IC333 Midterm Review

IC333 Midterm Review - IC333 Midterm Review Essay 5...

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IC333 Midterm Review Essay 5 Friedman- There’s No Justice in the War on Drugs Negatives of prohibition on drugs: - use of informers and corruption of police - overcrowding of prisons - disproportionate number of blacks in prison - destruction of inner cities - compounding harm to users (poor quality, high prices, sharing needles, becoming criminals to support the habit) - undertreatment of chronic pain- medical patients receive less meds because of the pressure doctors are under when prescribing medicine - harm to foreign people and governments Norberg- In Defense of Global Capitalism Positives of globalization: - takes down international boundaries - economic conservative- individual liberty, entrepreneurship - free trade has opened corporations to more competition, on an international level o only the best corporations can go multinational and only the best of those will be successful o more choices for consumers - freer, more efficient financial markets has made it easier for small businesses to compete with big businesses - big problems with globalization are caused by the individual states permitting labor and environmental violations - corporate morality often exceeds that of the average government - new technology helps third world nations develop faster than countries before it - globalization is leading to pluralism Stiglitz- Globalism’s Discontents Problems with globalization: - no problem with globalization, just in how it’s managed - all of the most successful globalizing countries determined their own rate of growth, and rejected the Washington Consensus which called for minimalist government roles and rapid privatization and liberalization o East Asian countries developed much quicker and did more to eliminate poverty due to high government regulations on certain industries o The economic problems faced in the 90s were due to rapid liberalization -
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