Economic Review, Vol. 58 No. 5-6, 2007.
Case report
HOW TO CHANGE THE GLOBALIZATION MODEL ON BEHALF OF THE WHOLE MANKIND AND THE PROGRESS OF HUMAN CIVILIZATION – THE JOSEPH STIGLITZ’S ANALYSIS
Milan Mesarić
Abstract
The purpose of this paper is to review the Joseph Stiglitz’s views, conclusions and proposals exposed in his most recent book «Making Globalization Work», as well as the discussion upon some essential problems of the neoliberal globalization. The starting point of critical consideration of the current globalization model consists of three J. Stiglitz’s premises: a) insufficiency of market mechanism, no matter how much it was the indispensable motivator and regulator of economic processes, especially in relation to social and ecological aspects of development; b) the adjustment of the existing system of international trade and finances to the interests of economically developed and rich countries, as well as international capital; c) unavoidability of globalization flows of commodities, capital, services, people and ideas. The existing model of globalization did not solve some vital problems of contemporary civilization such as: a) the problem of gap intensification among rich and poor countries and ranks of society; b) the problem of extreme poverty of one billion of inhabitants of our planet; c) to initiate development of the least developed countries (especially 43 African countries south of Sahara); d) to stop the process of destroying nature with possible disastrous consequences. It is not only that neoliberal globalization did not solve the cited problems, but it deepened them. Thus the J. Stiglitz’s proposals for changes or reforms of the existing globalization model deserve full attention.The aim of these proposals is to change the globalization process on behalf of all countries and ranks of society. The measures for the change of aims and rules of globalization should include: the exports alleviation from non-developed countries; the solution of debt problems of the poorest countries; to enable the non-developed countries to exploit by themselves the most from their natural resources and not the foreign corporations; to adapt the international codex on behaviour of transnational corporations, especially in regard to natural environment protection and insurance of elementary labour legislation; to reform and democratize international economic institutions; to integrate into the aims and rules of globalization the necessity of nature protection along with the principles of economic effi ciency, social justice and solidarity.
Keywords
neoliberal globalization; international trade; economic underdevelopment; poverty reduction; foreign debts; social justice; nature protection; democratism; global legislation
Hrčak ID:
13476
URI
Publication date:
5.7.2007.
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