| Making Globalization Work | |
| Author: | Stiglitz, Joseph |
| Country: | United States |
| Language: | English |
| Genre: | Non-fiction |
| Publisher: | W.W. Norton & Company, Inc. |
| Pub Date: | September 2006 |
| Isbn: | 0-393-06122-1 |
| Dewey: | 337 22 |
| Congress: | HF1359 .S753 2006 |
| Oclc: | 70219850 |
Making Globalization Work is a book written by Nobel Prize laureate Joseph E. Stiglitz, who also wrote Globalization and Its Discontents and several other books.
The first major protest in Seattle, Washington against the World Trade Organization (WTO) and its role in promoting economic globalization came as a surprise to many, considering the positive impacts globalization was supposed to bring. According to Stiglitz, this was the first step in a widespread recognition that globalization was all “too good to be true.” Along with globalization comes myriad concerns and problems, says Stiglitz.
In addition to these concerns, Stiglitz highlights that individual persons and whole countries are being victimized by globalization.
Stiglitz then goes on to provide an overview of how we might “reform” globalization, by noting representatives of the world’s national governments attended the Millennium Summit and signed the Millennium Development Goals, pledging to cut poverty in half by 2015. Additionally, the International Monetary Fund (IMF) had previously been focusing more on inflation, rather than employment and income; however, they have shifted their focus in hopes of reducing poverty. Stiglitz states that countries who seek financial assistance have in the past been asked to meet an outrageous number of conditions, in exchange for the aid. This was one of the most common complaints towards the IMF and the World Bank. They have heard these complaints and have since greatly reduced the conditionality. The G8 group met for their annual meeting in 2005 and had agreed to write off debt owed by the 18 poorest countries in the world as an attempt to help with the global poverty issue. As regards the aspiration to make trade fair,
Stiglitz focuses on the limitations of liberalization briefly to say the results of liberalization never lived up to the expectations; the developing countries were not able to follow through because their economic and political systems simply could not cope with the pressures.
Finally, Stiglitz also argues that protecting the environment is one of the most important issues and countries must work together to lessen the effects of global warming. Successful development in countries such as India and China has only increased energy usage and also the use of natural resources. People from all over the world must adjust their lifestyle in order to reverse the effects of global warming.
In order to see more success through globalization, there must be more use made of global governance structures. The voices of all, internationally, must be heard, rather than having the voice of the developed countries speak over those of the developing countries.