PESHAWAR, May 15: Wealth is concentrated in few hands and governments are run by criminals in the developing world, said Dr Tariq Banori, an eminent economist at a seminar held here on Tuesday.

The seminar on “Globalization” was organized by the Peshawar University Teachers Association (PUTA).

Globalization became a mass phenomenon after 1995, as it was an exotic word before 10 years, he said, adding that a vast number of books had been written on the subject since 1997. “By the year 2000, a total number of 735 books were written. The new thing about it is the miracle in the field of information technology,” said Dr Banori.

In the age of globalization, developing countries are characterized by dualism, diversity and high degree of conflict, he pointed out, adding that it stimulated global economy but marginalized local economy.

“Huge gap between rich and poor exists, criminals run governments while rights of nationals are snatched by declaring them as minority,” maintained the distinguished economist.

Elaborating themes of the concept, Dr Banori said globalization was marked by five different types of integration. “Economic integration had cut short trade borders, political integration united the world, demographic integration made people to travel frequently, informational integration globalized the world and pathological integration caused the spread of diseases like aids,” revealed Dr Banori.

“There is a discourse of globalization as people talk about its uniqueness. It is an inexorable drive of capitalism. Though controlling the nature, it also had its vulnerabilities,” he said.

“It disembedded politics. People are undermining the normative concerns of globalization. The major problem of globalization is that it justifies injustice,” remarked Dr Banori.