Economics of globalization — will it work?

Economics sits on the back burner in the Bathtub these days.

Something interesting brews in international economics. South America had been a place of triumph for the Chicago school, with great success in turning a right-wing dictatorship into a free market system in Chile, for example, and free market inroads in Venezuela. But what happened in the past ten years? Elections in Venezuela, Bolivia and Chile did not run as some Chicago school advocates may have hoped.

So, recently I’ve been looking at some of the comments of Joseph Stiglitz, whose views are not always perfectly in accord with the line out of Washington. Stiglitz headed Clinton’s Council of Economic Advisors, spent time at the World Bank, and won a Nobel.

Maybe we should listen to him. From the University Channel at Princeton:

Lee C. Bollinger, Tina Rosenberg, Nancy Birdsall, George Soros, and Joseph E. Stiglitz discuss solutions for some of the world’s most pressing problems, such as debt, unfair trade, the “resource curse”, the need to curb harmful emissions and world poverty

Image Streaming video (length: 1:44:43)

– Lee C. Bollinger, President, Columbia University (Host)
– Tina Rosenberg, Editorial Writer, The New York Times (Moderator)
– Nancy Birdsall, President of the Center for Global Development
– George Soros, Founder and Chairman of the Open Society Institute; Chairman of Soros Fund Management LLC
– Joseph E. Stiglitz, Nobel Prize-winning economist; University Professor at Columbia University; Chair of Columbia University’s Committee on Global Thought; Executive Director of Initiative for Policy Dialogue at Columbia University; former Chairman of the Council of Economic Advisers under President Clinton; former Chief Economist of the World Bank

(taped September 18, 2006, at Columbia University)

In particular, high school kids in Texas show skepticism towards the free-market economics pushed in many forums. Especially for kids with family and economic ties in Mexico, Central and South America, there can be serious cognitive dissonance with what they see in the textbook. I have found it very effective to discuss alternative views, and to find high quality sources of information. I’m considering adding Stiglitz to my list, which is a short one at the moment, populated chiefly by the modern Hernando DeSoto.

(I found this via shizaam.)

One Response to Economics of globalization — will it work?

  1. bernarda says:

    Another alternative view should be considered. You can find it here at BBC Radio 4 under the Reith Lectures. This one is by Vandana Shiva of India and describes the destruction of third world economies by globalization.

    The only “development” that globalization is acturally working for is the development of oligarchic multinational corporations at the expense of everyone else.


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