Is the US all to Blame?

Many of Stiglitz's comments are uncontroversial- there is a clear imbalance in the international economic system and this progression towards balancing is not easy nor quick. While he acknowledges the grand potential of globalization, he continuously mentions the mismanagement behind the current international economic system. His main concern is the self-interested actions of the developed world that unfairly leads to asymmetric globalization. Lack of transparency, one-sided economic policies in developed counties, and leverage imbalances in the international financial systems all fall into this "asymmetric" category. Stiglitz, to no surprise, consistently points fingers at the U.S. and the E.U. as primary examples of leaders who are have shaped the international economy based on self-interested policies. One of my Australian professors would be the first to agree with Stiglitz, as he never forgot to glance at me when he mentioned the U.S.'s competitive mindset within the international community. Although quite realist, I do not disagree with Stiglitz on this front. If there is opportunity, a country/person/group, etc. will naturally seize it. However, one thing that Stiglitz shies away from are the internal political foundations within the developing world. While much of his blame points towards the inactions or mismanagement of the global economic leaders, Stiglitz tends to avoid discussing the disfunction incited by some of the LDCs' governments. Maybe that is next on Stiglitz's agenda, but for now, he is short of acknowledging the role of the political corruption in global imbalances and is persistent in his argument for the faults of developed countries. As Wolf summarizes, "Movement of people and trade in the labour services are, in the present circumstances, probably the best thing one could do for the poor of the world. But the political obstacles are mountainous."