Global Economy

Paper Summary:

This paper begins by taking a brief look at the positions of both critics and supporters of the global economy. The paper then summarizes and reviews Dani Rodrik's book and points out that Rodrik's book looks past the controversy and, instead, focuses on what factors have allowed the global economy to take hold in nations, which have diverse governments and widely varying amounts of investment capitol. Finally, the paper also discusses the three individual factors that Rodrik claims are responsible for sustained economic growth among developing countries.

From the Paper:

"According to the New Dictionary of Global Literacy (2002) a global economy is the international spread of capitalism, and capitalism based economic system, especially in recent decades, across national boundaries and with minimal restrictions by governments. For many reasons the global economy has become hotly controversial, and there are as many critics as supporters of this recent wave of economic evolution. Critics allege that the mechanism by which global economy operates, which are the free markets and free trade, take jobs away from well-paid workers in the wealthy nations while creating sweatshops in the poor ones. Supporters of a global economy insist that the free movement by nations toward capital stimulates investment in poor nations and creates jobs in them. While this may be a temporary shift of investment from established countries to developing nations, the result is a global sharing of wealth which inevitably lifts all peoples, like an oncoming tide lifts all the ships in the harbor."

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