Economic Development

Paper Summary:

This paper examines the effects of globalization on the country of Liberia from the context of Joseph Stiglitz's article, "Toward a new paradigm for development, " in the last decade. Specifically, it explores how globalization has impacted the goods and labor markets. It also looks at suggested policy changes that could be implemented, both domestically and internationally, that would address any negative impact globalization may have had on Liberia's economy.

Outline
Introduction
Background
Current International Economic Policies Affecting Liberia
Impact of Liberia's Goods and Labor Markets
Incorporating Stiglitz's Recommendations

From the Paper:

"Dual sets of forces have united in the last decade to confront the Liberian people and their economy. The first of these was the outbreak of civil war in the early 1990s, resulting in national political chaos. This chaos culminated in the virtual enthronement of a major warlord, the U.S. educated Charles Taylor, (who has since fled the country due to pressures internal and external to Liberia). (Daniels) The other set of forces that have concomitantly challenged Liberia is the increasing global dominance of the liberal economic policy vision which reemerged in the early 1970s after nearly twenty-five years of relatively strong state economic intervention, (1950-1973), and has since gained growing momentum under the theory of globalization."

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