their trade barriers and are providing subsidies to agricultural producers. On the other hand, developing countries are being forced to liberalise their markets. The government can thus negotiate with WTO for equal and fair rules.

Only with fair globalisation, we can ensure that the benefits of globalisation are being enjoyed by every section of the society. This will lead to the creation of a more sustainable economy in the future.