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Philosophy 2801F/G Chapter Notes -Efficient-Market Hypothesis, Emerging Markets


Department
Philosophy
Course Code
PHIL 2801F/G
Professor
Lawson

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WEEK 4 LECT 2 STIGLITZ
GLOBALIZATION
aspects: communication, integration, space, time, boundary, dissolution, knowledge,
culture, technology, military
Economic: the removal of barriers to free trade and the closer integration of national
economies
IGOS
IMF mandated to ensure global economic stability and prevent global depression
By helping state governments to stabilize their own economies often via lending with
conditionality
by influential surveillance of economic and financial policies of member countries
by assisting in domestic economic crises and with establishment of viable emerging
market economies
Efficient Market Hypothesis: manage how economies work together. Individual rational
agents acting under near perfect information with ability to make the decisions to do
what they want, markets should allocate resources and it will work out in optimal ways
LEGITIMACY AND RESPONSIBILITY
according to Deng, National Sovereignty is legitimate only when responsible and ac-
countable
failure to discharge these responsibilities justifies intervention (invited or unwanted)
and rebellion
CONNECTION TO RAWLS
Stiglitz observations show that IMF policy often violates Rawl's criterion of reciprocity.
Austerity: the idea that you shouldn't be spending between more money than you take
in taxes. Imposed by the IMF
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