International Monetary Fund Staff and Nancy Birdsall
In this issue, the International Monetary Fund Staff and Nacy Birdsall explain and debate the impact of globalization on the world economy. Globalization essentially means that the world is interacting more. From an economic standpoint, it means that global trade and international investment have grown exponentially while tariffs have decreased. Free trade is encouraged, particularly by the US, in the hopes of maximizing profits for all countries involved. The US even helped to found the IMF.
Their article, “Globalization: A Brief Overview” argues the position for economic globalization. In the IMF’s research, they find that “a common denominator which appears to link nearly all high-growth countries together is their participation in, and integration with, the global economy” (4). If a country is willing to open itself up to international trading there is a better chance that it will prosper. If, instead, a country were to operate under protectionist ideals, it would miss out on the benefits of importing and exporting. The IMF explains that international trade is particularly useful to developing countries. Once developing countries begin globalizing, they will find themselves progressing at a much faster rate. IMF writes, “As some countries have embraced globalization, and experienced significant incomes increase, other countries that have rejected globalization, or embraced it only tepidly, have fallen behind” (8). The IMF points out the counterargument that globalization has actually been the cause of some unemployment. The IMF doesn’t deny this, but considers the argument ill-founded because the amount of pe...
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...as well as physical assets. This means certain countries will already be at an advantage compared to others. Second, Birdsall believes that the global markets are imperfect and lead to some failures. She writes, “The classic example of a market failure is that of pollution, where the polluter captures the benefits of polluting without paying the full costs” (21). Third, Birdsall contends that globalization just helps to make the rich even richer. Birdsall concludes of globalization: “Though not the root cause of global inequality, it does tend to exacerbate inequality all other things being the same” (24). She believes that for globalization to reach its potential as a helpful rather than harmful tool, global polity needs some major reforming.
Rourke, John T. Taking Sides: Clashing Views in World Politics. 14th ed. Boston: McGraw-Hill Higher Education, 2010. Print.
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