Globalization Is A Mixture Of Events That Affect All Nations

1779 WordsFeb 13, 20178 Pages
Globalization is a mixture of events that affect all nations regardless of whether it is a developed or developing nation. Globalization presents many advantages to nations as well as disadvantages, which can inflict devastating effects on countries. The topic that will be discussed in this essay is “Globalization and the end of the nation-state”. ‘Making Globalization Work’ by Stiglitz highlights the main problem in globalization, concerning how globalization does not work well for developing nations, creating other issues. He argues how developed nations are improving unlike developing nations who are at a standstill. Similarly, ‘Democracy born in chains: South Africa’s constricted freedom’ by Klein highlights the imbalance of power in…show more content…
This crash of the market led to liberalized views on cross border trading among countries. Countries started to regulate severe restrictions on trading, which led to other countries doing the same, eventually becoming a repetitive cycle. After the crash of the market, “International Monetary Fund was developed to enhance financial stability and International Trade Organization was developed to regulate trade (Stiglitz, 2006)”. The United States declined the idea of the International Trade Organization because the creation of it would promote strict regulations. These regulations would result in fewer benefits compared to what they were already receiving. Years later, the World Trade Organization came into existence. Before the creation of the World Trade Organization, GATT was used to reduce tariffs on manufactured goods and regulate trades occurring among the members of this agreement. “This agreement was solely based for the countries that were members of it but restrictive to those who were not. This agreement was proven to be beneficial for advanced industrial countries as it gave them the comparative edge by lowering the tariffs (Stiglitz, 2006)”. This agreement was not beneficial for developing countries, but allowed the developed countries to trade more easily with them. The Uruguay round development was more focused on trade liberalization and expanding the markets. The EU and US

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