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Jagdish Bhagwati: In Defense of Globalization

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According to the paper, the evolution of technology has also speeded up the process of globalization. Also, goods and capital move faster now due to the prevalence of the computer and the Internet. The downside to this, however, is the fact it also becomes easier to move capital in and out of the country, making it possible for the East Asian financial crisis to happen again.
More than this, there is also a sense of economic insecurity and vulnerability now. When something happens to a particular country whether it is in the East or West, the effects are on a global scale and are easily felt. What’s more is the fact that in the past, there was a wide technological gap between the two, given that England was far ahead in industrialization.

Now, all countries usually have access to the same general pool of resources.
Economic globalization usually has two main kinds of detractors. These are what Bhagwarti terms as the ‘hardcore protesters’ and the ‘mainstream critics.’ The hard-core protesters are those who come from different intellectual backgrounds but share one thing in common--extreme dislike for globalization. The mainstream critics, on the other hand, are those who do not advocate globalization but are still open to reasonable discourse. While Bhagwarti believes that the most of their arguments are gigantic non-sequiturs, at least, they are unlike the hardcore protesters who are fixed in their beliefs despite contrary evidence proving otherwise.
Aside from, the author also critiques several projects and policies by the International Monetary Fund (IMF), World Trade Organization (WTO), bilateral aid agencies such as the U.S. Agency for International Development, and trade treaties such as the North American Free Trade Agreement (NAFTA).
Charges made by some international agencies such as the World Bank that globalization is hypocritical, uses double standards, and are responsible for unfair trade, he believes, are not to be taken seriously or in his words, “a little more than rubbish.” International agencies accuse rich countries of protectionism when, in truth, it is the poor countries who have higher forms of protectionism.

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