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Globalization has caused the nation state to lose control over its economy and has affected its ability to address the needs of its citizens. Meanwhile, the economic restructuring imposed on most indebted nations has caused states to lose a portion of their income. As a result, budget deficits have grown and poverty has increased; and that has created the need for more borrowing and caused interest payments and debts to rise and be placed on an unsustainable path. Dominique Strauss-Kahn, former International Monetary Fund (IMF) managing director, said, “Globalization has delivered a lot … but it also has a dark side: a large and growing chasm between the rich and the poor. Clearly we need a new form of globalization to prevent the ‘invisible hand’ of the loosely regulated markets from becoming ‘an invisible fist.’”
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Leo Panitch and Sam Gindin; p. 6.
Howard Schneider, IMF chief sees recovery as a work in progress, The Washington Post, April, 12, 2011, A13.
Robert D. Kaplan, “The Return of Ancient Times,” The Atlantic Monthly, June 2000, 16.
Jeff Faux, NAFT’s Impact on US Workers, Economic Policy Institute December 9, 2013. http://www.epi.org/blog/naftas-impact-workers/
Jeff Faux, NAFTA’s Impact on US Workers; Economic Policy Institute, December 9, 2013. http://www.epi.org/blog/naftas-impact-workers/
Trade in goods with China, Foreign Trade, US Census bureau, US Department of Commerce. https://www.census.gov/foreign-trade/balance/c5700.html
Jeff Faux, NAFT’s Impact on US Workers, Economic Policy Institute, December 9, 2013.
NAFTA’s 20-Year Legacy and the Fate of the Trans-Pacific Partnership, Public Citizen February, 2014.
Peter Drucker: “Beyond the Information Revolution,” The Atlantic Monthly, October 1999, 50.
Joseph Stiglitz: Making Globalization Work, 2006, 31.
- Globalization and the Debt Crisis
- Chapter 9
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