Economics and Globalization Questions - Assignment Example

World Bank is a global source of technical and financial assistance to the third world or developing countries. World Bank is mainly an institution concerned with development whereas the IMF focuses on maintaining orderly payment systems between countries. IMF has no subsidiaries while World Bank has subsidiaries across the world. The structure of the World Bank is also more complex than that of the IMF.Time-space compression” is one definition of globalization. What does it mean?It means different things to diverse people but the most vital aspect is the economic dimension of globalization, which has led to opening up economies to global competition, giving room to ideas, goods, capital, and people to interact and move freely between countries.

What are the main elements of “neoliberalism,” and how does neoliberalism relate to the “Washington Consensus”?The free market, justice to all people, and personal freedom are the main elements of neoliberalism. It relates to the Washington consensus in the sense that it encourages economic policies that aimed at reforming and repairing the damaged economies of third world countries. Both neoliberalism and Washington consensus focus on making the world a better place to live in for all people around the world.

Why does Jeffrey Sachs think extreme poverty can be eliminated, and why do the makers of the movie The End of Poverty? disagree with himHe thinks so because, via education and government accountability, poverty can be eliminated. However, the movie End of Poverty disagrees because corruption and poor policies to eradicate poverty do not exists. Poverty eradication demands sound policies and zero tolerance to corruption, which is deficient in many governments. In sum, the government is not committed to eliminating poverty.

In Paul Collier’s The Bottom Billion, what are the “four traps” and how do they keep countries stuck in povertyThe four gaps include human trafficking, lack of education, overpopulation and corruption. These gaps make leaders in developing countries fail to take responsibility for their actions. The four traps drain most governments of the energy required to make progress in development because governments of developing nations tend to have their attention diverted to other things that just affect development negatively.

As such, the countries remain contained within the poverty cycle.According to Collier, why has globalization left the bottom billion behind?Globalization has destabilized the economies of poor states and uncovered people to harmful competition. Their concern is rational and understandable especially since the gap between the poor and the rich has become more prevalent in recent ages. Poverty can be deliberated in various ways, for instance, relative to a nation’s individual average consumption level or in terms of well being of citizens.

Globalization has simply made developed economies better while worsening the economies of developing nations. It has opened the boundaries of developing countries to further exploitation by developed economies, thus the economies of poor states have been left lagging behind.What is R2P and why is it controversialR2P is an initiative of the United Nations, which means responsibility to protect. It is a belief that nations have the responsibility to protect their population and resources. It is controversial because states have failed to protect their population which has resulted in murder and massive atrocities.

There recent wave of violence in many countries that has left many civilians maimed and many more dead, put R2P effectiveness in doubt.What is ODA, and how can it help AfricaIt means official development assistance. It can help Africa via funding of various projects such as infrastructure and education. By making funds available for development projects, ODA can help Africa to achieve significant economic growth and improve the quality of life for Africans.What impact has Invisible Children had in (A) the United States and (B) in Africa?In the U.S, it has ensured that every child has attended school while in Africa it is trying to call for the government to enroll more children to schools.

Therefore, one can conclude that Invisible Children works to ensure that all children all over the world access education.