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According to the 2001 Nobel Prize winner in Economics, Joseph Stiglitz, globalisation is producing "rich countries with poor people" not just in the developing world but also in advanced countries, including the US.

He further states that, "Despite the promise that well-managed globalisation would make everyone better off, the unheralded side of globalisation American-style is making many in the advanced industrial countries worse off.

This occurs even when economic growth increases because globalisation has put intense downward pressure on the wages of the unskilled and the less skilled of the labour force.

If globalisation has made the unskilled and less skilled miserable in developed countries, what of less developed ones.

V. S. Venkatavaradan

Salem

Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in

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