Globalization and religion essay

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Daniel T. Griswold of the Cato Institute labels the book a "score-settling exercise distorted by the author's own political prejudices and personal animus." Griswold takes issue with what he claims is Stiglitz's assumption "that protectionism enriches those nations that practice it" and notes that "while he is not questioning free trade, Stiglitz is disparaging the free flow of capital. The book blames the East Asian Financial Crisis almost entirely on one factor: capital account liberalisation." Stiglitz demonstrates this belief by "prais[ing] Malaysia for spurning IMF advice ... by imposing capital controls to stem the flight of short term flows." Griswold also states that Stiglitz provided no evidence to support his belief that Malaysia was rewarded for their efforts. He counters that Malaysia's GDP growth rate had fallen much farther than the other countries listed by Stiglitz, down to % and "recovered less rapidly in 1999 and 2000 even though [others] did not resort to capital controls Stiglitz champions." Griswold concludes by arguing that Stiglitz "distorts the history of the East Asian Miracle ", while with Russian privatisation he "ignores the fact that Russia 's initial reforms were timid and half baked" and that the IMF with its beliefs in bail outs and non-market exchange rates is not the "great symbol of market fundamentalism ". [9] [10]

Early modern globalization is distinguished from modern globalization on the basis of expansionism , the method of managing global trade, and the level of information exchange. The period is marked by such trade arrangements as the East India Company , the shift of hegemony to Western Europe, the rise of larger-scale conflicts between powerful nations such as the Thirty Years' War , and a rise of new commodities—most particularly slave trade . The Triangular Trade made it possible for Europe to take advantage of resources within the Western Hemisphere . The transfer of animal stocks, plant crops, and epidemic diseases associated with Alfred W. Crosby 's concept of the Columbian Exchange also played a central role in this process. Early modern trade and communications involved a vast group including European, Muslim , Indian, Southeast Asian , and Chinese merchants, particularly in the Indian Ocean region.

Globalization and religion essay

globalization and religion essay


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