Balance

Balance is important in most of the thing that can be balanced in life. In soccer, teams typically try to balance their game by using formations such as 4-4-2 / 4-3-3 not 2-2-6. Students on the other hand try to balance the time. In the FL chapter 25 reading, Stiglitz and Squire writes about the importance of balance in development. The balance between state run development and unfettered market are absolutely crucial. Neither extreme are likely to lead to development. Stiglitz argues that other ingredients of success are capabilities of individuals and interest of communities. It makes sense to say that development fails if the individuals are incompetent or the communities are indifferent. I think raising the capabilities of individuals and involving the communities can be achieved by strong government action on education and also the work of the market in providing resources.

Wolf also seems to try to balance his argument in this chapter in that he admits the developing countries' needs for protective measures against completely open market. Wolf still believes in the free market to solve everything but he does realize current global market is not the perfect free market that he advocates. He criticizes us developed countries for hypocrisy and rightly so. We have much to improve on our side of the issue of development such as tariff/ subsidies on agricultural imports /domestic products. If we are committed to reducing global poverty we must be willing to pay the price.