How And Why One Should Reform The Global Economy - 1245 Words

How and Why One Should Reform the Global Economy It was chosen the texts, which are related to the last global economic crises in 2008 and more later analysis of the influence of globalization on national politics of different countries. The first one is a chapter from the book Free fall: America, Free Markets, and the Sinking of the World Economy by Joseph E.Stiglitz, the title of which is The Making of the Crisis. Joseph Stiglitz described the background of the economic crisis in 2008. He started with the description of the nature of the crises and provided insights on its prerequisites, description of the main players, their motivations, decisions, and consequences of these decisions. As is known, the global economic crises started†¦show more content†¦The second text is The Political Economy of Globalization by Layna Mosley. The core question which author researched is how economic globalization affects government policymaking and in what extent does governments retain their political autonomy. Also, she arose such questions whether countries under IMF adjustment program succeed to a greater extent in economic reform and liberalization. On the other hand, are democracy less retentive to liberalize trade than non-democracy? In her work, she described the modern trends in economic globalization at the beginning of the 2000s and tried to prove that welfare state and economic globalization are potentially inconstant. In her analysis, the core argumentation is built around the â€Å"race to the bottom† claim. Overall, the conclusion of this text is that governments started to think not only about their main â€Å"clients† (citizens who choose t heir governments) but also about financial markets because of the economic growth, especially for developing countries, is possible only due to investments in that countries. For nowadays, maybe, these two texts are not up to date. However, in my opinion, they describe the importance of the regulator in the economy of the state. As the initial topic of this essay is how and why one should reform the global economy, it is important to understand that forShow MoreRelatedArticle Analysis: On the Contradictions of the New International Financial Architecture: Another Procrustean Bed for Emerging Markets?1404 Words   |  6 Pagesconcept in the case or article? The main concept of the article is to explain why the New International Financial Architecture (NIFA) was created and who is being benefited from this approach. 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