ic_Essay - QUESTION 1 GLOBAL EXPERIMENT Friedman Norberg vs...

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QUESTION 1- GLOBAL EXPERIMENT Friedman & Norberg Freidman favors free trade, open markets, individual enterprise, and deregulation. He does not like government intervention and thinks that the IMF is a form of large government intervention, which is detrimental because it bails out investors and encourages speculation, as seen through the East Asia Crisis. Friedman asserts that the East Asia crisis was not a failure of market, but of too much IMF/government intervention. He claims that there should be more deregulation and limited government control. Similarly, Norberg defends individual liberty in the economy. He favors free trade, open markets, individual enterprise, and deregulation. He builds a utopian picture where globalism increases openness, spreads ideas, and is good for economic growth. Norberg believes that humans unleashed from the barriers of trade will spread ideas and solve their problems, increasing productivity. Norberg also claims that free markets and economies prevent monopolies with exclusive privileges because they create efficient financial markets that promote competition. Paul Hawken participated in the Seattle WTO riots. He argues that Multi- Nationals are an oligarchy controlling the world and its politics through limitless access to capital. He further says that the events in Seattle were simply one battle in the larger war for labor, environmental, and global south equality. Naomi Klein argues against deregulation. She believes that the world is in desperate need of true internationalism, and that we must go beyond protest, from anti- globalization to democratic globalism. She supports regulation, and suggests that the WTO may pass acts that would privatize water and heath care, among other naturally public goods. Additionally, the WTO must regulate globalization under a multilateral position, by taking into account each individual country they decide to help, rather than just imposing the Social Adjustments Program. Some similarities between the authors is that Friedman, Hawken, and Klein may agree that institutions such as the WTO are not good, though their reasoning would differ. Klein and Hawken would state that the WTO promotes the status quo, which is bad. However, Freidman would argue that the WTO is a form of government regulation, which he considers to be bad. Some differences include that Friedman and Norberg are obviously supporters of the free market and laissez fair approach to economic policy. Whereas, Hawken and Klein believe in the power being shifted from multinationals to the people. I personally believe that there must be some regulation because one cannot just impose a plan on a country, and then wait for it to succeed or to fail. As Stiglitz explains in his article about the East Asian Countries, the countries that seemed to flourish were those that had a lot of government involvement. Conversely, the countries that utilized the Social Adjustments Program, globalism was forced too quickly without any
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government regulation, and they seemed to fail. 3) CONSIDER THE WTO, IMF, and WORLDBANK
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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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ic_Essay - QUESTION 1 GLOBAL EXPERIMENT Friedman Norberg vs...

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