Making Globalization Work

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Contents 1 Introduction 2 Another World is Possible 3 The Promise of Development 4 Making Trade Fair 5 Patents, Profits and People 6 Lifting the Resource Curse 7 Saving the Planet 8 The Multinational Corporation 9 The Burden of Debt 10 Reforming the Global Reserve System 11 Democratizing Globalization 12 Reviews 12.1 Likelihood of becoming a Hollywood blockbuster 12.2 What the others say 13 References 13.1 External links

[edit] Introduction

Making Globalization Work is a book written by Nobel Prize-winning author of Globalization and Its Discontents, Joseph E. Stiglitz. It was published by W.W. Norton & Company, Inc.in September 2006 with ISBN 0-393-06122-1.

Stiglitz, who won the Nobel Prize in Economics in 2001, has focused this book primarily on the economics of globalization. While addressing the economic issues, Stiglitz discusses problems arising out of globalization, and offers suggestions for solutions where they exist. Many of these issues portend devastating consequences for societies in developed and developing countries alike, for the environment, and much more. His hope is that his solutions will provide the reader with hope and insight on future. His preceding book, Globalization and Its Discontents, is described as a work that “draws on Stiglitz's personal experience as chairman of the Council of Economic Advisers under Bill Clinton from 1993 and chief economist at the World Bank from 1997.” (See link to Globalization and Its Discontents) Making Globalization Work follows his former work and focuses on the events taking place from 2001-2006, including the progression of the positive and negative effects of globalization, while analyzing and offering information about the future prognosis of the world.

[edit] Another World is Possible

The first major protest in Seattle, Washington against the World Trade Organization (WTO) and its role in promoting economic globalization came as a surprise to many, considering the positive impacts globalization was supposed to bring.

Globalization was all “too good to be true.” Along with globalization came a myriad of concerns and problems. The first concern being that the rules governing globalization favors developed countries, while the developing countries sink even lower. Secondly, globalization only regards monetary value of items, rather than other factors involved; one being the environment. The next concern is how developing countries are controlled by globalization and the negative effects it can have on their democracies. Developing countries borrow a large amount of funds from other countries and the World Bank which essentially causes them to give up the benefits of their democracy because of the strings attached to the loan repayment. The fourth concern regarding globalization is the notion that it does not live up to its original expectations. Globalization was advertised to boost countries economically; however, it has not shown improvement in developed nor developing countries. Last but not least, the fifth concern is the new system of globalization has basically forced a new economic system on developing countries. This new economic system is seen as the “Americanization” (Stigilitz, Page 9) of their policies as well as culture. This has caused quite a bit of damage financially as well as resentment. In addition to these concerns, Stiglitz highlights the reality that individual persons and whole countries are being victimized by globalization.

“Globalization had succeeded in unifying people from around the world—against globalization. Factory workers in the United States saw their jobs being threatened by competition from China. Farmers and developing countries saw their jobs being threatened by the highly subsidized corn and other crops from the United States. Workers in Europe saw hard-fought-for job protections being assailed in the name of globalization. AIDS activists saw a new trade agreement raising the prices of drugs to levels that were unaffordable in much of the world. Environmentalists felt that globalization undermined their decade long struggle to establish regulations to preserve our natural heritage. Those who wanted to protect and develop their own cultural heritage saw too the intrusions of globalization (Stiglitz, 2006, p. 7).

In addressing the concerns and the victims of globalization, Stiglitz has taken the liberty in formulating, cultural and environmental problems that globalization has caused.

Stiglitz then goes on to provide an overview of how we might “reform” globalization, by noting representatives of the world’s national governments attended the Millennium Summit and signed the Millennium Development Goals, pledging to cut poverty in half by 2015. Additionally, the International Monetary Fund (IMF) had previously been focusing more on inflation, rather then employment and income; however, they have shifted their focus in hopes of reducing poverty. Stiglitz states that countries who seek financial assistance have in the past been asked to meet an outrageous number of conditions, in exchange for the aid. This was one of the most common complaints towards the IMF and the World Bank. They have heard these complaints and have since greatly reduced the conditionality. The G8 group met for their annual meeting in 2005 and had agreed to write off debt owed by the 18 poorest countries in the world as an attempt to help with the global poverty issue. The aspiration to make trade fair, (a) originally, opening the market was done in hopes of helping the economy; however, the rights between the developing and developed countries have been skewed, and (b) the last trade agreement actually put the poorest countries in a situation in which they were worse off then to begin with.

Stiglitz focuses on the limitations of liberalization briefly to say the policies of liberalization never lived up to its expectation, the developing countries were not able to follow through with the policy because the countries were not liberalized enough to produce growth.

Finally, Stiglitz also argues that protecting the environment is one of the most important issues and countries must work together to lessen the affects of global warming. Successful development in countries such as India and China has only increased energy usage and also the use of natural resources. People from all over the world must adjust their lifestyle in order to reverse the effects of global warming. In order to see more success through globalization, global governance must make reforms. The voices of all, internationally, must be heard, rather than having the voice of the developed countries speak over those of the developing countries.

[edit] The Promise of Development

The task of finding a solution to the problem of global poverty is not simple, especially when 80% of the world is consumed in poverty. The task is very daunting for economists because their knowledge is based on a world that is perfect, which is far from the actual reality. What makes the task even more difficult is that unlike biologists or chemists, economists cannot conduct experiments to simulate what could happen and find a possible situation because each country has their own personal circumstance and situation that cannot apply under one universal condition.

East Asia was able to benefit from globalization, specifically through exporting of goods. This has helped the countries in East Asia to resolve their poverty crisis tremendously. The government played a crucial role in monitoring the progress of economic growth and maintaining a state of balance, not only in the economy, but also in the growth of jobs as well. The growth of jobs eventually ensured a rise in income for countries such as Malaysia and Indonesia. Also, countries such as South Korea saw a growing need for a higher level of education for success and for advanced technology, and invested in these areas.

Stiglitz addresses several different economic approaches taken by East Asia, South Asia, Latin America, Russia, and Africa, which were either successful or unsuccessful. East Asia’s approach, with was a very cautious approach towards investments, and was the most successful of them all. However, this cautious approach would prove not to be enough in the 1980’s because the East Asian countries would eventually come to face currency as well as banking crisis due to the overwhelming pressure from the IMF and the U.S. Treasury to open their markets. While East Asia has recovered since then, they have learned to be wary of the open market. Also, since then East Asia has been putting a stronger emphasis on help for the poor in order to promote equity. This event posed as a major learning experience. It serves as evidence that the IMF policies did not help the situation. The policies actually destabilized East Asia and sent their economy spiraling down.

Latin America was not able to establish stability as well as East Asia; rather they went through cycles of boom and bust. Initially, the region was able grow, annually, approximately 2.8 percent. This was in part due to a strategy called import substitution. This strategy was implemented to help local industries. By placing higher tariffs on imports, buyers would shy away from the expensive imported products and support the local companies.

During the 1980s the United States itself was suffering from inflation, which caused interest rates to rise dramatically. This affected the loans that Latin America had at that time, and created a major debt crisis. This period is commonly referred to as the “Lost Decade” due to the three years of decline and the ten years of stagnation (Stiglitz, 2006, p. 34).

During this time, Latin American governments relied heavily on the Washington Consensus policies in order to regain stability. The Washington Consensus focused on fighting inflation and also minimized the role of the government. In Latin America Latin America was eventually able to restore growth and stability, and although the IMF and World Bank took great pride in their policies at the time, the success would only be short-lived. Behind the growing statistics, the policies were based on extensive loans and little investments, which would eventually catch up with the economy. Overall, the Washington Consensus policies were a flop. On the outside, the policies did help encourage growth in the region, however, the policies failed to create permanent stability.

Countries making a transition from communism such as Russia, received a serious backlash because of their transitional strategy. The foundation of the country began to crumble resulting in dramatic decline in life expectancy, increase in poverty and an increase in crimes due to the lack of laws and enforcement. Russia utilized the shock therapy to make a transition to western capitalism, which included rapid capitalism and privatization (Stiglitz, 2006, p. 37).

However, the government expected too much too soon; the shock therapy approach devastated the economy. The essentials such as healthcare and educational systems collapsed, and government revenue dropped dramatically. Due to the economic instability, Russia did not receive much interest from investors. These events were all unfortunately the side effects of shock therapy.

While Russia’s economy plummeted, China and Vietnam saw an exponential growth; this puts many questions out there regarding shock therapy. Countries in Africa also suffered economically due to the government. Whether it may be due to corruption, inexperienced background, or flawed policies. These countries turned to the IMF and the World Bank for help, and were given loans rather then grants, and under that condition, the countries had to conform to the IMF policies, the Washington Consensus of market fundamentalism. The loans came with many conditions that made it even harder for countries to improve; it went as far as to even restrict assistance from other foreign countries. Open markets did not contribute much to the economy since the country could not afford many goods from other countries and they did not have much to offer to other countries.

While many countries in Africa were able to pull out of poverty due to new committed leaders, they still struggle, especially with the AIDS epidemic. Poverty has grown in part due to this epidemic, and life expectancy has been on the decline in many countries. Today, India is growing at a rapid rate. However, in order to get to this stage, the government had to work and implicate a system that would help the economy. India has invested in education, technology, and thanks to the Green Revolution it has provided a more efficient method of farming which increased production of goods. In addition the government lifted strict conditions on private sectors and ended its hostility towards businesses; this will encourage economic growth. India and China has much in common, as far as growth, have been equally successful and quite similar, the world has turned to these countries as an excellent example, while support for the Washington Consensus has been slimming down.

Through the experiences gone through by the different countries above that Stiglitz mentions, he was able to develop a list of essential elements required for successful development. In order for successful development to take place, there is an overall agreement that the government must establish these six elements: 1. Basic education; 2. Set guideline of laws; 3. Infrastructure; 4. Some elements of a social safety net; 5. Regulate competition; and 6. Environmental Impacts. As you can see, many of the rapidly growing countries in Asia have taken many of elements into consideration, which has helped them to achieve such rapid growth.

The strategy has been presented; however, the next challenge is to put the strategy into action. The major concern is who implements the changes and how they propose to implement them. Corruption within the government is a major concern and if we rely on corrupted government to implement changes, the country may suffer. Thomas L. Friedman stated that “globalization and technology have flattened the world, creating a more leveled playing field in which developed and non-developed countries may compete on equal terms” (Stiglitz, 2006, p. 56). This may be true on certain levels; countries in Asia have been able to make economic gains through trade and open- markets. However, while some countries are growing, other countries, including most in Africa, are becoming worse off. As Stiglitz puts it, in some aspects the world is getting less flat (Stiglitz, 2006, p. 57). For some, globalization has been a huge improvement in growth; however, globalization has also widened the gap between the developing or developed countries and the poorest countries in the world. And while countries such as India and Asia have entered the technological market, they have no chance of going against the giants in the U.S. such as Microsoft.

[edit] Making Trade Fair

Supporters of trade liberalization believe that the developed countries should open up their markets to exports from other developing countries, liberalize their market and remove barriers. Stiglitz points out historically, that free trade has not been pursued in its true form, as rarely is trade made truly free and fair. Free trade has not been done in the past; the difficult part is making it free and fair. Not only is it difficult to make enforce it properly, many are also wary of the negative onsets that it could bring; including lower wages, growing unemployment, and loss of national sovereignty. As you can see, these are the similar negative onsets that came with globalization as well.

Stiglitz proposes several suggestions to make trade fair for all. Starting with conditional treatment, developing countries need more support and should be treated differently depending upon their circumstances. If the same tariffs and regulations apply for developed as well as developing countries, developing countries will never be able to pull away from poverty and grow economically.

Agricultural subsidies, within developed countries, are another economic tool that have the unintended effect of keeping farmers in other countries poor compared to those in the U.S. The government gives subsidies to farmers to encourage them to keep producing. However, these subsidies often go to the big corporate companies rather than to individual farmers, create a disadvantage for the smaller farms in the United States as well. When the prices of products fall due to the subsidies, these prices affect us domestically and internationally; farmers in other countries will continue to have a lower income because they must keep the prices low. Rather than shocking farmers in the United States by flat out saying no to subsidies, Stiglitz proposes a transitional period where farmers who make $100,000 or more will not be given subsidies, while those who are in need of subsidies will receive a maximum of $100,000. Consumers may pay higher prices; however, farmers would be able to make a better living.

Escalating tariffs is another issue in which developing countries should be given some slack. Escalating tariffs make it more and more difficult for developing countries to have access to the markets; instead, Stiglitz proposes that we should allow for tariffs to be reduced for developing countries.

As far as workers, developing countries have an abundance of skilled workers, while developing countries have an abundance of non-skilled workers. Skilled workers in the United States finding work in another country does not hurt the United States, it is actually a good opportunity for us. However, if a skilled worked from a developing country were to leave to find work in the U.S., it does hurt the country. There is an asymmetrical labor flow, which does not benefit developing countries. Stiglitz proposes these amendments in hope that the world will one day support a fairer, pro-development trade regime. (Stiglitz, 2006, p. 101)

[edit] Patents, Profits and People

Stiglitz feels that the patent of intellectual property has gone overboard. By patenting intellectual property, one restricts others from obtaining access to that information. What is even more difficult is what can or cannot be patented, without this knowledge there are no boundaries or restrictions, which give people the right to patent just about anything. Intellectual property hurts the economy and discourages innovations. By patenting intellectual property one discourages research and even restricts access to many life-saving drugs for people in developing as well as developed countries.

Trade- Related Aspects of Intellectual Property Rights had been sought by the U.S. and Europe for quite some time in order to enforce their high-priced drugs and have their patents be internationally recognized. TRIPs basically gives the United States and Europe complete power over their Intellectual property rights and discourages knowledge based development in developing countries.

Developing countries should be able to have access to intellectual property at a lower cost, this will aid in the development of research and cure for countries such as Africa, where a large number of people suffer from AIDS. Another way to aid to make medications readily available to developing countries would be to waive the tax, so that they will not be restricted from using intellectual property in developing countries

Lastly, there should a better way to encourage research. Currently, the high prices of drugs supposedly funds research. However, majority of funds actually go to advertisement, rather than research. The drug companies defend themselves by saying if they give low-cost access for certain life-saving drugs, they will lose profits and it will in return hurt consumers because there will be less research. There are two solutions to this problem. One is offering a guarantee fund of some amount by the developed countries if a drug against some sort of disease was discovered. However, such an approach would not prevent drug companies from raising the price. The other solution is a prize system catered towards developing countries, in which researchers are awarded based on their innovation. This would help developed as well as developing countries expand their knowledge.

[edit] Lifting the Resource Curse

The resource curse applies to developing or even developed countries that depend upon their natural resources economically. These countries are usually wealthy overall, but have very high poverty rates because those with power, authority and wealth take in all the profits from the natural resources, leaving the rest of the country poor. For example in parts of Africa in the 1990s dispute arose between the government and rebels in Sierre Leone over diamonds, this resulted in the killing of 75,000, maiming of 20,000, and displacing of 2 million people. This is also the where the term blood diamonds stems from.

Corruption lies at the center of the resource curse, it does not surprise many that countries plagued by the resource curse are typically run by a government and/or individuals overcome by greed, and these countries usually lack democracy. Giant oil companies of the U.S. have taken advantage of the corrupted government by offering bribes. Although Americans are not allowed to bribe foreign governments or companies, Stiglitz asserts that this nonetheless occurs. For example, Mobil hired facilitators who bribed the Kazakhstan government for a share of their oil field.

Stiglitz suggests that we need to create mechanisms to fairly share natural resources, and to spend the money generated by use of those resources. When the economy is in good shape, banks will loan the country money, however, when the economy is down and the country really needs money, the banks will not step in to help. So, for countries that rely heavily on natural resources, they must manage the income and how much they spend very wisely.

Another problem that resource-rich countries get hit with is the Dutch Disease in which as countries sell their resources around the world and converts it back to their currency, the currency appreciates and then it is difficult for them to sell other products to their buyers. This causes growth to slow and increased unemployment.

The affects of these problems can be greatly reduced by setting aside a fund when the economy is booming, so that in the case of recession, the country will have funds to lie back on. This is a great solution; however, countries must work to be able to get to that stage. Many of the developing countries are too poor and struggle on a daily basis, let alone have enough funds to set aside; they are more or less in a slump to begin with. Furthermore Stiglitz propose seven additional measures to help resource rich countries:

1. Transparency Initiative: This would discourage corruption and countries would receive full price for their goods. Companies must fully disclose how much they paid for a certain amount of resources.
2. Reducing arms sales: Make it more difficult to access arms in order to discourage conflict.
3. Certification: Imports must be certified by the government. By not buying uncertified material, the support for conflict materials will diminish.
4. Targeting Financial Assistance: Developing countries provide incentives by limiting aids through the World Bank and assistance program, so that countries who continue to accept bribes will not receive financial assistance.
5. Setting norms: By setting norms, countries will know the value of their goods and receive the full value of their products. Currently, developing countries are selling their natural goods for much less than the full value.
6. Limiting environmental damage: There should be an agreement not only from developing countries but developed countries as well that they will protect and repair any environmental damage if need be.
7. Enforcement: These guidelines must be strictly enforced to cut out corruption in the market and support fair trade for all countries, developing and developed.

[edit] Saving the Planet

Stiglitz emphasizes environmental realities of globalization and the lack of enforcement against environmentally damaging actions where costs and benefits are experienced unequally by different countries. Currently, there are few negative consequences for harmful contributions to the environment, and therefore, little motivation exists for polluting countries to clean up their acts. He explores the effects of greenhouse gases on global warming and lists out: "seven almost incontrovertible facts concerning global warming:

1. The world is warming – by almost 1 degree Fahrenheit (0.6 degrees Celsius) in the last century;
2. Even small changes in temperature can have large effects;
3. This rate of warming is unprecedented, even going back millions of years;
4. Sea levels are rising – by some four to eight inches (ten to twenty centimeters) in the last century;
5. Even small changes in sea level can have large effects – for example, a one-meter rise would inundate low-lying seas around the world, from Florida to Bangladesh;
6. There have been huge increases in greenhouse gases in our atmosphere, to a level that is estimated to be the highest in at least 20 million years, and which has been increasing at the most rapid rate seen for at least the past 20,000 years; and
7. It is possible that the pace of change in the temperature could accelerate, with small increases in the concentration of greenhouse gases leading to even larger changes in climate than in the recent past” (Stiglitz, 2006, p. 166).

He points out the irony of the United States’ refusal to participate in and abide by the Kyoto Protocol, which is dedicated to reducing emissions by each country, despite its being the most prolific polluter in the world. Suggestions to improve the environment and decrease the acceleration of global warming provide an interesting and potentially positive, while simultaneously grim, outlook on the future of the health of the world. The amount of pollution contributed by both developed and undeveloped countries is astonishing, and Stiglitz points out that developing countries will eventually out-pollute developed countries around the year 2025, if current predictions hold. One of the suggestions offered is the use of trade sanctions to pressure countries into participating in the Kyoto Protocol, which would help with cutting down pollution. Some developing countries are participating in The Rainforest Coalition, headed by Papa New Guinea and Costa Rica, which is a group committed particularly to fighting the rise in greenhouse gases. As you can see, developing countries are beginning to take interest in resource conservation. “From an economic point of view, both the common tax and the targets approach can achieve the necessary reductions in emissions, and both can do so efficiently as long as there is carbon trading” (Stiglitz, 2006, p. 183). Above all, Stiglitz clearly communicates the point that reversing the environmental troubles is crucial to the success of economic globalization, so the concepts are connected.

[edit] The Multinational Corporation

Stiglitz argues that large multinational corporations have a bitter sweet influence on the course of globalization and on developed and developing countries. Corporations have facilitated “bringing the benefits of globalization to the developing countries, helping to raise standards of living throughout much of the world” (Stiglitz, 2006, p. 188). However, Stiglitz points out that corporations are in a position to do what it takes to bring in as much profit as possible, without paying attention to environmental ramifications. He expounds on the lasting effects of the Limited Liability Corporation and Limited Liability Partnership, while pointing out that many corporations protect the interests of their shareholders, some actually recognize their Business Social Responsibility (BSR). Another area that needs improvement deals with the creation and refinement of laws directing how corporations conduct themselves and make decisions. Stiglitz states, “eventually, we should be working toward the creation of international legal frameworks and international courts – as necessary for the smooth functioning of the global economy as federal courts ad national laws are for national economies” (Stiglitz, 2006, p. 207).

[edit] The Burden of Debt

The lending and borrowing of funds by developing countries is a major problem. Many times there are unfair and inefficient contract terms that bind the borrower to repaying their debt at a much higher percentage than when the money was borrowed. These countries get caught in a no-win situation because often they are in desperate need of the loan, but repayment options force the developing country to take on a large amount of risk, depending on the terms of the contract. Stiglitz suggests that “a well-functioning global financial system would, on the contrary, provide money to countries in their times of need, thereby contributing to global economic stability, rather than demanding money from them at such times” (Stiglitz, 2006, p. 219). He elaborates on the fate of Argentina and the risky, but positive decision to drop the influence of the IMF, which ultimately allowed Argentina to grow despite their debt. Proposed are “five key reforms” to debt reorganization:

1. Do no harm;
2. Return to counter-cyclical lending;
3. Risk reduction;
4. Conservative borrowing; and
5. International bankruptcy laws (Stiglitz, 2006, pp. 234 – 238).

[edit] Reforming the Global Reserve System

Stiglitz opines that the Global Financial System (GFS) is failing for all countries, notably developing countries, and mentions the uphill flow of money to the rich from the poor (Stiglitz, 2006, p. 245). The reasons why countries keep reserves on hand are for emergencies and also to assist with ups and downs of the exchange rate. He expresses his discontent with the global reserve system and elaborates to ultimately say, “The global reserve system depresses the global economy and makes it more unstable” (Stiglitz, 2006, p. 250). A solution suggested for a new global reserve system deals with “global greenbacks,” a global currency and reserve system accessible by participating countries in desperate times. Detail is given with regard to social drawing rights (SDRs), which is essentially international money. Global instability is also caused by the rise and fall of the dollar value and the instability of exchange rates. The instability of the United States, partially vis-à-vis the country’s debt increase, has cast a shadow on the political and economic relationship with China (despite each country’s need for the other in our current situation).

[edit] Democratizing Globalization

Stiglitz draws a picture of the connection between globalization and politics, a common theme in this book, and it is pointed out that “economic globalization [is] outpacing political globalization” (Stiglitz, 2006, p. 269). He pushes the fact that strong democracies in developing countries have contributed too much of the success experienced in the last 30 years (Stiglitz, 2006, p. 275). America’s unwillingness to make sound political decisions, which would help “make globalization work”, is common language in this chapter. The institutions governing global economic decisions seem to be failing and not helping the cause, like originally planned. There are several reasons for this, and Stiglitz discusses a few. Above all, Stiglitz believes, “to make globalization work, there will have to be a change of mind-set: we will have to think and act more globally” (Stiglitz, 2006, p. 278). He goes on to list additional solutions and suggestions for change and hits on some recent political decisions made in the United States, which are bound to turn some heads. He wants to start the change now and thinks the movement is long overdue.

[edit] Reviews

Stiglitz’s book has been reviewed from Seattle to New York to the U.K. and they are positive while noting that Stiglitz is “making a case” while providing a “practical vision for a successful and equitable world.”

Bruce Ramsey, of The Seattle Times, on October 13, 2006, wrote [1]:

“It is good to hear the arguments of Third World nations about this inequitable state of affairs. Americans should hear them more often. But Stiglitz is hardly evenhanded; he is making a case. He brushes aside rich-country bellyaches, such as the U.S. trade deficit with China. He caricatures the views of his opponents, saying they believe that their undiluted version of free trade will make everyone better off, when what they actually believe is that by lowering prices it will make most people better off. Stiglitz highlights the flaws of markets, but he is not equally tough on the deficiencies of government economic policies or the failures of foreign aid. His book is flavored with a deep distaste for inequality.”

Chris Wilson, of InTheNews.Co.UK, on September 6, 2006, wrote [2]:

[edit] Likelihood of becoming a Hollywood blockbuster

Not a Hollywood blockbuster, but an outstanding bestseller certainly, one that will again rile many in western political office and the economic community. Dr. Stiglitz's open, honest style of writing and appeal to experts and non-experts alike – coupled with the ever-heightened debate over globalization – will guarantee this book's enduring success.

[edit] What the others say

Attacking the idea of free-for-all markets in a superfluous debate with conservative purists only overshadows Dr. Stiglitz’s practical suggestions, like adding labour and environmental ministers to trade negotiations. – Stephen Kotkin, The New York Times

What the world needs is not another book on the failures of ill-defined globalisation. What we need is hope. – Bill Jamieson, The Scotsman

Joseph Stiglitz’s new book, Making Globalization Work, is an imaginative and, above all, practical vision for a successful and equitable world. – World Affairs Council

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41. Wikipedia – The Free Encyclopedia, Private Sectors, December 15, 2006, < http://en.wikipedia.org/wiki/Private_Sectors>.
42. Wikipedia – The Free Encyclopedia, Resource Curse, December 15, 2006, < http://en.wikipedia.org/wiki/Resource_Curse>.
43. Wikipedia – The Free Encyclopedia, Russia, December 15, 2006, < http://en.wikipedia.org/wiki/Russia>.
44. Wikipedia – The Free Encyclopedia, Seattle, December 15, 2006, < http://en.wikipedia.org/wiki/Seattle>.
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46. Wikipedia – The Free Encyclopedia, Shock Therapy, December 15, 2006, < http://en.wikipedia.org/wiki/Shock_Therapy_(economics)>.
47. Wikipedia – The Free Encyclopedia, South Asia, December 15, 2006, < http://en.wikipedia.org/wiki/South_Asia>.
48. Wikipedia – The Free Encyclopedia, South Korea, December 15, 2006, < http://en.wikipedia.org/wiki/South_Korea>.
49. Wikipedia – The Free Encyclopedia, Subsidies, December 15, 2006, < http://en.wikipedia.org/wiki/Subsidies>.
50. Wikipedia – The Free Encyclopedia, Tariffs, December 15, 2006, < http://en.wikipedia.org/wiki/Tariffs>.
51. Wikipedia – The Free Encyclopedia, Thomas L. Friedman, December 15, 2006, < http://en.wikipedia.org/wiki/Thomas_L._Friedman>.
52. Wikipedia – The Free Encyclopedia, TRIPs, December 15, 2006, < http://en.wikipedia.org/wiki/TRIPs>.
53. Wikipedia – The Free Encyclopedia, United States, December 15, 2006, < http://en.wikipedia.org/wiki/United_States>.
54. Wikipedia – The Free Encyclopedia, U.S. Treasury, December 15, 2006, < http://en.wikipedia.org/wiki/U.S._Treasury>.
55. Wikipedia – The Free Encyclopedia, Vietnam, December 15, 2006, < http://en.wikipedia.org/wiki/Vietnam>.
56. Wikipedia – The Free Encyclopedia, Washington, December 15, 2006, <http://en.wikipedia.org/wiki/Washington>.
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[edit] External links

1. Amazon.com, Making Globalization Work, November 25, 2006, <http://www.amazon.com/Making-Globalization-Work-Joseph-Stiglitz>.
2. Farrar, et al. The New York Times Columnist Thomas L. Friedman, December 15, 2006, <http://www.thomaslfriedman.com/>
3. Korinek, Anton, Columbia Business School, November 26, 2006, <http://www2.gsb.columbia.edu/faculty/jstiglitz/index.cfm>.
4. Ramsey, Bruce, Making Globalization Work”: Nobel winner's fresh views on globalization, October 13, 2006, The Seattle Times, November 25, 2006, <http://seattletimes.nwsource.com/html/books/2003301627_stiglitz15.html>.
5. Stiglitz, Joseph, Global Greenbacks, March 22, 2002, Economic Times, November 27, 2006, <http://www.globalpolicy.org/socecon/ffd/2002/0322greenback.htm>.
6. Unknown, Joseph Stiglitz Homepage, December 15, 2006, <http://www2.gsb.columbia.edu/faculty/jstiglitz/index.cfm>.
7. Wilson, Chris, Making Globalization Work By Joseph Stiglitz, September 6, 2006, Inthenews.co.uk, November 25, 2006, <http://www.inthenews.co.uk/entertainment/reviews/reviews/books/making-globalization-work-by-joseph-stiglitz-$449616.htm>.
8. W.W.Norton and Company, December 16, 2006, <http://www2.wwnorton.com/catalog/fall06/006122.htm>.