Furthermore, those who criticize the washington consensus suggest that the inflow and outflow of money from speculative investors must be limited to prevent bules. These bubbles are characterized by the rapid inflow of foreign funds that bid up domestic stock markets and property values. When the economy cannot sustain such expectations, the bubbles burst as investors panis and pull their money out of the country. These bubbles appreared in indonesia, malaysia and thailand in 1997 and since then in argentina, russia and turkey. According to critics, a strong active government is neede to ensure stability and development.
Protests by what is called the anti globalization movement are seldom directed against globalizaion itself but rather against abuses that harm the rights of workers and the environment. The quetion raised by nongovenrnmental organizations and protestors at wto and imf (..................) gatherings is whether globalization will result in a rise of living standards or a “race to the bottom” as competition takes the form of lowerinf living standards and undermining environmental regulations. One of the key problems of the 21st century will be determining to what extenet markets should be regulated to promotes fair competition, honest dealing and fair distribution of public goods on a global scale.
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