Globalization and its discontents
9 important questions on Globalization and its discontents
Neo-liberal economies do not always involve economic prosperity. Describe five disadvantages of neo-liberal economies:
- Increase in inequality.
- Favour capital over labour (so money over people).
- Favour rich countries over less developed nations.
- Favour huge MNC (Multinational Corporation or Company).
Why is wealth so unevenly distributed?
Ha-Joon Chang provides clear arguments.
- Provide three arguments:
- He argues that Free Trade Market policies do not make countries richer.
- He claims developing countries should protect their industries Infant industry argument.
- History shows that current day rich countries also protected their industries when they were developing.
Define the Infant Industry argument:
- States that new industries in developing countries need protection against competitive pressures until they mature and develop economies of scale which can rival their competitors.
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Today's developed countries had to overcome the same "problems".
- Provide an example:
- Austria and Switzerland are landlocked.
- Some countries have huge pools of resources (Norway).
How did the UK and USA defend their economy?
- Both the US and the UK had very strong protectionist laws.
The idea was to let their economies grow resilient.
Once they were strong enough, they could compete with other countries.
Why Nations Fail? Book by James Robinson and Darom Acemoglu.
Institutional approach.
- When are institutions inclusive?
- Institutions are inclusive when many people have a say in political decision making.
- When are institutions exclusive?
- When a small group of people control political institutions and are unwilling to change.
Thomas Piketty.
R>G.
- What does this formula mean?
- Return on capital is bigger than the Growth of the economy.
- Where could inequality lead to?
- Dynasties -> Wealth stays in the family.
- Buying of political influence.
- Buying of favourable rules and regulations.
- Upgrade from a Homo Sapiens to a Homo Deus.
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