Stiglitz on globalization, why(,) globalization fails ?

Debates over globalization have evolved over 15 years. Initially, it was believed that globalization would benefit both developed and developing countries. However, a global movement against globalization has emerged due to adverse effects on poorer countries. Studies revealed that post-1994 trade agreements worsened conditions for many developing countries, as developed countries didn't reciprocate market openness, particularly affecting agriculture. The debate now focuses on how globalization can be made to work for all.

A key failure of globalization is that, instead of bringing stability, economic integration led to instability due to policies like capital market liberalization. Trade liberalization also failed, leaving poorer nations worse off. However, some countries like China and India benefited by managing globalization to suit their needs. Latin America, adhering to the Washington Consensus policies, saw disappointing growth and high poverty, contrasting China's success in poverty reduction by managing globalization effectively.

Economic globalization, typically emphasized, needs proper management to ensure benefits. China and East Asia effectively managed the process, focusing on strategic foreign investments while avoiding destabilizing capital flows, resulting in immense growth and poverty reduction. Latin America faced failures due to rigid adherence to globalization policies by institutions like the IMF. Globalization's success hinges on strategic and well-sequenced management.

Non-economic facets of globalization like idea exchange, democracy, and human rights also spread. However, economic globalization often interferes with these benefits. Strengthened intellectual property rights during trade negotiations hindered access to affordable medicines in developing countries, causing preventable deaths. This represents economic considerations eclipsing vital human needs, highlighting how globalization's potential for good is often overshadowed by adverse management.

Globalization's failure chiefly stems from economic forces outpacing political frameworks globally. As nations integrate closer, acting cooperatively becomes essential. Yet, political processes lag, leading to a democratic deficit where global decisions fail to represent all citizens. This deficit favors corporate and special interests over ordinary citizens, affecting both developed and developing nations.

Agricultural subsidies in developed countries depress global prices, hurting farmers in poorer nations. Subsidies benefit a small fraction of large-scale farmers but burden taxpayers immensely. Trade barriers like phytosanitary rules often protect domestic markets under the guise of safety, impeding developing nations' exports. This dynamic fuels corporate interests globally at the expense of general populace welfare, highlighting a democratic deficit in global trade policies.

Global organizations like the IMF and WTO demonstrate democratic deficits by prioritizing wealthy nations' interests. Voting rights are disproportionately based on economic stature, neglecting populous growing economies. Leadership often reflects financial markets' interests, emphasized on controlling inflation over growth and jobs. The pharmaceutical industry's influence resulted in strengthened intellectual property norms in treaties, restraining scientific and medicative advancements.

Failures in globalized governance examples include the imposed privatization of social security in developing countries, leading to national financial instability. Policies shaped by few interest-focused officials undermine democracy within these countries. A balanced domestic debate includes diverse voices leading to beneficial policies, contrasting with international settings dominated by corporations' narrow interests. Such dynamics skew public welfare negatively.