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

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* random points from the book authored by Joseph E. Stiglitz,
Chapter 1: The Promise of Global Institutions