Most of them reside in the developed countries whose interests lie coincidentally in consolidating and deepening their influence in these countries. In addition to not being able to fully benefit from the process, many developing countries also bear the costs of adjustment. Aside from economic adjustment, globalisation can be destabilising for developing countries given the limitations of their political, administrative and legal institutions to manage the process. Globalisation can also adversely influence the culture of a society. Recently, there have been calls for an ethical standard to safeguard the diversity of culture from the homogenising effect of globalisation.
Globalisation has the power to leave some segments of society vulnerable.
Each community must be allowed to safeguard or maintain and nurture its own cultural identity and to preserve its own values. As globalisation has increased the political, social and economic vulnerability of developing countries, there is growing disillusionment about the benefits to be derived from the process. Malaysia strongly believes that globalisation is a means to greater welfare and not an end in itself. Countries can and must be given the flexibility to determine the pace of globalisation for themselves. They must also be given the flexibility to ensure that balance is achieved between the pursuit of efficiency and competitiveness and the socio-economic aspirations of their people.