Money Translates to Modernization

As an American, I am bound to my debts, my bank accounts, my student loans, and the interest rates that will cause me to work more than I need or want to in the future. But DAMMIT I have to have a car, a house, a college education, a savings for emergencies, medical insurance for my family and I, money to feed us, money saved for retirement, money to send my kids to college, money for EVERYTHING. So, basically I need MONEY.

In developing countries, this is certainly the case...but in a much different context.
In the United States, we have come to believe through society that we must have a certain way of life in order to fit the model of what society expects of us. We are conditioned to fit the standards of capitalism and financial power. Part of what we see in this society is those who invest money. Now, there are several different reasons for investing, and I have covered a few in my initial introduction, i.e., money for retirement, and money to send my kids to college. My argument behind all of this is simply this: Is it necessary for developing countries to open financial markets for investment in order to move forward with modernization?

I found an article related to this question at USINFO.STATE.GOV that shows the Bush administration pressing the issue.

"Bush administration officials say that more prosperous developing countries have failed so far to submit adequate offers in World Trade Organization (WTO) negotiations for opening their markets to financial services. Of the 148 WTO members, 69 have submitted initial offers, but "the quality of offers in emerging markets of greatest interest is still poor," said Christine Bliss, acting assistant U.S. trade representative for services and investment (USINFO.STATE.GOV, 2005)."

After examining this particular portion of the article, I wanted to know if these 69 developing countries' offers were "poor" in terms of U.S. market standards or standards in relation to the world as a whole? In the United States, we are made to believe that the more wealth we accumulate, the more security we will have. Money can pry us out of just about ANY situation in this country. Money is what matters the most here and don't let ANYONE tell you differently (but never admit this or people may find you shallow). There is such a strange attitude toward money in the United States and I feel STRONGLY that develpoing countries should be given more latitude when it comes to "catching up" to western ways of living. In many other countries, money takes a backseat to other important facets of life such as say.....HUMAN LIFE.

"We need greater participation, particularly among emerging markets, such as Brazil, India, China, Malaysia, Thailand, Indonesia, South Africa and the Philippines," Bliss said.
They remain stalled a month before a December 13-18 ministerial meeting in Hong Kong, even after the United States made an effort to revive them by proposing substantial reductions in domestic agricultural support payments and agricultural tariffs. The standoff over agriculture in part has prevented substantial progress in the negotiations over cutting industrial tariffs and opening markets in services. Still, the U.S. position remains that the Doha round negotiations should conclude by the end of 2006. According to Bliss, the United States wants from the WTO financial services negotiations increased market access for U.S. suppliers coupled with transparency in the development and application of laws and regulations for banking, securities, asset management, pension funds and financial advisory services (USINFO.STATE.GOV, 2005)."

"More specifically, she said, the United States asks its WTO trading partners to submit offers on:
• Commercial presence, meaning the right to establish new and acquire existing companies;
• Cross-border supply and consumption rights, which are especially important for marine, aviation, transport insurance, reinsurance and brokerage services; and
• Removal of discriminatory limitations such as monopolies, quotas and economic needs tests.
She said the United States is working with the European Union (EU), Canada, Japan and Switzerland -- other financial services exporters -- to promote offers from other countries.
Developing countries have their own interests in the services negotiations, of course, Bliss said. Some, especially India, are pressing hard on what the WTO calls "Mode 4" -- temporary access for their workers to perform jobs in other countries.
So far, she said, the United States has submitted no offer on Mode 4, mindful of resistance in the U.S. Congress.
Also testifying was Clay Lowery, assistant secretary of Treasury for international affairs. He cited World Bank estimates that by 2015 income gains from services liberalization could provide 4.5 times the gains from goods liberalization alone.
He argued that opening financial markets also would promote financial stability among developing countries (USINFO.STATE.GOV, 2005)."

I suppose it is necessary for a developing country to invest, but as long as those investments primarily serve the BEST interests of that investing country and its citizens. The United States, is certainly unique, but NOT the most dominant or exemplary. Setting standards should be shaped uniquely for each country in order to serve all facets of that society from agriculture to healthcare.

Link: http://usinfo.state.gov/xarchives/display.html?p=washfile-english&y=2005&m=november&x=20051115163139ebyessedo0.9043085