prelim 2 study - ILRIC4330: POLITICS OF THE GLOBAL NORTH...

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ILRIC4330: POLITICS OF THE GLOBAL NORTH PRELIM. #2 STUDY GUIDE Joseph Stiglitz o Nobel Prize winner for Economics in 2001 o Opposition to the IMF Opposes market fundamentalism Contractionary policies when expansion is required Capital market liberalization causes economic collapse Labor market flexibility causes failing wages, poverty o Opposition to the WTO Market fundamentalism placed free trade over social objectives Free trade was also placed over economic development in South Accountability- no democratic oversight and a lack of transparency Environmental issues, human rights, labor and other NGO groups were excluded from policy making and DSP Global North government and MNC’s have disproportionate influence through trade ministers Agricultural and manufacturing interests in South subordinate to northern interests such as banking, insurance and construction Public interest national and local laws undermined o Opposition to World Bank World Bank policies go against capital market liberalization The World Bank also promotes Neo-Liberalism which is also known as market globalization Market fundamentalism o Fair Trade Jagdish Bhagwati o Supports IMF model’s emphasis on open markets, currency stabilization and fiscal/monetary austerity o Agrees with Stiglitz on the point that capital should be regulated
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o Views on the IMF Supports the IMF because he was a supporter of open markets, currency stabilization and fiscal/monetary austerity Opposes capital market liberalization o WTO Agree to have no tariffs and a universal consensus of the people Does not want free capital, wants some barriers on capital movement o World Bank Opposes the World Bank because it represents outside regulation and intervention Supports the idea that the market will fix itself Amy Chua o Emphasizes the problems that globalization causes for market dominant minorities o Hasty introduction of democracy and free markets can provoke ethnic violence Naomi Klein o Wants a democratic globalization movement- not against the idea of globalization but against this specific type of globalization o Need barriers to stop the large companies taking over everything- politics, consumer life o Things decided by WTO and IMF are double standards o “Fair trade” o Huge loss- companies are growing so large that they are overriding political arenas and those companies, unlike governments, only are accountable to their shareholders o “Mass media” culture o Globalization is lack of funding, deregulation and privatization of public entities such as the postal service lead to ‘weak’ infrastructure in developing nations Milton Friedman o Implemented by Reagan o Capitalism and Freedom (1962) o Free trade, free capital flow o Free markets, individual enterprise
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o Problem Is the creation of big governments and a lot of government intervention o Solution is to deregulate the economy and decrease the role of the government
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This note was uploaded on 11/15/2009 for the course ILRCB 3020 at Cornell University (Engineering School).

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prelim 2 study - ILRIC4330: POLITICS OF THE GLOBAL NORTH...

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