IC333 ques 2 - Ques 2: Many of the readings address issues...

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Ques 2: Many of the readings address issues of inequality and economic development in the global economy. What are the contrasting views? How do Adam Smith and John Maynard Keynes play into the debate? Intro: -Many contrasting viewpoints on the role that globalization is playing the world economy. -While some economists look towards globalization and free trade as a benefit for developing nations and try to eradicate “fallacies” propagated by NGO’s about the harm free trade causes to poorer nations, many leftist economists believe that the issues in inequality stem from poor leadership and the inability of the west to allow developing nations to administer their own policies. Furthermore many of these economists are frustrated by international organizations(IMF, WTO, WB) that frequently side and institute policy supporting developed nations. -In order for global inequality to subside there needs to be non biased democratic global institutions set up that can adhere the best possible economic policies for these developing nations. Para 2: Pro globalization/free unrestricted trade. Followers: Milton Friedman, Johan Norberg, Jagadish Bhagwati Friedman : Proponent of de-regulation of the markets; “the government that governs best governs least.” -argued that if Capitalism was introduced into totalitarian regimes political freedom would soon follow course. Norberg : Like Friedman strongly advocates individual liberties within the economy and free trade policies. -believes that integrated economy free of boundaries(tariffs) leads to freer movement of
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IC333 ques 2 - Ques 2: Many of the readings address issues...

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