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Stiglitz on globalization, why globalization fails? The trade agreements

Joseph Stiglitz
-, 2013
Level: beginner
Perspectives: Institutionalist Economics, Neoclassical Economics
Topic: Globalization & International Economic Relations
Format: Lecture
Duration: 00:50:10
Link: https://www.youtube.com/watch?v=M3P9iXSf-e8

Stiglitz answers the question why globalization and world trade has not delivered on its promise of increased well being as much as classical economists thought, by pointing to the power asymmetries: firstly, between industrialized nations and developing nations and secondly, between special corporate interest and social interests. In his analysis, developed countries and MNCs were able to extract the benefits, while shifting the costs (i.e. pollution) to states and communities with lesser power. Amongst many other historical examples the pharmaceutical and the mining industry are discussed to some length.

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