The No-Nonsense Guide to Globalization (No-Nonsense Guides)
Wayne Ellwood
Language: English
Pages: 144
ISBN: 1906523479
Format: PDF / Kindle (mobi) / ePub
While globalization can be a force for equality, it can also be seen as the embodiment of inequality—the rich world's rabid consumption of resources comes at the expense of poor countries, forced to cut costs and corners to compete.
With previous editions' sales of over sixty thousand, this new edition is fully updated with a new chapter on the financial meltdown and its aftermath, which underlines the book's critique of deregulation. It also includes more analysis of the changing world order with the emergence of China and India as economic superpowers.
Wayne Ellwood has been North American co-editor at New Internationalist magazine since 1977.
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Purpose of supporting domestic demand and maintaining employment. Otherwise countries feeling the pinch would be forced to balance their deficit by cutting imports, lowering wages and dampening domestic demand in favor of exports. Keynes argued that international trade was a two-way street and that the ‘winners’ (those countries in surplus) were as obliged as the ‘losers’ (those countries in deficit) to bring the system back to balance. Keynes suggested that pressure be brought to bear on surplus.
‘cash nexus’ in his 1839 essay, Chartism. In the words of Swedish sociologist, Helena NorbergHodge, there is ‘a global monoculture which is now able to disrupt traditional cultures with a shocking speed and finality and which surpasses anything the world has witnessed before.’1 Over the past two decades, as the global rules regu lating the movement of goods and investment have been relaxed, private corporations have expanded their global reach so that their decisions now touch the lives of.
Had contributed guaranteed, yearly profits to the Treasury. While much was made of the opportunity for ordinary British people to buy shares in the newly privatized public utilities, the reality was quite different. Nine million UK residents did buy shares but most of them invested less than £1,000 and sold them quickly when they found they could turn a quick profit. The majority of shares of the former publicly owned companies are now controlled by institutional inves tors and wealthy.
Into publicly financed healthcare as deficit-conscious politicians slash budgets. This systematic de-funding may increase as governments once again target public debt after the current recession. At the international level, the General Agreement on Trade in Services (GATS), administered by the World Trade Organization (WTO), was created in 1994. One of the goals of the GATS is to classify the public health sector as part of the ‘service industry’, eventually opening the door to full-scale.
Retrospect, the Asian meltdown of 1997-98 can be seen as a warm-up for the debacle of 2007-09. Across the region, the Fund was reviled as the source of economic disaster. The citizens of East Asia saw their interests ignored in favor of Western banks and investors. In the end, writes Stiglitz: ‘It was the IMF policies which undermined the market as well as the long-run stability of the economy and society.’ It was the first time that the ‘global managers’ and finance kingpins showed that the system.