Globalization and Its Discontents / Edition 1

Globalization and Its Discontents / Edition 1

4.4 20
by Joseph E. Stiglitz, Stiglitz, Joseph

ISBN-10: 0393051242

ISBN-13: 9780393051247

Pub. Date: 06/10/2002

Publisher: Norton, W. W. & Company, Inc.

This powerful, unsettling book gives us a rare glimpse behind the closed doors of global financial institutions by the winner of the 2001 Nobel Prize in Economics. Renowned academic economist Joseph E. Stiglitz served seven years in Washington, as chairman of President Clinton's Council of Economic Advisers and as chief economist at the World Bank. In this book,…  See more details below


This powerful, unsettling book gives us a rare glimpse behind the closed doors of global financial institutions by the winner of the 2001 Nobel Prize in Economics. Renowned academic economist Joseph E. Stiglitz served seven years in Washington, as chairman of President Clinton's Council of Economic Advisers and as chief economist at the World Bank. In this book, Stiglitz recounts his experiences in such places as Ethiopia, Thailand, and Russia. He finds repeatedly that the International Monetary Fund puts the interests of its "largest shareholder," the United States, above those of the poorer nations it was designed to serve. This insider's account of global economic policy will be hailed for its courage and honesty. Those seeking to understand why globalization has engendered the hostility of protesters in Seattle and Genoa will find the reasons here. While this book includes no simple formula on how to make globalization work, Stiglitz provides a reform agenda that will provoke debate for years to come.

Author Biography: Nobel Prize winner Joseph E. Stiglitz is professor of economics at Columbia University.

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Product Details

Norton, W. W. & Company, Inc.
Publication date:
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Product dimensions:
6.50(w) x 9.60(h) x 1.20(d)

Table of Contents

1The Promise of Global Institutions3
2Broken Promises23
3Freedom to Choose?53
4The East Asia Crisis: How IMF Policies Brought the World to the verge of a Global Meltdown89
5Who Lost Russia?133
6Unfair Trade Laws and Other Mischief166
7Better Roads to the Market180
8The IMF's Other Agenda195
9The Way Ahead214

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Globalization and Its Discontents 4.5 out of 5 based on 0 ratings. 20 reviews.
Anonymous More than 1 year ago
Anonymous More than 1 year ago
I was hoping for a more theoretical work, but if you go in here with your eyes open it's a good book. The point isn't to explain how globalization should work (although Stiglitz does go there) but to recount some of the ways that the developed world has made it harder for poor countries to love this brave new world. Lots of stories from Stiglitz's career, as well as a good review of some of the bigger economic crises of the 1990's. It's not very technical (probably the point), but does get to the heart of why many people in the developing world think the West is trying to keep them poor. If the IMF is a sacred cow to you, don't read this book!
Anonymous More than 1 year ago
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Anonymous More than 1 year ago
Stiglitz shows how time after time the IMF has made bad decisions and policies. This is a well worth reading book if you are interest in how countries in need are treated by the IMF.
JayHay More than 1 year ago
With everyone so caught up in the positive aspects of globalization, it is extremely important to consider the negative facets of the idea. Stiglitz provides a superb review of the strategic international organizations that have played a detrimental part in the opening of international trade and financial markets. With the World Bank and the International Monetary Fund (IMF) as the backdrop, he writes a convincing work centered on how we need to re-think the application of these organizations. From the beginning Stiglitz draws on his expertise and experience in the national and international policy-making arena to qualify his remarks on the faults of globalization. He focuses on the exploitation of smaller states in the context of an imperialistic West and developing markets that are attempting to find their way. Unlike other books that anechdotally speak to Western imperialism, Stiglitz provides specific examples both anechdotally and theoretically that challenges the current practice of globalization. Rather than creating a West-bashing book that is fatalistic in its conclusion, Stiglitz offers some interesting perspectives on how the World Bank and the IMG can be changed to address the concerns of both the developed and developing worlds. Overall an excellent read and highly recommended, especially for those individuals interested in the negative aspects of globalization.
Anonymous More than 1 year ago
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Guest More than 1 year ago
As being an economics Ph. D. student in U.S. from a developing country which is in a close relationship with IMF and World Bank, I appreciate this work which helps people to understand what's going on in underdeveloped/developing world. Every single word of this book must be read and understood very well by people from both developped and developing world. Everyone must see the real aim and resulsts of policies imposed by IMF, and how irresponsive and impassive these institutions can be. Joseph Stiglitz knows the issue very well and fully reflects the reality in developing countries. It is not an anti-globalization book, it simply explains the situation. The truth is not close to Stiglitz's account, the truth is Stiglitz's account itself -- unfortunately, it is on the 'bad' or 'wrong' side for some.
Guest More than 1 year ago
i served 18 months in iraq and i've seen many of the same problems in iraq as were see in russia. iraq's have great agricultural capabilities but U.S. trade policies ban them from selling at a price they can afford in the U.S. or other large Western markets. if you think that this is an out of date book look at the policies they are still the same as those that the book condems.
Guest More than 1 year ago
Joseph Stiglitz, formerly of the World Bank, has written an extraordinary and stunning expose of the global financial institutions. As an insider¿s account, it rivals Bernard Connolly¿s brilliant and scathing study of the European Central Bank. Stiglitz berates the `new dictatorships of international finance¿ and writes, ¿Globalization today is not working¿, noting its `devastating effect¿ and concluding, ¿something has gone horribly wrong.¿ He sums up, ¿The IMF has failed.¿ Why? Because, as he shows, the IMF has worsened world economic and political instability and global poverty: its policy of capital market liberalisation has been - and still is - their most important cause. It was especially responsible for the East Asia crisis of 1997-98, which India and China escaped because they still had capital controls. The IMF continues to impose liberalisation despite massive amounts of evidence that it does not bring growth, investment or stability. Why does it do this? Stiglitz writes that the IMF has changed ¿from serving global economic interests to serving the interests of global finance. Capital market liberalisation may not have contributed to global economic stability, but it did open up vast new markets for Wall Street.¿ As a result, the ¿IMF keeps speculators in business.¿ For instance, in 1998 it `spent¿ $50 billion maintaining Brazil¿s exchange rate: where did the money all go? It went into the speculators¿ wallets! He shows how the IMF decides its policy on the basis of market fundamentalism, so land reform is off the agenda, but school fees aren¿t. The East Asian `tigers¿ thrived because they disobeyed the IMF by investing in education, supporting their industries and controlling capital. Stiglitz notes that the European Central Bank is worsening Europe¿s 2001-02 slump by keeping interest rates high. Like the ECB, the IMF pursues deflationary policies even at the cost of slumps. There are other similarities: neither the IMF nor the ECB is responsible to national governments; job creation is off both their agendas, and both are mandated to focus on inflation, not on wages, jobs or growth.
Guest More than 1 year ago
Stiglitz knows this subject from both the inside and in theory. An important book!
Guest More than 1 year ago
This was a book that had to be written. Thank you, Dr. Stiglitz, for writing it. Despite the misguided policies described in this book, there is something to cheer about regarding the consequences of globalization: in recent years per capita income has grown rapidly in the world's two largest poor countries, China and India, so today there are more people living in poor countries with faster-than-world-average income growth than in poor countries with slower-than-world-average income growth. As a result, for the first time in nearly two centuries, the distribution of the world's income is no longer worsening (by all the standard measures of inequality, global income inequality declined in the last decades of the 20th Century). In revising the 'rules of the game' for international engagement, then, we must take care not to undermine the successes of East and South Asia while trying to find policies to stimulate economic growth in the lagging regions of Latin America and especially sub-Saharan Africa.
Guest More than 1 year ago
This was a totally transforming book for me to read. The author was there! That is the main difference between this guy and the other anti-globalization authors I have read. This guy was in the policy debate, but wasn¿t listened to. And now this book is a chronicle of his ¿I told you so¿s¿¿ And I think he has every right to tell them! What a mess. The discussions of the Asian Financial Crisis and the failed Russian economic transition are totally fascinating. The authors experience and knowledge bring the issues alive, and his non-technical approach made it engrossing and entertaining. He does vilify the IMF and the US Treasury Department officials so much that I kept hearing the song of Darth Vader by the end of it when he would discuss them. So I have read a few reviews of the book by other economists (in Foreign Affairs and Business Week), and they don¿t really argue much with his conclusions. This book was awesome to read after reading The Lexus and the Olive Tree. I think they both should be required reading for anyone who wants to understand globalization today.
Guest More than 1 year ago
Balanced perspective and compelling story on the growth and power of multinationals. I also recommend "Multinational corporations in political environments" to understand how efforts to influence them fail.
Guest More than 1 year ago
Joseph Stiglitz, was part of an economic team that managed the greatest economic expansion in american history so he knows what it takes to create an environment for economic growth. Discussing the way the IMF and World Bank have imposed idiotic policies that put poorer countries into recession or that lead to greater instability, he highlights the greatest discontent. An unelected, unnacountable group of market fundamentalists have damaged the lives of millions of people, from Thailand, Argentina, and so on with no relief in sight. Mr. Stiglitz demonstrates the stupidity of some of these decisions, and where the decisions were difficult he highlight the issues that should have tipped the scales towards a more effective approach. A brilliant man, with honest and powerful ideas.
Guest More than 1 year ago
Not as readable or as enjoyable as Tom Friedman's 'The Lexus and the Olive Tree', with quite a few annoying typos, minor inconsistencies and awkward phrases. (Do copy editors still exist in this world?) But a welcome and apparently necessary counterbalance to Friedman's euphoric view of globalization. When we look at anything from close range, as Stiglitz saw the mechanics of globalization, we tend to become disillusioned.... So the fact that this account comes from a (disgruntled?) member of the gang that makes the world go around should not disqualify it as a one-sided story. The 'truth' about globalization is probably somewhere between these two books. I hope it's closer to Friedman's view, but I am afraid it's much closer to Stiglitz's account.
Guest More than 1 year ago
'Gobalization and it's Discontents' is just what it's title sugests: an informed analysis of what has been called gobalization, how it has been conducted by the leading financial organizations, and why it has aroused so great discontent all over the world. It's truly an outstanding book. It's easy to read, well informed and brings a clear message about the importance of intelecyual coherence and democratic participation when adressing problems that can affect the lives of so many people in the wold. It's an indispensible reading for everyone interested in globalization.