The Global Economy

The Global Economy

Discuss to what extent Bretton Wood institutions have been responsive to criticisms and changed in the last two decades. Analyse each institution separately explaining what aspects have been reformed or not, why and how.

The answer to this question requires:
Identification of criticisms and to what extent the criticisms have been addressed and strengths reinforced; with focus on the identification of aspects that need to be reformed, explaining why and how. This is an essay requiring evidence of a range of readings for and against Bretton Woods institutions. For the evaluation of WTO you need to acknowledge the debate around TRIPS ( see reading for workshop 8: Legrain, G. ( 2004) ‘Patently Wrong: How Global Patent Laws Harm the Poor and the Sick’, Chapter 10 in Legrain ( 2004) Open World, pp. 254–269

Key authors: Rich & Lateef (READINGS FOR WORKSHOP 3). Legrain (workshop 8), Stigliz and Peet.

Stiglitz, J ( 2002) Globalization and its Discontents, London: Penguin (chapters about the “way forward in Globalization and its discontents),
Stiglitz, J ( 2007) Making Globalization Work: The Next Steps to Global Justice, London: Penguin, 2007
Peet, The Geography of Power: the making of global economic policy ( Oxford University Press, 2008) ( One chapter included in the reading package for WS3)
R. Peet, Unholy Trinity, The IMF, World Bank and WTO, (London: Zed Books, 2003)

PLEASE DO NOT write an introduction, conclusion or identification of the bretton wood institutions (WTO, IMF, WB. Start of directly with the criticisms; and focus mainly on the criticisms, stregths reinfored, how the institutions responded to the criticisms,and what needs to be reformed. With reference to what has happened over the past 2 decades.

Below are some specific references to include. The list tells you whether it can be found in document part 1 or part 3.

MN216 Part 1:
The World Bank: its First Half Century’ pages 13 to 16
Reference as: Lateef, S. (1996) ‘The World Bank: it’s First Half Century’ in Goddard et al (Eds) International Political Economy, London: Routledge.
World Bank: 50 years is enough pages 17 to 21
Reference as: Rich, B (1996), ‘World Bank: 50 years is enough’, in in Goddard et al (Eds) International Political Economy, London: Routledge
Political Power pages 42 to 56
Reference as: Peet, R (2010), Geography of Power: The Making of Global Economic Policy, London: Zed Books

Recommended Additional Readings
MN216 Part 3:
The East Asia Crisis: How IMF Policies brought the World to the Verge of a Global Meltdown’pages 50 to 71
Reference as: Stiglitz, J. (2002) Globalization and its Discontents, London: Polity Press
‘Patently Wrong: How Global Patent Laws Harm the Poor and the Sick’ pages 102 to 109
Reference as: Legrain, P (2003) Open World: The Truth about Globalisation, London: Abacus