Achieving Socioeconomic Development Fuelled by Globalization: An Analysis of 146 Countries

Abstract

Globalization is embedded in socioeconomic development at the glocal scale (local to global). Drawing up from Kate Raworth’s Doughnut economics framework coupled with UN Sustainable development goals, we interrogate the relationship of globalization for socio-economic development (2000–2017). Here we have applied the Spearman correlation and data envelopment analysis to assess the efficiency of nations in ‘converting’ their level of globalization towards achieving socio-economic development along with trends of reaching the just operating space for 146 countries. Then, we calculate improvement targets and identify trends among income categories (World Bank). We have also analyzed the Malmquist productivity index for 34 large economies to understand spatiotemporal trends of change in efficiency and their contributing components (2001–2015). We have found that productivity change was mostly influenced by technical progress. A large group of countries are moving towards crossing desired thresholds; however, some are harnessing globalization efficiently to get assistance. It is possible to maintain dual achievement. However, some of the countries are lagging in one or both aspects. Most countries could attain just operating space even with their existing level of globalization. Our findings reveal the importance of the dual achievement: using contemporary features (such as globalization) for the benefit of socioeconomic development.