Globalization

1.Stiglitz is a fan of globalization but he is not a fan of how it is sometimes enforced. He talks about how there are multiple examples of where globalization is done very successfully when it is in a country with little to no outside influence about how it is run. On the other hand, he also mentions how when some countries become too liberal with their economy, it turns into almost a situation of having too many people influencing, and it can get very confusing and not always be in everybody's best interest. Some benefits of globalization according to Stiglitz are, the ability for a country to pull together and create their industry and export world wide and each country can determine the pace at which they change and they can make sure that the benefits are equally split around the country. A major disadvantage would be how hostile some countries can be. It can be very hard for developing countries to be able to survive it. Stiglitz thinks globalization is done successfully when it is in a country without much outside influences. He also says that if a country becomes mostly liberal in their economy it can turn into a situation of having too many influences and that it not always in everybody's best interest. Benefits of of globalization can be a country coming together and creating their our industry to propel their economy and international relations. They can also determine how the benefits of the new industry can be divided amongst the entire country. Disadvantage of globalization would be how aggressive and hostile other countries can be towards each other which would make it hard for a developing country to have it's true come up. 2.Stiglitz believes that the work of international financial institutions like the IMF and the World Bank are very counter productive. As much as they try to help out, it is in countries that are controlled by them, that are often suffering more from globalization. He considers it to be more of a paternalism, as in the institution believes that they know what's best so they tell everybody else how to behave. He considers the idea of international financial institutions to be very "undemocratic”. Stiglitz views the work of international financial institutions such as the IMF and the World Bank as a downward productive spiral. The countries that they do try to help are already far into suffering from globalization and are being controlled by them. They think they are bigger and better so they try to tell everyone else what to do. His critique of these organizations is that they are “undemocratic”. 3.I think that Stiglitz would be very happy with globalization and having all of the countries work together, however, each country should still be able to have their own sets of rules and not necessarily have to listen other people. They should still have their own independence and not be governed by public or private institutions. I think Stiglitz's suggestions/ solutions could be good globalization with all of the countries work together and each country still having their own sets of rules and not being obligated to follow others. 4.The dell theory states that no two countries will go to war with each other if they are a part of the same global supply chain. In other words, if two countries are actively making money off of each other, they will not go to war with each other. According to Friedman's article the dekk theory is that if two countries cannot go to war if they are apart of the same global supply chain. 5.Friedman believes that countries such as Iraq, Syria, and North Korea are extreme hot beds because they are not connected in a global supply chain, so they really don't have any allies so they can potentially explode into conflict at any moment. There is nothing that could prevent them economically since they are all already on their own. Friedman argues that countries such as Iraq, Syria and North Korea are breeding grounds for conflict because they aren't connected to the global supply chain. Economically speaking nothing prevents them from going to war because they are on their own. 6.Friedman does believe that the the Dell theory makes traditional wars obsolete. With the amount of technology that has been invented since the last major war, it would send all of our progress back decades if we went back to the old war days like during the world wars. It would ruin our economy and it just wouldn't make sense for most countries now. Friedman does not believe that the the Dell theory makes wars obsolete. He thinks it makes the traditional ones obsolete. We have invented so much new technology that going back to the way the old wars were fought it would not only ruin our economy but also push back our technological progress. 7. Stiglitz believes that globalization is good as long as each country can still be in control of themselves and that international financial institutions are not always the best option because they often don't have everybody's best interests in mind. Friedman believes that if two countries are both on the same supply chain, they wouldn't want to cause a conflict because it wouldn't have a high enough benefit to justify the war. I believe that Stiglitz is coming from more of a liberal perspective while Friedman is more of a constructivist Friedman believes traditional wars are over because most countries are apart of the same supply chain and even if they did it would have to be a very big and overwhelming conflict. He can be considered a constructivist. Stiglitz is all for globalization as long as the country is still in control. He also believes international financial institutions do not have our best interest in mind. He can be considered coming from a liberal perspective.