Rodrik\'s Seven Pincip1es for a New Globalization: 1. Markets must be deeply emb

Question

Rodrik's Seven Pincip1es for a New Globalization: 1. Markets must be deeply embedded in systems of governance. 2. Democratic Governance and political communities are organized within nation states, and will likely remain so in the foreseeable future. 3. There is no one way to prosperity. 4. Countries have the right to protect their own social arrangements, regulations, and institutions. Countries don?t have the right to impose their institutions on others. 6. The purpose of international economic arrangements must be to lay down the traffic rules for managing the interface among national institutions. 7. Non-democratic countries cannot count on the same rights and privileges as democracies.

Explanation / Answer

Explanation of fourth principal is given as follows-

Countries should possess individual rights to protect its local industries. A country should be given the power to decide its own financial regulations, labor standards, tax policies, and safety rules. Therefore, a country must possess the right to create barriers on the import and export of products and services.   

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