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Convening under the theme, Globalization 4. We are entering a period of profound global instability brought on by the technological disruption of the Fourth Industrial Revolution and the realignment of geo-economics and geopolitical forces. Sessions are organized in a series of global dialogues:. In addition to record participation from the public sector, the private sector will be represented by more than 1, leaders.
Civil society is represented by almost leaders from NGOs, social entrepreneurs , academia, labour organizations, faith-based and religious groups and media. Join the conversation — extending the discussion about the new global architecture, we invite the public to share their thoughts and perspectives via the Globalization 4. Check out the questions here at www. The policies adopted by countries is not going to be uniform across developing and developed countries.
The policies adopted by countries regarding mix of government and market will depend on its stage of development. Policies that promote employment and education of that country will depend upon its stage of development. Educating people but not having jobs for them can result into brain drain, and subsidizing the productivity of advanced industrial economies.
The developing countries invest their scarce capital in education, and developed countries often attracts best talents of developing countries. Therefore, its essential that developing countries should offer adequate infrastructure to engage the talent in the job creation and development.
Reforms in the design and structure of globalization The rule of globalization has been set-up by advanced industrial countries, in many instances by special corporate interests within those countries. The way globalization has been shaped to further their own interests, it has not created a fair set of rules.
The rules are particularly exploitative of countries endowed with minerals and other natural resources. The comparative advantage of advanced industrial countries is skill intensive sectors, whereas the comparative advantage of developing countries is labor-intensive sectors. Trade negotiations should be done taking into consideration the comparative advantage of countries.
Developed countries are rich in capital and technology, while developing countries have an abundance of unskilled labor. A country with skilled labour produces skill intensive goods and services. Simply opening up trade barriers, opening up of capital flows is not enough for global wellbeing and globalization.
The need is of fairer trade regime. Unfettered capital market liberalization can result into instability rather than stability in the system in the global system.
Making Globalization Work
Globalization should be sustained economically, socially, politically and environmentally. Free trade as a result of globalization as evident from many countries is not necessarily welfare enhancing. The current form of globalization is unable to solve problems of global warming, environmental degradation. The degradation of non-economic values i. The framework of Intellectual Property Rights needs to be reviewed that it is also fairer to the needs of developing countries. It has been designed as per the needs and demands of developed countries.
Poorly designed Intellectual Property Regimes can result into less efficient economy rather than accelerating innovation in the society. The need of the hour is balanced intellectual property regime. The design and structures of globalizations are largely determined by few countries with economic power. Developing countries do not have the representation in the policy making of globalization. Votes are largely determined by economic power, and even that is not changing with shift in the economic power.
The voices of developing countries are heard too little, and the voices of special interests are heard too loudly. Changes in the voting structure of IMF and World Bank , giving more appropriate weightage to developing countries.
Reforms in the global reserve system in the form of diversification of reserve currencies are required as the current system is creating much more instability rather than creating stability as a result of single reserve currency in the form of US Dollar. Aug 01, Briynne rated it really liked it. Great book, reminds me of my friend Ann Church hello Ann! I really like econ when it mixes with international political theory, although I can't say the same for it when it consists of irritating complex supply and demand curves. I think his stance on finding a more reaso Great book, reminds me of my friend Ann Church hello Ann!
Pick it up if you are in the mood for something intelligent and currently relevant. Go team Jacob I know I don't have a chance, but I'm ok with it Wonderful book - I highly recommend everyone to read this text as an Intro to Globalization Studies, or at least to familiarize one's self with the issues that currently surround and plague our world today.
I think that the author's ideas are a bit am Wonderful book - I highly recommend everyone to read this text as an Intro to Globalization Studies, or at least to familiarize one's self with the issues that currently surround and plague our world today. I think that the author's ideas are a bit ambitious, yet we cannot criticize him for that as it is just a book and the majority of his plans would be extremely beneficial to all; If only they could come to fruition. Unfortunately, these ideas are not realistic not because they cannot happen but because of the systematic and political blocks held by certain nations.
Overall, this was a wonderful read. Minus one star for the slightly over-ambitious policies, at least in the sense of what could actually happen within the next twenty years. Dec 22, Cary rated it liked it Shelves: nonfiction , economics , capitalism , politics. A lot of good points about how globalization has been terribly implemented and ways to fix it. Ways that it would take a whole series of miracles--or disasters--to get the international community in general, and the US in particular, to sign onto.
Also, and perhaps understandably give that the book is a few years old now, there's no mention of the likely effects of automation, which even mainstream news outlets are waking up to now. Sep 18, Carolynn added it. Too much like an Intro to Development class, could not get past the first couple of chapters to find anything new. I know Joe has more to say, but its not in this book. Dec 08, Rachel rated it it was ok.
Not my cup of tea. Read for class on Globalization. Apr 29, Elma Jenkins added it. Yup, great insight from a top ex world banker into how the economy can change, positive and practical without missing a beat. Overall a really inspiring read, Stiglitz highlights some key issues that harm developing countries through the globalisation process, most of which relate back to faults within the economic policy of developed countries.
However, his solutions to which the end of each chapter is dedicated seem to gloss over the complications of current economic and foreign policy, and lead me to believe Stiglitz wishes to turn the foundations of our biggest institutions on their head in the name of utilitaria Overall a really inspiring read, Stiglitz highlights some key issues that harm developing countries through the globalisation process, most of which relate back to faults within the economic policy of developed countries. However, his solutions to which the end of each chapter is dedicated seem to gloss over the complications of current economic and foreign policy, and lead me to believe Stiglitz wishes to turn the foundations of our biggest institutions on their head in the name of utilitarianism; it gave the impression that he instantly reverted back to rudimentary economic theory when the book seemed to praise itself on its pragmatic approach to globalisation.
However, the issues raised are certainly of great importance, and I would love to see another economist address them and shed a different light on how we might be able to solve them. I loved this book. Stiglitz words I think have proven to be true today given globalization is still badly adressed. A nationalist backlash has been seen in the latest elections, the USA the greatest example and disaster.vensathedot.tk
Making Globalization Work | Center For Global Development
The book goes point by point explaining what is wrong and what can be done to make globalization work, with two main goals, eliminate poverty and taking care of the environment. What I take for an starting point here is the responsibility of us as voters. We need to start elec I loved this book. We need to start electing better candidates who have a global understanding, who are brave enough not to promise just the short term local solutions Given the state of the world today, that is the starting point I guess.
A must read book for everyone. The author speaks about how US and at times the European and Japanese governments worked to protect the interests of their corporate firms abroad - thereby resulting in losses to the developing nations.
Skewed trade deals, companies despoiling the environment are spoken about with gripping examples. And also the solutions to all these problems- 'how to make globalisation work'- often citing instances of success stories in the developing nations. Stiglitz really gets right to the point in addressing the flaws with globalization, and suggesting ways in which it could improve. His recommendations are particularly relevant in today's global environment, and the style in which he writes to convey them is easy to understand and yet also insightful.
Mar 18, Rachael rated it really liked it.
I read this book I know this not because I remember reading it, but because I definitely notated in the margins. Regardless, Stiglitz is an important voice in economics, politics, and world affairs. Mar 13, Wim rated it really liked it Shelves: development. Very readable book about what is going wrong in global development poverty, climate, inequality, etc. Insightful, especially on trade imbalance, debt, intellectual property and transnational companies and how they prevent a just globalization.
Jul 29, Josiah Lau rated it it was amazing. Wish I had read this back in JC. Feb 23, Stephanie Cannon rated it liked it Shelves: international-affairs. Stiglitz does a great job explaining the problems with globalization in detail. However, his solutions are too broad to really influence policies. Sep 21, Kremlin rated it did not like it.