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Reading Notes November 11th

Reading Notes November 11th - developing countries What...

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Carter Whittington Jordan Radke Soci 415 11 November 2011 Reading Notes 11/11 The article focuses primarily on his experiences working under Clinton and working for the World Bank and how such institutions affect globalization. He wants to say that it can be ca good thing, but the way in which globalization is managed right now, it is highly inefficient and detrimental to developing countries. The IMF, World Bank, and World Trade Organization (WTO) each shape the global economy in their own way. The WTO negotiates and formalizes trade agreements so in this sense it shapes the global economy by influencing trade barriers, which in turn influence globalization. The IMF focuses on international economic cooperation, in particular, it shapes international exchange rates and the balance of payments between countries. The World Bank’s goal is reduction of poverty and it does so, as well as shapes the global economy, by providing loans to
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Unformatted text preview: developing countries. What Stiglitz means when he says that we have a system of "global governance without global government” is that the international financial situation is controlled by a select few, but it is not governed by all of those who are affected by it. Developing countries and more affluent institutions, Western countries in particular, make most of the decisions, yet the poorest countries are the ones most affected by them; It is very inefficient, says Stiglitz. Stiglitz argues that “The critics of globalization accuse Western countries of hypocrisy, and the critics are right.” In saying this he means that the Western countries have pushed poor countries to eliminate trade barriers, but have kept up their own barriers, preventing these developing countries from exporting products, which in turn deprives them of the income they could make off of said exports....
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