ESSAY ONE-1_Essay - ESSAY ONE Introduction While a...

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ESSAY ONE: Introduction While a tremendous degree of international economic growth came from globalization over the past three or four decades, the inequality and corruption caused by this globalization largely overshadows all of its financial successes. Only with stronger and more democratic global economic governance (WTO/IMF prescriptions for national policies, i.e. interest rates, farm subsidies, labor regulation, and social welfare) can free trade lead to truly equitable, stable, and diverse international economic growth. Proponents of Free Trade Friedman “market fundamentalist” to the end Centralized economic planning = bad; could lead to abuse and totalitarian regimes For deregulation, limited government control; government should step back and let the markets run themselves Regan and Thatcher. Global liberalization, free trade, free capital flow all follow. Open markets would increase incomes and reduce poverty, eliminating inequality. WTO, IMF, World Bank influenced by governments, counterproductive to free trade. He blames these institutions, especially IMF for what happened in Mexico and in East Asia. o Mexico: IMF claims it bailed out Mexico, but in reality it gave the money to banks and financial institutions that loaned money to Mexico. This created internal recession and the poor people were faced with higher prices and reduced income o East Asia: The above caused EA Crises as banks believed that they could invest into countries with higher interests (higher risk) but be bailed out by IMF. Personal choice should reign supreme; would help society and economy. Retirement savings/social security saving/prostitution/drug use/military service should be left to the individual to decide, not the government. o present drug control = expensive , leads to corruption, fills prisons, racist impact, destroys inner cities, wreaks havoc on misguided and vulnerable individuals and brings death and destruction to foreign countries. Norberg “regulation = room for corruption, free markets don’t”
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This essay was uploaded on 02/20/2009 for the course ILRIC 3330 taught by Professor Turner during the Spring '08 term at Cornell.

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ESSAY ONE-1_Essay - ESSAY ONE Introduction While a...

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