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Summary for Stiglitz.docx

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Department
Philosophy
Course
PHI2394
Professor
Jon Miller
Semester
Fall

Description
Fighting The Good FightMany economists and world leaders agree that globalization is supposed to create higher living standards increased access to foreign markets more foreign investment and open borders But former World Bank Chief Economist and Nobel Prize winner Joseph Stiglitz argues in his latest book Making Globalization Work a selfdescribed sequel to his 2002 book Globalization and Its Discontents that globalization is desperately failing the 80 percent of the worlds population that lives in developing countries and the 40 percent that lives in povertyThe ProblemsStiglitzs overall objection is not to globalization itself its to how globalization is managed He argues that the institutions tasked with managing globalizationthe International Monetary Fund IMF the World Bank and the World Trade Organization WTOhelp developed nations more than poor nations and place profit ahead of environmental health and better standards of livingOne reason for this Stiglitz argues is the United States excessive influence on the system The IMF for example assigns votes according to economic size giving the United States effective veto power Further the US president appoints the head of the World Bank This concentration of power has led to what Stiglitz calls the Washington Consensus his term for the lockstep policies shared by the IMF the World Bank and the US Treasury The result is that these institutions are
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