Making Globalization Work Essay

Making Globalization Work By: Joseph E. Stiglitz

         Globalization was supposed to bring benefits to all, but has it? In this interesting book, Making Globalization Work by Joseph E Stiglitz, his thesis is shown throughout the entire book about making globalization improve. This book shows many ideas about how everyone can work together to make globalization work, but mainly it talks about the economic problems. Something interesting in this book is that Stiglitz shows three ways we can respond to the challenges of globalization:
•          Ignore the Problem and accept growing inequality
•          Resist fair globalization
•          Coping with globalization and reshaping it
Again, if the developed and developing countries work together to actually act in changing globalization instead of working out agreements then things can change. Countries have failed to see that there are no magic solutions but what could work to change globalization and make it better is a lot of changes in policies such as economic institution, the “rules of the game” and the mind sets of people figuring out solutions. Stiglitz says, “I believe that unless we recognize and deal with the problems of globalization, it will be difficult to sustain its current momentum.” Stiglitz also talks about how there have been enormous opportunities to shape political processes and the economic system in ways that generate profits for some out the expense of money, but again people don’t notice this and are failing to see the opportunities presented to them.

In addition, in Stiglitz’s book he questions about what the benefits “third world countries” have. Third world countries are the developing countries that have low standard living, low economic development etc.; these countries are the ones suffering because of globalization. Furthermore, Stiglitz talks about a meeting of finance ministers called: G7. Also called, Group of Seven, it is basically a meeting of the finance ministers from the group of seven industrialized nations of the world formed in 1976. The seven countries are France, Germany, Italy, Japan, United Kingdom, United States of America. So, in this group there was an agreement made to open some markets for the developing countries. The question is, how these countries will benefit if the poor countries don't have the roads and transportation to get their products exported to far places. These are some of the examples of what Stiglitz argues.

He also talks about how the process of development can help with globalization. “Development is a process that involves every aspect of society, engaging the efforts of everyone: markets, government, NGOs, cooperatives, and not for profit institutions.” Another important aspect, Stiglitz talks about in his book is the East Asia Crisis and globalization affected them but they survived. “Globalization made this possible, providing access to international markets as well as access to technology that enabled vast increases in productivity.”

In conclusion, developed and developing countries will one day reunite to improve globalization and make it work for the developing countries, so everything can be in balance. “What we need, if we care to make globalization work, is an international economic regime in which the well being of the developed countries are better balance: a new global social contract between developed and less developed countries.”

We can make this work!