Reading Journal3 Essay Example | Topics and Well Written Essays - 500 words

Reading Journal3 - Essay Example Singer asserts that average families in U.S spend about one-third of their income on luxuries (Singer 1). Rogoff notes that the developed nations are seemingly preventing and fearing what will happen if the developing countries really did catch up with the developed nations (Rogoff 1). He reckons that such a scenario would lead to negative effects on the global environment, economy, markets, populations, global trade especially in developed nations (Rogoff 1). However, it would also foster greater diversity and knowledge spillovers, technological spin-offs, faster productivity growth, and rapid economic development in developing nations that would fully offset the losses to the rich (Rogoff 1). Rogoff states that we need to address the underlying fears for globalization to work. By giving up their own trade protectionism, corruption, overweening government intervention, and mountains of debt, poor countries would derive maximum benefits from globalization (Rogoff 1). Moreover, by giving up their outrageous farm protection, competition for anti-dumping champion, and doubling aid flows from developed nations would benefit poor countries (Rogoff 1). On the same note, Singer derives that many people are capable but unwilling to donate to charity citing various uncertainties (Singer 2). In fact, Rogoff reckons that developed countries could easily afford to triple their aid budgets for education, health, and infrastructure without running the remotest risk of a catch-up by the developing nations (Rogoff 1). Growth economics confirm that the catch-up rate is very small and might take generations to materialize. Singer believes that many readers will donate to charity after sacri ficing their luxuries according to their income levels. Rogoff People should give more than their fair share and desist from depending on the government to increase its overseas aid allocations (Singer 3). Rogoff concludes that Rich countries should give  generously to