ADMS 1000 Chapter Notes - Chapter 8: World Trade Organization, Joseph Stiglitz, Alfred Noble Prize

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Anton Petrenko

Document Summary

Joseph stiglitz is a noble prize winning economist professor of economics at columbia. University who changed the nature of the debate about globalization by adding his voice to the critics of the hands-off approach to economic development. Joseph stiglitz was an economic advisor to clinton administration and became chief economist at the world bank (1997-2000). The hands-off camp believes that leaving economic development free from state interference is the best policy for economic prosperity. The hands-on approach believes that the government has a responsibility to provide a safety net for the citizens left behind by markets (particularly labour). However, the strong hands-off policies prescribed by imf and wb prevent governments from implementing such policies. Critics argue that businesses have too much influence on international affairs governments. Decisions made by unelected corporate officials motivated by profit or imf bureaucrats and ideologues replaced the decisions made by political officials who are supposed to be motivated by the interests of the citizens.