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Business
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| Number of pages / Number of words: |
8 / 2210 |
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The 1980s saw Asia and Africa with a “lost decade†(Naim, 1999): with high inflation and minimal growth.
Along with the end of the Cold War, developing countries could not sustain their economic policies in the midst of their debt crisis; and sought financial aid. They were left with no option but to accept the stringent set of conditions imposed by the IMF...
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They were left with no option but to accept the stringent set of conditions imposed by the IMF.
Stiglitz’s views & those who support him
Stiglitz’s views of the negative affects of globalization can be simplified into (1) his economics and policy views, (2) the evidence he presents and (3) his suggestion of the Washington Consensus’s special interest:
Economics and policy views
The IMF’s neo-liberal economic policy is founded on faith of the “perfect market†and on Adam Smith’s invisible hand: that the pursuit of economic self-interest will promote the good of the community at large...
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