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Comparing Stiglitz's Globalisation And Its Discontent

1497 Words6 Pages

In this advanced technology and information era, globalisation appears everywhere and everyday. None of us exclude from it and it is irresistible. Globalisation, in many aspects, does bring us huge benefits like exchange of varies information within countries. This book, Globalisation and its Discontent, is mainly focus on the drawbacks which globalisation brings, particularly toward the aspect of economy of the world and the deprivation of less developing countries(LDCs). Stiglitz( 2002) mainly focus on the three main economic institutions, International Monetary Fund(IMF), World Bank and World Trade Organisation (WTO), which make great influences towards globalisation. Although Stiglitz(2002) admitted that globalisation brings us advantages, he believed that globalisation bring us more …show more content…

Stiglitz(2002) cite two success examples: Poland and China, which use an alternative strategies like promote privatisation gradually and build up the legal and banking system at the same time, constructing a comprehensive social safety net like adjusting pension of inflation, establish social, political and economical stability. Stiglitz(2002) do not think that globalisation is a bad suggestion, but the way that how it implement. He also mentioned that the IMF was not widely support as the idea IMF was ideological. He recommended the IMF may concern more about the LDCs, for example, invite them by giving them votes in the conferences. Also, increase accountability and transparency of the international economic institution. Also, set up reform to bankruptcy which not to finance bailout when the borrowers are not able to return, this may give institution a sense that not to rely on IMF. Stiglitz(2002) agrees that DCs should eliminate trade barriers in order to be fair to those LDCs. Also, reforms that carry out by the international institutions should care about every countries but not the DCs

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