Stiglitz on globalization, why(,) globalization fails ? 03 1 - The trade agreements

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.

auctioning capitalism comparative advantage competition corporate interest CSR developing countries environmental pollution globalization growth industrialized countries inequality intellectual property limited liability monopoly multinational corporation patents poverty power asymmetry risk specialization subsidies tariffs trade unemployment