Friday, September 25, 2009

Globalization and Its Discontents*

  • Globalization has reduced the sense of isolation in the developing world however, this connectedness merely resulted to the creation of anti-globalization response.
  • globalization: associated with accepting triumphant capitalism, the American way
  • inequality, unemployment and pollution: issues in which the government has to take an important role
  • major meeting of IMF, WB and WTO: scene of conflict and turmoil
  • international bureaucrats: the faceless symbols of world economic order
  • reinventing government: making government more efficient and more responsive
  • export-led growth: centerpiece of the industrial policy (visible in the Philippines)
  • guerrillas in the Philippines were provided jobs by a WB-financial project as they laid down their arms
  • Those who have valued democratic processes saw how "conditionality" or the conditions that international lenders paid in return of their assistance undermined national sovereignty.
  • rent-seeking: how special interests use tariffs and other protectionists measures to increase their incomes at the expense of others.
  • expansionary economic policy: increasing expenditure, reducing tax and lowering interest rates to stimulate the economy
* random points from the book authored by Joseph E. Stiglitz,
Chapter 1: The Promise of Global Institutions

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