John Halpin

INB 385
Dr. Ed Burning
September 12, 2014
Globalization Critique
Professor Stiglitz argues that globalization has been mismanaged
and that globalization can work as long as it is regulated correctly.
Stiglitz believes that the current system of globalization has led to
environmental destruction, exploitation of labor, economic
degradation, and monopoly power by corporations. Stiglitz believes
that all of these problems that have occurred with the current system
of globalization can be fixed with the establishment of transparent
institutions that regulate the system of globalization. I agree with
Stiglitzs opinions on the problems with the current system of
globalization, but entirely disagree with how to fix these problems. I
believe globalization should never exist in this world. I believe that
globalization represents global socialism.
Professor Stiglitz believes that in order to fix the problems with
globalization, transparent institutions need to be established that have
the power to further regulate the system of globalization. I do not
believe that further regulation can fix any of the problems with
globalization. Further regulation will only create a more socialistic
atmosphere in this world. If more regulation exists within the current
system of globalization, then workers around the world will only be
under more control and will have less of a chance to create a living for

themselves. The only way to help workers around the world in

underdeveloped countries or developed countries is to not help them
in any way shape or form. Workers in other countries need to figure
out their own financial problems and if their countries are so corrupt
that they do not have the ability to fix their own problems then the
people of that country have to band together to fix their political
atmosphere, so that they can start working and earning money again
with no regulation or corrupt power controlling them. Regulation never
works and no model of regulation by Stiglitz or any other person in the
future will ever work.
The only way to fix the current system of globalization is to
dissolve the current system of globalization. I do not believe that the
United States or any country should be involved with globalization or
any institution such as the IMF or the World Bank. It is in the best
interest of the people of the countries that are part of these
institutions, not to be part of these global institutions. I personally do
not feel that the United States should care at all about what problems
plague other countries. I feel that the people of the U.S. will be much
better off not being part of the IMF or World Bank. It is unconstitutional
for the U.S. government to levy the problems of other countries on the
citizens of the United States. If other countries still want to be part of
the IMF or World Bank and engage in globalization that is up to them,

but citizens of other countries will be better off if their country does not
engage in globalization or be part of the IMF or the World Bank.
Citizens of underdeveloped countries may see short-term
benefits from engaging in globalization, such as wage increases, but
will see financial misgivings in the future. Citizens in underdeveloped
countries may think globalization is great because they are getting
paid more in the short term, but when inflation sets in their current
wages will not be worth as much and will just go back to being poor
again. Wage standards and minimum wages only affect the worker
without the worker realizing it. Minimum wages only destroy jobs in all
countries that have minimum wage and keep the workers poor as
inflation goes up and they are unable to make any more money. It is
beneficial for workers in underdeveloped countries or developed
countries not to accept minimum wages and let their own skill sets
decide what they should get paid.
The idea that developed countries such as the United States
believe that they have the right to tell underdeveloped countries that
they have financial problems and know how to fix their problems is
incorrect. Underdeveloped countries should never accept help from
other countrys as they will only be under control of multinational
corporations who are only involved with their country only to exploit
labor through convincing workers of underdeveloped countries that
they will make a better living. The United States should never care

about poverty as the idea of fixing poverty is up to each individual to

fix his or her own financial problems.
Professor Stiglitzs views are socialistic and he believes that
socialism can be successful. He believes that the government having
very strong regulatory power is beneficial to its people. When in
regard a true free market economy is the only way any of these issues
that Stiglitz brought up can come to a natural resolution. Globalization
can never work and the only way the United States should operate is
through a free market economy. Other countries should also be
involved with a free market economy, as globalization has no long-term
success. Inflation and unemployment of countries can only be resolved
with a strong monetary policy that involves gold and silver as their
moneys. History has proven this over and over again as every time a
civilization veers of gold and silver, their civilization fails only to be
restarted again using gold and silver as a currency. Socialistic
programs never work long term for anyone and are very patronizing to
its people.