The argument provided by Geoffrey Garrett illustrates the current debate concerning globalization and whether it has met the standards of all the actors involved in the interplay. Specifically, he tries to argue in the article the situation of how economies (particularly the West and the U. S. ) have succeeded in transforming their industries and allowing growth on various sectors. This then has brought about new consensus towards how trade is facilitated and administered accordingly.
On the other hand, the article also provides the other side of globalization where developing and middle income countries have long sought to reap its benefits but to their demise. The idea showcased by Garrett illustrates the limited capacity of the West and its associated organizations such as the WTO and World Bank to meet halfway to induce development and growth. Rather, what these economies encounter are adjusting to trade patterns and taking the spoils, which are mostly irrelevant deconstructive, and limited, to various economies’ growth (Garrett, 2004).
Through these directions, Garrett then portrays the value of meeting between and allowing industrialized economies to find means to allow growth to trickle down and identify patterns that will lead to determining globalization’s strengths and weaknesses. Assessing the argument provided by Garrett, he tries to point out the economic dimension of globalization and providing evidences from developing countries such as China, India, and Africa.
By using economic indicators such as poverty, free capital movement, and trade tariffs, Garrett was able to point out disparities in numbers related to growth and development. Similarly, this can also be seen with middle income countries. By using a standard (per-capita income of $1,000-$10,000), Garrett was able to utilize his arguments and portray specific financial constraints felt by economy. With the use of these economic figures, Garrett is then able to identify important principles and challenges surrounding the application of globalization from industrialized countries down to developing nations.
Applying the argument provided of Garrett to the Mexico, it can be argued that it would agree with the article that limited opportunities have been reaped due to globalization. Here, the economy continues to find troubles dealing with high poverty and unemployment. Likewise, even if economic development is indeed happening in the country, its application is limited to several elites and big businesses. Also, the perspective of the problems can also revolve around the political realm where interests remain to be centered on policy initiatives that would only serve limited parties.
The diversity then of these reasons makes the application of globalization difficult for Mexico. Moreover, these processes then undermine small and local companies from becoming competitive and weaken its local sector. To apply appropriate change, the Mexican economy also argues along the lines of Garrett. It believes that for the economy to fully reap the advantage of globalization, it must first strengthen its strategic sectors, create increased accountability, and have a say on important interests shaping national and economic policies.
Overall, the idea of Garrett’s article continues to be true until today. Though the article was created last 2004, similar realities continue to prevail especially among industrialized and developing economies. I also believe that the process of globalization would only be advantageous only if Western economies and its institutions continue to reinforce policy objectives alongside collaborative national and economic policies among trade partners.
I deem that the process of globalization would always present specific constraints among different countries. The challenge then among developed economies would revolve around closing the gap between these setbacks and offer new directions where countries can consolidate and take advantage of globalization, free trade, and increased economic interdependence. Reference Garrett, G. (Spring 2004) ‘Globalization’s Missing Middle’ UCLA Magazine Retrieved from, http://magazine. ucla. edu/year2004/spring04_09. html, pp. 1-4