The paper “ One Economics, Many Recipes - Globalization, Institution, and Economic Growth by Dani Rodrik” is an actual example of a book review on macro & microeconomics. Economies around the globe have experienced tremendous growth in the last two decades as globalization became a dynamic element in each globalized economies’ market. With globalization, trade and business can flow from one market to other markets with little or no disruptions, allowing economic growth of enormous proportions. But globalized economies need to develop standard form or structures that every member's economy must respect, recognize, and follow.
By rule of thumb, the most powerful economies should provide most of the structure of the globalized economic community to ensure sustainability and long-term growth. Global organizations like the International Monetary Fund (IMF), World Trade Organization (WTO), and World Bank together with economies of bigger stake help design this universal set of rules to protect and promote the interests of the global economy. This system seems to work pretty fine until the global economic meltdown. To put things in perspective, globalization of economies became the bane of the global economic community, at least according to anti-globalization advocates like Dani Rodrik.
This group of economists believed that globalization of the economy has penetrated the society deep enough that it is present in social areas where, according to George Somos during an interview with PBS, “ where it doesn't really belong” . Moreover, globalized economies have become too dependent on the financial structures proposed and implemented by global organizations that when one major economy began collapsing, the rest of the globalized economies followed almost instantly. The recent developments in the global economies baffled many of the extremely bright economists around the world since the aftereffects of the global economic meltdown signify the incompleteness and incompetence of the economic theories they believed and advocated for too long.
Various theories have been presented and many major economic philosophies have been revisited to account for what made the economic strategy pursued by the Washington Consensus failed on a very large scale.
PBS. Bill Moyers Journal. October 10, 2008. Retrieved online from http://www.pbs.org/moyers/journal/10102008/watch.html
Dani Rodrik. One Economics, Many Recipes: Globalization, Institution, and Economic Growth. Princeton University Press. 5th Edition. 2007.