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Global Governance - Essay Example
This paper discusses the proposition that "in part, free trade has not worked because we have not tried it" (Stiglitz, 2006). The first part briefly summarises the basic principles behind free trade as it has academically evolved over the years. The second part discusses the history of free trade and shows the successful and failed attempts of governments to apply basic economic principles and the rise of globalisation…
The conclusion contains brief recommendations for action to make free trade really "free".
An initial look at the term globalisation implies that some "thing" or "phenomenon" is spreading throughout the globe and in the process becoming "global", or globalising. Whilst diseases, ideas, information, or even weather disturbances can go global, the current usage of the term "globalisation" is in reference to free trade in goods, services, and labour among the world's nations. Thus, globalisation and free trade are understood to be one and the same.
Micklethwait and Wooldridge (2000) described globalisation (p. xvi) as the "integration of the world economy, reshaping business and reordering the lives of individuals, creating social classes, different jobs, unimaginable wealth and, occasionally, wretched poverty." Stiglitz defined it earlier (2002, p. ...