Globalization and MENA Essay

1005 Words 5 Pages
Supporters of globalization try to reassure that globalization is good for both the wealthy and the poor alike. I would contest this theory especially in the Middle East and North Africa. As we have seen in recent news most of the Middle East and North Africa are in great turmoil. I believe rapid globalization forced upon this area by IMF and World Bank is to blame. These two entities are controlled mainly by the United States and other European powers to do their bidding around the world. This I believe is seen by the people of Mena as neocolonialism. Globalization has brought MENA authoritarianism, corruption, poverty and strengthens political Islam in the area. So why has globalization seemingly been such a failure in the Middle East …show more content…
Others see geopolitical aspects to loans from the IMF and World Bank in as much that countries that wanted to play ball received bilateral trade agreements and inclusion into other trading partnerships. This was to give the United States unfettered access to American capital and also the ability to protect its oil coming from the Middle East. 32 Austerity measures imposed by the IMF and World Bank on many of the MENA countries exacerbated poverty and inequity. According to the Economist these austerity measures especially on social programs pushed millions of Arabs below the poverty line. In one World Bank report states that Arabs lived on less than one dollar a day, but what they didn't say was according to the UN there was an increase in the amount of Arabs who lived on two dollars a day around a 6% increase. When you look at the countries who borrowed the most heavily from the IMF and World Bank they are also the ones of the most political instability at this moment. These countries include Morocco; Tunisia, Jordan and Egypt. These above all other Arab countries accept the globalization with open arms according to El-Said. This is even backed up by Joseph Stiglitz former president of the IMF in his book Globalism’s Discontent. He points out the many failings of globalization when instituted too fast from Russia, Argentina and the Middle East. All of these countries experienced rapid inflation and devaluation of

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