Globalization And Its Discontents
eople in the developing world have showed their disagreement for a long time as the austerity programs imposed on their countries proved to be inappropriate or harmful, but their protests were largely unheard in the West. Globalization in recent world became very much controversial though it bought various good to so many countries. The reason behind becoming so much controversial is the misuse of policies or using power to take as much possible benefits from the poor countries. For this globalization international trade has been opened up the opportunity for various countries to grow quickly. Because of globalization many people in the world now live longer than before and their standard of living is far better. Globalization has reduced the sense of isolation felt in much of the developing world and has given many people in the developing countries access to knowledge well beyond the reach even the wealthiest in any country a century ago. Well-orchestrated public pressure forced the international community to forgive the debts of some of the poorest countries. Job creations, increasing knowledge level, new technology, higher standard of living, sustainable growth are possible because of globalization. But this globalization has negative effects also that are too much expensive for the poorest countries. The critics of globalization accuse Western countries of hypocrisy, and the critics are right. They pushed the poor countries to eliminate their trade barriers while maintaining their own barriers, preventing the developing countries to export their agricultural goods and so depriving them of desperately needed export income.
In his book “Globalization and Its Discontents” Joseph Stiglitz focused mostly on the IMF and the World Bank, largely because they have been at the center of the major economic issues of the last two decades, including the financial crises and the transition of the former Communist countries to market economies. The IMF...
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