Custom «Making Globalization Work» Essay Paper Sample
In the book known as 'Making Globalization Work', the author, Joseph Stiglitz, offers a more defined approach to a globalized world. Stiglitz is trying to define the fact that there are numerous ways in which globalization could work. However, institutions like the World Bank, the International Monetary Fund, and the United States are not practicing any of the ways he lists. He argues that the United States has all along been advocating for economic globalization while weakening the political foundations necessary for economic globalization to actually work. Moreover, the United States always plays on an unlevel field; forcing developing nations to make their markets according to the terms that are dictated by American interests. The type of globalization currently practiced forces developing nations to be less sovereign, and forces upon them a one-size-fits-all economic type of system that is not appropriate and very much damaging.
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Notably, the United States has been pushing for a free market that means free to the biggest players only, although a totally free market is never the best solution in many cases. As an example, Stiglitz writes that many thriving Asian economies, such as China, are very much managed, while social democracies like in Scandinavia put much of their GDP into financial sectors that are long range and sate-controlled, for the benefit of future generations. However, experiments of free market in the former Soviet Union proved to be disastrous except for only a few capitalists who were lucky enough (Joseph, 2006).
Stiglitz suggests that those who recommend Third World debt relief are on the right course since current inequality is among the many tasks ahead of globalization. He also suggests that there is more to just that. There needs to be a re-thinking of intellectual property convention that stifles innovations, as well as a restructuring of most of the international institutions, so that they can serve those who need them the most in a fair manner. This book seems to provoke a type of discussion that is very important in a number of well-appointed offices.
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The book has sold widely and many economists and globalization skeptics as well have hailed it, however, there are some who have found his criticism to be unfair, exaggerated, and personal. Besides that, I hold the view that Stiglitz is currently the focus of the ongoing globalization debate due to the high ranking offices he had held previously. Having read his other book known as 'Globalization and Its Discontents', 'Making Globalization Work' seems to be an extension of the discussion he had in the first book. However, 'Making Globalization Work' seems to take on a more constructive engagement.
This book offers an inner view of international economic problems, as well as some few convincing proposals for reform. Stiglitz takes us through a number of issues including global warming, the role of Multinational Corporation, trade, and intellectual property rights. Most of the chapters state a problem, gives its analysis, and offers a number of solutions. Most of the book covers the argument by Stiglitz that globalization holds out a huge promise for the good of most, however, the rules of the current international economic order are meant and designed by the developed nations so as to serve their selfish interests. This usually results into an economic system that is inefficient and inequitable (Joseph, 2006).
These groups of developed countries usually manipulate international trade rules and regulations to guard their farmers and factories from world producers that are more efficient than them in the developing world. Stiglitz tells us that, most Multinational corporations do not take responsibility for the harm they do. On the other hand, the I.M.F. and other international financial systems reward the wealthy while penalizing the poor (the wealthy are lenders and the poor are debtors).
In this book, Stiglitz has also invoked the concept of negative externalities, which entail costs that individuals, companies or nations force onto others. For example, a factory that does not take into account pollution control will definitely increase its profits, but harm the rest of the society around. In this case, the polluter gets to respond to incentives without necessarily paying the costs of its activities. Moreover, there are a few interest groups in developed nations that do gain from favorable treatments by their respective governments, but the favors and gains end up victimizing individuals who are trying their best to compete in these developed nations.
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Stiglitz reckons that it is a bad idea for thousands of American farmers who are wealthy already to get a lot of money in government subsidies, which impoverishes many African cotton farmers the more. He argues that the government should instead stop those who gain privately while causing social loses or help in repairing the damage altogether. This is what should be applied to measures like public health restrictions, pollution control, fisheries management, and others.
The book calls for actions by governments that avoid or repair the impact caused by externalities in a number of sectors such as trade, the environment, corporate activity, financial, and monetary affairs. Stiglitz seems to have put into good use his command of economic logic. He offers a clear and elaborate discussion on a number of complex issues. For instance, he makes a convincing case that it is immoral and at the same time economically inefficient for drug companies to actually overcharge poor countries. It supposed to be the other way round; poor countries should be charged less for these drugs. This is because it will be economically wasteful if people who are willing to buy the drugs are not able.
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The fact that drug companies engage themselves in a race for private gain makes them become inefficient due to misuse of resources and social loss as well (Joseph, 2006). Notably, Stiglitz is a Nobel Prize winner, which he got for exploring how markets fail due to uncertainty and poor information. He explains at how a close look at incomplete markets can result into desirable corrective government policies. In my view, many of Stiglitz criticisms are not controversial. There are many people who believe in the idea that economic opportunities are only for the few, that financial upheavals are too frequent and costly, and that wealthy countries do little to address these issues.
However, Stiglitz seems to have taken sides by applauding East Asian development policies that encourage the use of repressed labor and democracy that is vey restricted. I also feel that he is a little bit weaker in his policy proposals. Throughout this book, Stiglitz argues that powerful special interests by a few groups or nations have ended up mismanaging the world economic order, as well as the international institutions that run it. He offers a number of solutions that are large-scale type of reforms. He proposes a number of reforms in current international institutions and some new ones added that will act like a global reserve. This will be important in making trade fairer enough, allocating reserves in an equitable way, and discourage corruption and despotism. However, there are a number of questions that come with this proposals, for example, will the new institutions be any different from the previous ones.
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All in all, Stiglitz proposals seem alright. He takes the assumption that reframing policies up to the international level will make economic institutions to be less abused or used by a few. However, the democratic control of a policy is more likely to happen at a national level than on an international level. Though this seems hard, it appears to be the only possible way to undertake such policy reforms.
In my view, 'Making Globalization Work' is an optimistic book that goes a long way into giving hope that the world has the ability to address most of the global problems. It also gives the hope that economic integration on an international level will end up being beneficial to all. I support the idea that the world would definitely benefit from any effort directed towards addressing problems of the environment, disease or poverty. Most of his proposals appear to be close to realistic when they rely upon good will, moral imperatives, and an enlightened public opinion so as to overcome selfish interests by a few that do not share his ideas of making globalization effective to most people and countries at large.
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In conclusion, Stiglitz has written an informative piece of literature that touches on a number of major global economic issues. He goes a long way into helping people who read this book understand exactly what is happening at the world stage. Joseph Stiglitz offers a more defined approach to a globalized world. He is trying to define the fact that there are numerous way in which globalization could work. However, institutions like the World Bank, the International Monetary Fund, and the United States are not practicing any of the ways he lists. The type of globalization currently practiced forces developing nations to be less sovereign, and forces upon them a one-size-fits-all economic type of system that is not appropriate and very much damaging. In my view, this is a very good book that touches on economic issues of the global world.