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Globalization Is An Interconnected Series Of Events That

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Globalization is an interconnected series of events that is affecting all nations regardless whether it is a developed or developing nation. Globalization brings many advantages to nations but also disadvantages where it can bring countries to the point of destruction. 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 especially how this does not work well for developing nations rather creates other issues. He argues how developed nations are succeeding in making their economy better off unlike developing nations who are at a standstill point. Similarly, ‘Democracy born in chains: South Africa’s constricted…show more content…
He states how the crash of the world economic markets was solely the fault of the import barriers created by the nation-states in the 1920s and 1930s. This crash of the markets led to liberalized views on cross bordering trading among countries. Countries started to regulate severe restrictions on trading which led the other countries to do the same eventually becoming a repetitive cycle. After the crash of the markets, 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 International Trade Organization solely because the creation of this would lead to strict regulations. These regulations would cause a deficit in the benefits they were already receiving. Years later, the World Trade Organization came into existence. Before the creation of World Trade Organization, GATT was used to reduce tariffs on manufactured goods and regulate the 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
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