Prelim 1-2_Essay - Question 2 Many of our course readings,...

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Question 2 Many of our course readings, in one way or another address issues of inequality and economic development in the global economy. Milton Friedman, Johan Norberg and Jagdish Bhagwati, for example, share one general perspective; Bruce Scott and Joseph Stiglitz share a contrasting view. What are the central elements of each position? In what ways are the ideas of Adam Smith and John Maynard Keynes relevant to these debates? What is your view on the key issues raised in the debates and why? Friedman, Norberg, Bhagwati: Pro-globalization Milton Friedman – FREEDOM TO CHOOSE - Favors free trade, global liberalization, open markets, deregulation (limited government role), and free capital flows (differs from Bhagwati) Johan Norberg - “I love globalization” o The process by which people, information, trade, investments, democracy, and the market economy are tending more and more to cross national borders. This internationalization has made us less constricted by mapmakers’ boundaries - Freedom to choose: o As long as we are at liberty to pick and choose, there is nothing wrong with certain forms of voluntary cooperation growing large through success o We don’t have to shop with the big local company; we can turn to a foreign competitor. We don’t have to work for the village’s one and only employer; we can seek out alternative opportunities. We don’t have to make do with local cultural amenities; the world’s culture is at our disposal. We don’t have to spend our whole lives in one place; we can travel and relocate - Globalization is empowering o Many feel powerless in the face of globalization, and that feeling is understandable when we consider how much is determined by the decentralized decisions of millions of people. If others are free to run their own lives, we have no power over them. That kind of powerlessness is a good thing. No one is in the driver’s seat, because all of us are steering - Economic liberalization a result of ultra-controlling governments o Deregulation, privatization, and trade liberalization, however, were not invented by ultra-liberal ideologues. Instead it is the pragmatic, often, anti-liberal politicians, realizing that their governments have gone too far in the direction of control-freakery, who have for this very reason begun liberalizing their economies Jagdish Bhagwati -
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Prelim 1-2_Essay - Question 2 Many of our course readings,...

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