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Global Economic Issues - Essay Example

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Free market ideologues have been advocating a fundamentally dissociative approach to international finance in particular and globalization in general (Held and McGrew, 2007). Of equal fundamental importance is the strategic significance of the operational and competitive…
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Download file to see previous pages Financial services organizations that act in the international arena in facilitating financial flows between lenders and borrowers have to operate in a strategically competitive environment that compels them to adopt a quintessentially ideological stance which Stiglitz (2008) attributes to the predominance of the financial community’s view of the world (Lechner and Boli, 2008, p. 204). Stiglitz’s tirade against globalism and its consequences is not a one-sided affair either. Criticism of Washington Consensus, which advocates a minimum role for the government while at the same time actively encouraging privatization and trade liberalization, has not been a recent phenomenon (Stiglitz, 2003).
International financial services institutions play a major role in determining the very outcomes in globalization process to such an extent that their impact is felt in the far corners of the globe in every sphere of decision making including those of the central governments’ and local bodies’. According to Stiglitz international financial institutions such as the International Monetary Fund (IMF) and the World Bank (WB), have been pushing forth a particular line of “market fundamentalism” that pays little or no attention to third world countries’ diverse needs. This total irrelevancy of policies that these institutions advocate for developing countries is nothing new even in respect of those East Asian economies like South Korea and Taiwan. However these latter countries could successfully ignore the Washington dictated reformist formula and achieve a greater degree of equality among their citizens.
Globalization and/or globalism particularly refer to a set of liberal economic principles that underlie the very nature of how best to expand international trade and commerce links beyond the national borders of countries (Nagdeman, 2009). While the underlying theoretical constructs basically refer to such parallel concepts as international free trade and ...Download file to see next pagesRead More
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