Q.3:What about the “Dark Side” of globalization?

The challenges posed by increased communication between cultures are not the only problems intensified by globalization. There are also issues regarding how to more equitably distribute the economic benefits and costs of globalization. In America and around the world, some people have more to gain, others more to lose in the near term.

A third issue has to do with the increasing power of non-democratic international economic institutions such as the International Monetary Fund and the World Bank. The stated purpose of such organizations is to work in conjunction with national governments to foster economic development and growth around the world. Some critics argue, however, that some of the policies of these institutions have worked to the disadvantage of middle and lower class citizens in favor of international investors.

In a new book, "The Shock Doctrine: The Rise of Disaster Capitalism", Naomi Klein presents a vigorous attack on the economic policies that these international institutions have imposed on countries as conditions for economic assistance. She argues that these policies have undermined the social safety net and increased unemployment in many countries. She also criticizes the push to privatize public services and to deregulate every sector of an economy. Some of us may remember Enron and the terrible consequences here at home of feckless deregulation.

My purpose here is not to endorse her conclusions but to share this alternate resource.
One may disagree with her viewpoint, but for those interested in an alternate, more pessimistic view of this aspect of globalization, her book is an important resource.

More information about Ms. Klein and her book may be found at: http://www.naomiklein.org/main