Globalization has been sold as bringing unprecedented prosperity to the billions of people who have remained mired in poverty for centuries. Yet, globalization faces enormous resistance especially in the Third World. Why so? I argue that globalization today has been oversold. I use the term to refer not only to closer integration of countries and peoples of the world that has resulted from the lowering of transportation and communication costs and manmade barriers but also to the particular policies, the so-called "Washington Consensus," that have been commonly associated with globalization and pushed on developing countries by the international economic institutions. Managing globalization well, so that its potential benefits emerge, will not be easy. But unless we understand how globalization came to be misshapen we will not succeed in reforming globalization. In the discussion below, I argue that the failures are related to governance of globalization. By and large, the rules of globalization have been determined by the advanced industrial countries, for their interests, or more precisely for the interests of special interests, often to the marked disadvantage of the developing world. In the last section of the chapter, I make recommendations how to right the governance structure for globalization.
Stiglitz, Joseph. "The Overselling of Globalization." In Globalization: What's New. Ed. Michael E. Weinstein. New York: Columbia University Press, 2005.
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