Correct Option
The correct option is 2 and 3 only.
Explanation
Fair globalisation refers to a model of global economic integration that creates opportunities for all and ensures that the benefits of globalisation are shared better. It emphasizes the role of governments and international institutions in mitigating the negative impacts of free trade on vulnerable populations.
Statement-wise Analysis:
- Statement 1 is Incorrect. The concept of fair globalisation advocates that the benefits of trade and investment should be shared equitably among all nations and sections of society. It explicitly opposes a system where benefits are reserved exclusively for developed nations or the wealthy elite.
- Statement 2 is Correct. Under the framework of fair globalisation, governments retain the right to intervene in the economy to ensure social justice. This includes the use of trade and investment barriers (such as tariffs or quotas) to protect domestic producers and nascent industries from unfair foreign competition.
- Statement 3 is Correct. Developing countries often face systemic disadvantages in international forums. To counter the dominance of developed countries in organizations like the World Trade Organization (WTO), developing nations can form alliances (e.g., the G-33 or the African Group) to negotiate for fairer trade rules and protect their economic interests.
Key Takeaway:
Fair globalisation seeks to balance economic efficiency with social equity, allowing governments to use protective measures for domestic industries and encouraging collective bargaining by developing nations in international forums like the WTO.