Debating Globalisation Essay Example | Topics and Well Written Essays - 1750 words - 2

Debating Globalisation - Essay Example Stiglitz, in his 2002 book â€Å"Globalization and its Discontents,† argues that globalisation can be a â€Å"force of good,† but it has to be â€Å"radically rethought† (Stiglitz, 2002: ix-x), particularly after being mismanaged by three global institutions, the World Trade Organization (WTO), the WB, and the IMF, that made globalization a deceitful tool for the advancement of developed countries. This paper critically assesses his views on globalization. It argues that Stiglitz provides compelling evidence that globalization has failed, because the main international institutions that were supposed to manage it failed as well; however, he neglects social, cultural and religious factors that are important in making globalization work and his suggestions are not entirely workable. For the WTO, WB, and IMF, globalisation works, because it has economically integrated countries and enabled the â€Å"free flow† of goods, services, information, and capital all over the world. On the one hand, Stiglitz agrees, because he provides an economic perspective when he defines globalisation as â€Å"the removal of barriers to free trade and the closer integration of national economies† (2002: ix). ... He provides the examples of East Asian countries, which before the interventions from the IMF, were making globalisation work for them (Stiglitz, 2004: 203). They did this by exporting to other countries, closing the technological gap, and then ensuring that the fruits of globalisation were equitably distributed among their citizens (Stiglitz, 2004: 203). East Asian governments took an active role in managing the economy, which was far from the tenets of rapid liberalisation, privatisation, and deregulation of the IMF and WTO (Stiglitz, 2002, 2007). These governments managed the slow transition to deregulation and protected key industries. At the same time, they also provide safety nets for those who will be disadvantaged by free trade (Stiglitz, 2002, 2007). On the other hand, Stiglitz’s positive understanding of globalisation changed after serving the WB and the IMF. In an interview led by Stern (2006), Stiglitz remembers asserting to the WB that he will represent the intere sts of the developing countries and not the WB: â€Å"When I accepted the job, I said that I would do it only if I could be a spokesperson for the developing countries, not for the World Bank.† He believes that he took the job, because he would be free to express himself as an economist, and not as an advocate and public relations personnel of the WB. He underlines that his â€Å"effectiveness as a chief economist depended on people believing it was my analysis† (Stern, 2006). Within the organisation, however, Stiglitz gathers evidence that prove the contrary to the belief that the world is flat and that globalisation works. His analysis showed that