Sunday, October 26, 2008
A globalized economy
It is quite clear that the financial crisis that we are currently in the midst of is also a problem that the rest of the world is having, as well, which really shows how we're in a globalized economy-problems in one country affect a great deal of other countries. What I think is really cool, though, is how countries are working together to help to fix the crisis. For instance, in the article Asia, Europe reach consensus on financial crisis, it discusses how countries are doing just that. There was a two-day Asia-Europe Meeting in Beijing that 43 countries attended, and they issued a statement that, among other things, called for the IMF to help "stabilize struggling banks and shore up flagging stock markets," according to the article. I think that this shows that as the world becomes further globalized, it becomes increasingly important to connect with other countries during problematic times.
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2 comments:
Yes, it is cool that countries are working together to help fix the crisis. However, I feel that most of these countries would not help each other if they felt that their country would not benefit.
After reading Globalization and its Discontents i find it funny that Asia is agreeing to call the IMF to help. During the East Asia crisis Asia was able to recover faster than Russia did from its crisis because Asia did not really follow anything the IMF told it to do and the Asian countries that did follow the IMfs instructions realized that it was not the best decision they made. This being the case i find it really interesting that Asia is relying on the IMF to "stabilize truggling banks and shore up flagging stock markets"...
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