LIBYA on Wednesday warned that unfettered economic globalisation will subject developing nations to corporate control and turn them into mere consumer markets for rich countries. Mohammad Bait Elmal, secretary of the Libyan general people’s committee for finance, told the annual assembly of the World Bank and IMF in Washington that the free flow of goods, services and capital across international borders “will lead to the monopolisation by a few countries of international trade.” His remarks sharply contrasted with speeches from other delegates, many of whom adhere to the World Bank-IMF argument that free flowing capital can invigorate developing economies and raise living standards. But without “regulatory arrangements and controls,” Elmal insisted, giant international corporations will come to dominate the global economy. Elmal also denounced the use of sanctions by certain governments “in a coercive and arbitrary manner to achieve political objectives.”