Tyler Cown: Self-Acknowledged problems

1. De Tocqueville’s Criticism
People ~ Essentially alike;
• If markets were to spread more , everyone ~ buying same things
Cowen: Demands:
• Not biologically determined
• But culturally determined
Most advanced economies ~ most culturally diverse
People Can afford to purse niche interests.

2. Modern times are different
So are foundations new creations
Still considerable groups people who are not fully integrated
Globalization
• Increases differences
• Liberates differences from geography

3. who gets the credit? Dominant culture?
Hollywood
• Synthetic product
• Artisans extremely diverse

Not truly American, but labeled so beasue it is located there
America is providing the space for new synethesis.

4. Minerva Model
Some cultures;
• Disappear
• Stop evolving
After
• Burst of creativity
• Following initial contact
Ex:
• Late 19th century Hawaii blossomed for a while, before eventually being overwhelmed.
3. Barber’s critique of Cown
• Authenticty
• Starndarization
• Mythology of markets
1) Authenticuty
a. Borrowing depeonds on authentic culture but not ficed
b. Experiences different in different paces creepes in france vs suburbian America
Lecture 8

None more controversial than “unholy trinity” (Important)
• World trade organization WTO
• Interntiaonla monetary fund IMF
• World bank WB

WTO’s dispute resolution mechanism (Important)
• If state feels another not adhering to prior agreements, can lodge a complaint
• WTO forms panel of experts upon whom both parties must agree
• Panel issues finding that policy in question either is or is not in violation of GATT rules
• If violation, all injured parties are allowed to undertake punitive tariff restrictions
Critics on the left
• IMF & WB o Make bad loans to developing countries at expense of their citizens
• Critics on the left o WTO
• Anti democratic
• Acts primarily on behalf of global corporations
• Destroys jobs, wages, economic growth, development, human rights and environment
• Critics on the nationalistic right o WTO
• Basic infringement of ac ountrys national sovereignty
• There interested in keeping French values and kicking muslims out
• Marine le pen
• They don’t want world bank telling them to be open to the world they want to keep the French o Critics and dilemmas : WB & IMF
• Apparent discrepancy caused by schism between
• Rhetoric of IMF & WB
WTO Anti Democratic Crictics
• Negotiation sessions behind closed doors
• Community groups affects not allowed to participate
• Multinational coropaoations ~ undue influence in process designed to serve their interests

WTO Anti Democratic Suporters (Important)
• WTO As democratic as member country governments
• WTO Panel only enforces existing