Global Economics

Joseph Stiglitz and Jagdish Bhagwati are economists who discuss the issue of globalization differently though they come to agreement to some point. They both view globalization as a positive progress in countries globally. They both focus on ways of improving globalization in order to make it useful to all people within the globe. They support that globalization leads to economic advancements to most countries since it focuses on improving people’s economic status. They both agree that globalization should be supported by governments and other legal acts for it to become successful. Different countries are helped by globalization differently meaning that governments support is necessary. Economic policies of different countries favor globalization differently. They both agree that globalization is made possible and successful with proper management and good policies. They both agree that globalization (Jagadīśa 24) has increased economic status of most less developed countries. Trade and interaction between such countries and developed countries has been made possible through globalization. They both agree that globalization is necessary and trade should be done freely in order to improve the economy.

The economists however differ in some factors. Stiglitz suggests that globalization (Stiglitz n.p) is favored by international monetary organizations while Bhagwati suggests (Jagadīśa 24) that it is a social activity. He says that globalization has created social interaction between different people internationally unlike Stiglitz who suggest globalization has led to disagreements. Stiglitz discusses globalization (Stiglitz n.p) in terms of economic policies and advantages only while Bhagwati discusses the social policies and impacts of globalization. He also suggests the advantages of globalization both economically and socially. Bhagwati says that both private sectors and public sectors should rise and support improvement of globalization. On the other hand Stiglitz thinks that public sectors and the government should be responsible for improving globalization. Globalization should be a continuous process as Bhagwati suggests while Stiglitz thinks it should be a first process.

 

Works Cited

Jagadīśa, Bhāgavatī. In Defense of Globalization. New York, N.Y., [etc.: Oxford University Press, 2004. Internet resource.

Stiglitz . J (director). Retrieved from; https://www.youtube.com/watch?v=sV7bRLtDr3E&feature=youtu.be