Saturday, December 7, 2013

Globalization: Stiglitz Vs. Patel

Patel has not used the word – Globalization – a single time in his book. However, from the impression, it is easily understood that he is against it. Unlike Stiglitz, who believed on trade as a leverage point to march towards affluence, Patel is close to a theory of development called ‘Post Development’ which opines that there is no one path towards development but there are many. This is where Patel set his belief on the ‘commons’ bring in the idea of ‘value’ to solve the economic, social and environmental problems the world is facing at present.

Nevertheless, both, Patel and Stiglitz, would have agreed on the point that the market like the way it is working is really problematic and cannot solve the economic, social and environmental problems that the world is facing now. Both of them seem to have similar way of understanding the world’s problem. For example, both of them think free market, Multi National Corporations (MNCs), practice of democracy, etc have not been functioning in the way it is theoretically perceived to.

But, they have their kinds of solution to the same problem. Stiglitz is a true Keynesian and believes that capitalism (in his case, globalization) with more democracy, mutual understanding and respect would solve the problem. However, Patel think that there are problems in the ideology (capitalism) and advocates the role of commons in solving the problem. Unlike Stiglitz, who advocates for a regulated market as a solution, Patel thinks that both, privatization and regulation, can’t be the solutions. He rather, wants it be solved by ‘commons’ and in the bottom-up style.     

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