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The book deals mainly with the effects of globalization. It describes a growing social divide as a result of "delimitation" of the economy and a loss of political control by the state over the economic development, which is increasingly controlled by global corporations. The authors warn of a so-called "20-to-80-society". [3]
The title of the book points at the sharp decline in stock prices following the bankruptcy of the investment bank Lehman Brothers in September, 2008. Meanwhile, its subtitle reveals Stiglitz's conviction that free markets are at the bottom of the crisis, as he makes deregulation responsible for the rise of the shadow banking system, over-leveraged banks and subprime mortgages.
Globalization is commonly defined as the international movement toward economic, trade, technological, and communications integration and concerns itself with interdependence and interconnectedness. As a result of the interconnectedness brought on by globalization, languages are being transferred between communities, cultures, and economies at ...
In the name of free markets and with the promise of an improved standard of living, local authorities give up some of their political and social powers to international organizations. [10] Thus, globalization causes the greater empowerment of these international organizations and the diminishing influence of local state institutions. [15] [16]
Cultural globalization refers to the transmission of ideas, meanings and values around the world in such a way as to extend and intensify social relations. [1] This process is marked by the common consumption of cultures that have been diffused by the Internet , popular culture media, and international travel .
Meanwhile, he used "cultural globalization" to reference the worldwide homogenization of culture. Other of his usages included "ideological globalization", "technological globalization", and "social globalization". [32] Lechner and Boli (2012) define globalization as more people across large distances becoming connected in more and different ...
The theory views the world system as a social system with a cultural framework called world polity, which encompasses and influences the actors under it. [2] According to the theory, world polity provides a set of cultural norms and directions that actors of the world society follow in dealing with problems and general procedures.
The countries who received the benefits from the globalization shared their profits equally. However, Stiglitz believes that if the national economy regulated by international institutions there could be an adverse effect. It is because the international institutions such as IMF, WTO, and World Bank lack transparency and accountability.