Branko Milanovic, "The Two Faces of Globalization"


Essay, 2003
6 Pages

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Branko Milanovic, "The Two Faces of Globalization"

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Branko Milanovic, "The Two Faces of Globalization"

I. In answering whether or not Milanovic’s (2003) ideas are correct that the dominant view of economists is that

once certain preconditions are in place ('sound' macro-policies, protection of property rights, etc.) ... the only thing a country needs to do is simply to open up its borders, reduce tariff rates, attract foreign capital, and in a few generations if not less, the poor will become rich, the illiterate will learn to read and write, and inequality will vanish as the poor countries catch up with the rich, (4)

one must take into account how quickly popular opinion can change on a subject. I believe this was the dominant view of many economists, a short time ago, however, as the data continues to flow in on actual ‘real world’ results of globalization, more economists are realizing that it is not so simple.

The reasoning underlying the view that globalization, when properly implemented, is a wonderfully benevolent force in improving the world as a whole, may simply be because the data can be manipulated to produce these results, and we, in the richer geographic region, would love for it to be so. China is an excellent example of how globalization has been able to help the country as a whole in its economic prosperity. Milanovic maligns those economists who utilize this approach as ignoring certain factors, such as economic growth in spite of unreasonably high tariff rates, yet he also does not acknowledge the fact that those “certain pre-conditions” may simply erroneously contain lower tariff rates as a precursor to success.

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Details

Title
Branko Milanovic, "The Two Faces of Globalization"
College
University of Phoenix
Author
Year
2003
Pages
6
Catalog Number
V60677
ISBN (eBook)
9783638542944
File size
400 KB
Language
English
Tags
Branko, Milanovic, Faces, Globalization
Quote paper
Kimberly Wylie (Author), 2003, Branko Milanovic, "The Two Faces of Globalization", Munich, GRIN Verlag, https://www.grin.com/document/60677

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