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Critical perspectives - Essay Example

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JOSEPH STIGLITZ AND THE DOWNFALL OF THE WORLD ECONOMY: A CRITICAL ANALYSIS OF ECONOMIC PERSPECTIVES AND ITS IMPLICATIONS ON SOCIETY, CULTURE AND MORALITY By (Name of Student) (Name of Professor) (Name of School and Location) Economic stability, being considered as the backbone of socioeconomic success of many countries, has been influenced and framed using different critical perspectives through time…
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Download file to see previous pages Thus, conjuring perspectives in social and economic programs have continuously battled through time. In this regard, we see that many aspects of economic, political, social, and cultural motivations underpin the processes of the society’s development. Changing political and social approaches is thus fundamental to forming new economic platforms and social goals. In Freefall (2010), Stiglitz re-establishes the ‘government-intervention’ approach (see Keynes 1926) to market economy by criticizing the current malfunctions of economic trend present in America and subsequently in most parts of the world. In his book, Stiglitz (2010) was able to illustrate the risks and failures that the ‘free-market economy’ (Smith 1776) encounters. Stiglitz (2010) enumerated the downfall of many aspects of social welfare, particularly the conditions of inequalities, by referring to many examples of the imbalances of power in the economic and political realms of the society. Freefall (2010) uncovers the allegedly ill-founded traditions of economic practices in America and other affected countries in the international arena. The book suggests change in approach and perspective in determining the more suitable policies towards economic stability and development. In this paper, a critical discussion of Stiglitz’s (2010) analysis of the present economic situations as drawn from the Great Recession in America will be presented. In line with this, the opposing arguments of the free-market and government-intervention economic perspectives will be examined in order to understand better the background of Stiglitz’s essay. Moreover, looking at the backdrop of the practiced economic programs, the effects of such accounts on the local and international conditions will also be talked about. In here, the influences of globalization movement will be substantiated and analyzed in terms of its effect in the local and international social welfare and economic status. The effects of the discussed perspectives in relation to culture and society will be considered. In addition, a discussion of the moral and ethical conditions underlying the issues will be examined. Thus, in this paper, a critical exploration of the perspectives involved in the matter will be done in order to see the significant points Stiglitz suggests in his essay. The Old and the New Economy In Freefall, Stiglitz (2010) emphasizes the grave conditions of world economy as a misleading approach to economic policies continues to prevail in the United States and subsequently in peripheral countries particularly in Asia. The Great Depression and the more recent Great Recession in the United States have tremendously shown how the local and global economy was constructed on a ‘sinking’ foundation (Stiglitz 2010). Stiglitz profoundly highlights the ill-conditions of some of the biggest international organizations facing economic retaliation namely the United States Treasury and the International Monetary Fund (IMF). The long-practiced economic advocacy echoing Adam Smith’s laissez faire tremendously affects the world political-economic trends in history primarily through the said international organizations. In this regard, the political underpinnings of the world economic framework are apparently magnetized by the free-market policies. This ...Download file to see next pagesRead More
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