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Joseph Stiglitz And The World Bank

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Overview

In controversial speeches made around the world, Stiglitz has undone the conventional wisdom that dominated policy-making at the World Bank, the International Monetary Fund and the US Treasury Department. For the first time, Stiglitz's nine most revealing speeches have been gathered together, covering such topics as the failure of shock therapy and transition economics, the limits of capital market liberalization, the myopia of the Washington consensus, the role of knowledge in markets, the process of developing ...
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Overview

In controversial speeches made around the world, Stiglitz has undone the conventional wisdom that dominated policy-making at the World Bank, the International Monetary Fund and the US Treasury Department. For the first time, Stiglitz's nine most revealing speeches have been gathered together, covering such topics as the failure of shock therapy and transition economics, the limits of capital market liberalization, the myopia of the Washington consensus, the role of knowledge in markets, the process of developing market institutions and the primacy of openness and worker participation. A landmark collection of material for economists everywhere.
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Editorial Reviews

From the Publisher

'Undoubtedly, the book has extended the frontiers of development economics and development assisting institutions should take note. […] It is a must for those interested in development policy-making processes and graduate students of development economics.' —S. N. Kulkarni, in ‘Development and Change’ book reviews

Jeffrey Madrick
A powerful collection of key speeches from one of the most controversial economists of our time, each expertly reviewed and presented by Dr Chang.
Economic Scene
Perhaps the best-known critic of overreliance on the market policies to stimulate economic growth has been Joseph Stiglitz, the former chief economist of the World Bank, and one of three winners of this year's Nobel in economic Science. In a series of speeches at the World Bank, many of which are collected in a new volume "The Rebel Within", Mr. Stiglitz argues that a broad range of factors affect economic growth, including education and the quality of financial institutions which often require financing and regulation by government.
New York Times
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Product Details

Meet the Author

Joseph E. Stiglitz is the former Chief Economist of the World Bank. He is currently Professor of Economics at Columbia University and Nobel Laureate, to NDTV

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Table of Contents

Commentary by Ha-Joon Chang; More Instruments and Broader Goals: Moving Toward the Post-Washington Consensus; Towards a New Paradigm for Development: Strategies, Policies and Processes; Redefining the Role of the State - What should it do? How should it do it? And how should these decisions be made? Whither Reform? - Ten Years of the Transition; The Role of International Financial Institutions in the Current Global Economy; Scan Globally, Reinvent Locally: Knowledge Infrastructure and the Localization of Knowledge; Participation and Development: Perspectives from the Comprehensive Development Paradigm; On Liberty, the Right to Know and Public Discourse: The Role of Transparency in Public Life; Democratic Development as the Fruit of Labor

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Customer Reviews

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Sort by: Showing 1 Customer Reviews
  • Posted March 2, 2009

    more from this reviewer

    I Also Recommend:

    Fine study of the failure of capitalist economics

    Joseph Stiglitz was Chief Economist and Senior Vice President at the World Bank from February 1997 to December 1999. He was dismissed a few months before the end of his contract and replaced by Sir Nicholas Stern.

    This is a thought-provoking collection of nine of his most important speeches given between January 1998 and January 2000. They all undermine the conventional wisdom of the World Bank, the International Monetary Fund, the US Treasury Department and HM Treasury.

    He exposes the failures of the Washington consensus, of shock therapy in the transition economies, of financial liberalisation, and of the IMF's handling of East Asia's financial crisis. He discusses his vision of development as social transformation; the role of knowledge in markets; the importance of openness, workers' participation in firms, the right to know and economic democracy; and the value of trade unions.

    He observes that China accounted for two-thirds of all the growth in low-income countries between 1978 and 1995. In the 1990s, China's GDP almost doubled, while Russia's GDP almost halved and its inequality doubled. In the last few decades, East Asia's states have increased their GDPs and life expectancies, extended education and reduced poverty. In the late 1990s, reckless loans by US, European and Japanese banks caused Korea's crisis. Market entities, not the government, misdirected credit; the government's only failure lay in not regulating the banks.

    Stiglitz notes, "If one didn't know better, it might seem as if the fundamental propositions of neoclassical economics were designed to undermine the rights and position of labour." Full employment is more important than welfare, since welfare can never provide the dignity that comes from work.

    He points out that recent studies suggest that "increased labour market flexibility could actually exacerbate economic fluctuations." Indeed, "greater wage flexibility . may actually contribute to an enhanced likelihood of a recession."

    He urges preventing crises by controlling capital flows. There is a large literature showing "capital and financial market liberalisation . unambiguously contributing to economic volatility and an increased probability of financial and currency crises and recessions."

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