Noted economist Joseph Stiglitz, one of the chief mentors of globalisation, feels that the policy needs a mid term correction as it has failed to achieve the desired objectives.The Nobel laureate was in Kolkata yesterday to deliver a lecture on the rule of law property rights and the risks of poorly designed reforms.He strongly criticised the structure on trade related intellectual patent rights (TRIP), one of the main agendas of World Trade Organisation (WTO), by saying that it is an impediment against the proliferation of knowledge."After six years of TRIPs we could realise that it is not an impetus for innovation. On the otherhand it is against proliferation of knowledge so you are not getting an optimal solution," he said.He argued that the developing countries had not benefited from TRIPs as the multinational pharma majors are innovating drugs for ailness that are more familiar in developed nations."I know that a large section of population in India is not benefited by globalisation. So now people are talking about an inclusive growth strategy. In China the same thing is called a harmonious growth strategy.""Earlier, the perception was that with high rate of growth benefits will trickle down to minnows but in reality that is not happening," he said.
