What have been the latest developments in the “globalization” controversy?
Globalization concerns have taken a far more positive path since the 1999 Seattle protests. Activists have begun to realize that it is the world governments who are the backbone of international organizations such as the G8, the World Bank, and the IMF and that efforts must be directed toward both the organizations and the member governments in order to achieve policy objectives. In July 2005, on the eve of an important G8 summit in Scotland, a massive music festival was organized to express public support for issues such as debt relief, aid for Africa and cooperation on cutting greenhouse emissions. Almost as if in response, the G8 heads of state announced important initiatives in these areas. The recent global economic crisis has prompted unprecedented cooperation between the world’s major economies with the goal of standardizing and effectively regulating the global financial markets. Many experts credit the coordinated international response as averting a far more serious problem.
