Essay Title: 

U.S & some major LDC(less developed country) development policies, and what changes you would make in them if any and why

March 21, 2016 | Author: | Posted in communications and media

U .S . policies on LDCs : An affair with the changing world


The United States of America is the most powerful country in the world today . In many cases , it takes center stage in decision-making as far as economic policies are concerned . It is by far the most influential country in the World Trade Organization (WTO

In fact , when the World Trade Organization (WTO ) was organized , it was touted by advocates of globalization as providing the legal and institutional support for the new global economy which was largely being pushed by [banner_entry_middle]

the US and Great Britain . The WTO was then envisioned to serve as the vehicle of an economic process that would bring about the greatest good for the greatest number

The WTO is actually the third pillar of a holy trinity that would serve as the guardian of the new economic — the other two being the International Monetary Fund (IMF ) and the World Bank

Yet , in spite of the fact that globalization is supposed to improve competitiveness among WTO member countries the main beneficiary of the new global is really the US . Conceived to be an agent of free trade , the WTO ‘s most important agreements actually promoted the monopoly for US firms , especially those concerned on intellectual property rights and agriculture

In fact , it was alleged that when the Asian financial crisis happened to countries that had been thought of by many as America ‘s formidable competitors , Washington did not save the Asian economies by promoting expansionary policies . Instead , it used the IMF to dismantle the structures of state-assisted Asian capitalism that had been regarded as difficult barriers to the entry of goods and investments from US transnationals that had been long clamoring to get their piece of the Asian miracle

Consequently , it goes without saying that the US is really the most influential country in the world today . Politically and economically , it is a power to reckon with . Together with the World Bank and the IMF , it has been severely criticized lately for their policies on developing countries . Accused of being controlled by powerful people from the West whose main concern is to protect their interests , the IMF and the World Bank have been urged to institute internal and external reforms

In fact , in an IMF-World Bank summit in Singapore last September criticisms have been hurled at how the West , most especially the US , has been handling its affair in developing countries , such as those in Asia Latin America and South Africa

Nobel laureate Joseph Stiglitz , a former chief economist for the World Bank , has been especially critical on what he calls the hypocrisy of rich countries professing to want to help emerging nations ‘ He accused the United States , among other industrialized countries , of refusing to liberalize import rules on sectors like construction or shipping , where developing countries are particularly competitive . He insisted that IMF voting rights and leaderships posts – which are dominated by America and Europe — should undergo changes considering that Asia… [banner_entry_footer]


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