George Soros On Globalization - Hardcover

Soros, George

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9781903985243: George Soros On Globalization

Hardcover

ISBN 10: 1903985242 ISBN 13: 9781903985243

Publisher: PublicAffairs, 2002

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Even before September 11, 2001, it was clear that not everyone was happy with globalization: violent protests have become a regular feature of international summit meetings, and many young people have expressed their strong opposition to policies that they see as enriching the rich at the expense of workers, the environment, and traditional culture.
In this book, Soros not only identifies the problems but also puts forward practical proposals to make the system work better. In a thoughtful analysis of our existing international financial and trade institutions, Soros shows that while they aid wealth creation they fall short in providing other public goods. Soros deplores an unwitting coalition between market fundamentalists on the far Right and antiglobalization activists on the far Left bent on destroying the international institutions we have and calls for a different coalition that would work to reform and strengthen those intitutions. The missing element, the centerpiece of the new architecture, is the use of Special Drawing Rights for the provision of development assistance and public goods on a global scale.

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About the Author:

George Soros heads Soros Fund Management and is the founder of a global network of foundations dedicated to supporting open societies.

From Publishers Weekly:

Financial mastermind Soros (The Alchemy of Finance, etc.) has made his mark as a philanthropist with a progressive foreign policy, fostering open societies. He equates globalization with "the free movement of capital and the increasing domination of national economies by global financial markets and multinational corporations." In this treatise, he explains how his vision to "make global capitalism more stable and equitable" acknowledges that antiglobalization protesters have a case against the mainstream consensus that the market works well. Instead of dismantling existing international financial and trade institutions, though, Soros suggests reform. Market fundamentalists, he says, are unwilling to modify existing institutions to create a level playing field; moreover, they're loath to create institutions to foster social goals like reducing poverty. Protestors, he observes, are "strangely blind" to the need to improve the quality of government and public life in poorer countries. Soros's suggested method provides aid that will "enable, encourage, and reinforce" voluntary compliance with international standards relating to environment, education and labor. His proposal? The richer countries in the IMF issue Special Drawing Rights (SDRs) for international assistance i.e., international reserve assets a process that shares the burden equitably, with the United States paying its fair share. A board of "eminent persons" chooses who's eligible for assistance, and a separate audit commission evaluates those chosen. After September 11, Soros notes in conclusion, Americans must recognize the world's precarious interdependence. Soros has an admirable track record and the virtue of hindsight (his foundations have done innovative work and his take on what could have been done in Russia over the past decade is compelling). This dry but vital book deserves attention and debate.
Copyright 2002 Cahners Business Information, Inc.

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