1) Discuss critically the following statement by Prof. Amartya Sen: ‘The central issue of contention is not globalization itself, nor is it the use of markets as an institution, but the inequity in the overall balance of institutional arrangements – which produces very unequal sharing of the benefits of globalization.’ (A. Sen, How to Judge Globalism, The American Prospect).
Reflect on all three sub-questions while formulating your response:
· Describe the main critiques of globalization, including those that reject globalization indiscriminately.
· Explain why Prof. Sen believes that the inequity of institutional arrangements is at the heart of the problems attributed to globalization. How, if at all, is the inequity of institutional arrangements different from inequity in more general terms? And, in practice, how could this problem be remedied?
· Discuss some limits of Prof. Sen’s argument. For instance, is it reasonable to expect equity from the use of markets as an institution? And under what specific conditions?