Global Economic Issues Essay Example | Topics and Well Written Essays - 2500 words

Global Economic Issues - Essay Example pecuniary service organizations that act in the international arena in facilitating financial flows between lenders and borrowers have to proceed in a strategically competitive environment that compels them to adopt a quintessentially ideological stance which Stiglitz (2008) attributes to the predomination of the financial communitys view of the world (Lechner and Boli, 2008, p. 204). Stiglitzs tirade against globalism and its consequences is not a nonreversible affair either. Criticism of Washington Consensus, which advocates a minimum role for the government while at the equal time actively encouraging privatization and trade liberalization, has not been a recent phenomenon (Stiglitz, 2003). planetary financial services institutions play a major role in determining the very outcomes in globalization do to such an extent that their impact is felt in the far corners of the globe in every expanse of decision making including those of the ce ntral governments and local bodies. According to Stiglitz international financial institutions such as the International Monetary Fund (IMF) and the World Bank (WB), have been pushing forth a particular course of market fundamentalism that pays little or no attention to third world countries diverse needs. This total irrelevance of policies that these institutions advocate for developing countries is nothing new even in respect of those East Asian economies standardised South Korea and Taiwan. However these latter countries could successfully ignore the Washington dictated reformist formula and progress to a greater degree of equality among their citizens.Globalization and/or globalism particularly refer to a stripe of liberal economic principles that underlie the very nature of how best to expand international trade and commerce links beyond the national borders of countries (Nagdeman, 2009). While the underlying theoretical constructs basically refer to such duplicate concepts as international free trade and