Making Globalization Work

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Overview

Building on his international bestseller Globalization and Its Discontents, Joseph E. Stiglitz offers here an agenda of inventive solutions to our most pressing economic, social, and environmental challenges, with each proposal guided by the fundamental insight that economic globalization continues to outpace both the political structures and the moral sensitivity required to ensure a just and sustainable world. As economic interdependence continues to gather the peoples of the world into a single community, it brings with it the need to think and act globally. This trenchant, intellectually powerful, and inspiring book is an invaluable step in that process.

About the Author:
Joseph E. Stiglitz teaches at Columbia University

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Editorial Reviews

From Barnes & Noble
When Nobel Prize-winning economist Joseph E. Stiglitz talks, people listen. The author of Globalization and Its Discontents boasts an almost incomparable resume: He has taught at MIT, Yale, Stanford, Oxford, Princeton, and Columbia and served for three years (1997-2000) as senior vice president and chief economist of the World Bank. Making Globalization Work presents his learned conclusions about the global economy in clear, accessible language. Dr. Stiglitz explains the basics of the globalization debate; describes how mounting American debt may require a restructuring of the global financial systems; and explores dilemmas of free trade and environmental ruin.
Jeffry A. Frieden
Stiglitz has given us a well-written and informative primer on the major global economic problems. He helps his readers understand exactly what is at stake.
— The New York Times
Library Journal
Nobel Prize winner Stiglitz (former chairman, Council of Economic Advisors; Globalization and Its Discontents) identifies six existing indications that globalization has yet to live up to its promise: the pervasiveness of poverty, the need for foreign assistance and debt relief, the aspiration to make trade fair, the limitations of liberalization, the need to protect the environment, and the flawed system of global governance. In addition to reiterating this criticism from his previous megaseller, Stiglitz here presents concrete methods to enable political globalization to proceed in accord with economic globalization. For example, the IMF, World Bank, and World Trade Organization and a host of additional, soon-to-be-created international political organizations need to start democratically representing the interests of developing countries and stop serving as platforms for the "Washington Consensus." The author occasionally slips by adopting the same type of rhetoric that, he argues, has mystified the processes of economic globalization, e.g., when he suggests that a balanced intellectual property regime serves the interests of every nation developed and developing alike. Overall, his new work succeeds admirably at presenting a concrete course of action for strengthening the institutions and processes of political globalization. Accessible to nonspecialists, this book is recommended for all academic libraries. Cynthia Cameros, Teaneck, NJ Copyright 2006 Reed Business Information.
Soundview Executive Book Summaries
Fighting The Good Fight
Many economists and world leaders agree that globalization is supposed to create higher living standards, increased access to foreign markets, more foreign investment and open borders. But former World Bank Chief Economist and Nobel Prize winner Joseph Stiglitz argues in his latest book, Making Globalization Work (a self-described sequel to his 2002 book, Globalization and Its Discontents), that globalization is desperately failing the 80 percent of the world's population that lives in developing countries and the 40 percent that lives in poverty.

The Problems
Stiglitz's overall objection is not to globalization itself; it's to how globalization is managed. He argues that the institutions tasked with managing globalization - the International Monetary Fund (IMF), the World Bank and the World Trade Organization (WTO) - help developed nations more than poor nations and place profit ahead of environmental health and better standards of living.

One reason for this, Stiglitz argues, is the United States' excessive influence on the system. The IMF, for example, assigns votes according to economic size, giving the United States effective veto power. Further, the U.S. president appoints the head of the World Bank. This concentration of power has led to what Stiglitz calls "the Washington Consensus," his term for the lock-step policies shared by the IMF, the World Bank and the U.S. Treasury. The result is that these institutions are only really accountable to wealthy countries rather than the poor countries they are tasked with helping.

What's worse, Stiglitz writes, is that when poor countries seek aid, the Washington Consensus attaches economic policies and lending conditions that are often counterproductive and even undermine the sovereignty of those nations. Its requirements often include massive privatization, spending cuts, lower import tariffs and exposure to volatile foreign capital - four things Stiglitz explains are precisely what developing countries don't need when they're in dire straits. Consequently, Stiglitz argues, countries that have followed the advice of this powerful block have failed almost 100 percent of the time to maintain economic stability.

The Solutions
Stiglitz offers a litany of specific reforms to the globalization management system, but, ultimately, they all rest on the (some might say provocative) idea that the regulatory power of government, rather than unfettered capitalism, makes free markets work. Absent this oversight, he writes, markets dissolve into chaos, dishonesty and secrecy.

One of Stiglitz's biggest proposed reforms is to the global reserve system's dependence on Treasury securities, which he argues is actually a mechanism for funding U.S. overconsumption habits. Stiglitz calls for a new, global reserve currency (called "global greenbacks") system that would stabilize the worldwide yin-yang effect of trade surpluses and deficits.

Stiglitz also proposes global regulation that would restrict activities and political instabilities that harm the environment, and would provide recourse when one nation's environmental actions harm other countries. Stiglitz further argues that poor countries are entitled to compensation for maintaining their biodiversity, especially those with rainforests that spawn drugs and sequester carbon dioxide.

Western banks and multinational corporations are also on Stiglitz's list of institutions needing global oversight. He argues that today's thick corporate veil regrettably tends to relieve employees of moral responsibility. Part of the solution to this, he writes, is more leeway regarding global class-action suits and more enforcement of intellectual property laws so that, for example, AIDS drugs become more accessible rather than more profitable.

Ultimately, Stiglitz concedes, the solution to many of the problems of globalization management lies at the feet of poor countries, which must break the bribery cycle between their governments and international companies, sell their natural resources for a fair price, spend - and save - their money wisely and learn to manage currency fluctuations.

Despite all the protest, Stiglitz is clearly still a cautiously optimistic supporter of globalization. But he is confident that the United States cannot continue to control the world's major economic aid institutions without producing results for the poor countries of the world.

Why We Like This Book
Making Globalization Work explores the problems surrounding the management of globalization. It contributes considerably to the political discourse about the role of governments in the free market through its nuts-and-bolts appraisals of NAFTA, the WTO, the Kyoto Protocol and many other elements of today's globalization debate. But the heart of the book is about finding better ways to make globalization work for the hundreds of millions of people who live in developing countries and in poverty. Copyright © 2007 Soundview Executive Book Summaries

Kirkus Reviews
If the free market is the answer to the world's woes, then why is so much of the world getting poorer? Nobel Prize-winning economist Stiglitz (The Roaring Nineties, 2003) ventures some persuasive answers. There are many ways to make globalization work, writes Stiglitz. Regrettably, the U.S. and institutions such as the International Monetary Fund and the World Bank are not practicing any of them. Indeed, he argues, "the world's sole superpower has simultaneously been pushing for economic globalization and weakening the political foundations necessary to make economic globalization work." The U.S. consistently plays on an unlevel field, demanding that developing nations open their markets on terms dictated by American interests; globalization as it is now practiced demands that sovereign nations become less sovereign, even as it forces upon developing countries a one-size-fits-all economic system that "is inappropriate and often grossly damaging." America's insistence on the primacy of the free market really means a market that is free for the biggest players, though even a theoretically pure free market is not necessarily the best solution in many instances. For example, Stiglitz writes, many of the thriving economies of East Asia, such as China's, are thoroughly managed, while social democracies such as those of Scandinavia channel much of the GDP into long-range, state-controlled financial sectors for the interest of future generations; meanwhile, free-market experiments in the former Soviet Union have proven disastrous except for a few lucky capitalists. Reining in inequalities is one of the foremost tasks for a globalism worthy of the name, Stiglitz suggests; those calling for ThirdWorld debt relief are on the right track. But there is more to it, he adds, including a rethinking of innovation-stifling intellectual property conventions and a restructuring of international institutions to serve their neediest constituents fairly. A thoughtful essay that ought to provoke discussion in certain well-appointed offices, to say nothing of development and aid circles.
Russ Juskalian - USA Today
“A brave book.... Stiglitz does an excellent job of describing dense topics... in language that's understandable and accessible.”
Jeffrey E. Garten - Newsweek
“A searing critique of the conventional wisdom.... Stiglitz's analysis is eye-opening... because it is consistent and comprehensive, and he writes with rare clarity and passion for a distinguished economist.”
Jeffry Frieden - New York Times Book Review
“A well-written and informative primer on the major global economic problems. [Stiglitz] helps his readers understand exactly what is at stake.”
Guardian
“An excellent book... a lodestar for those who want to achieve a different and better world.”
Peter Coy - BusinessWeek
“You don't have to agree with Stiglitz on every point to benefit from his creative thinking.”
Guardian
“An excellent book... a lodestar for those who want to achieve a different and better world.”
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Product Details

  • ISBN-13: 9780393061222
  • Publisher: Norton, W. W. & Company, Inc.
  • Publication date: 9/18/2006
  • Pages: 320
  • Sales rank: 799,162
  • Product dimensions: 6.60 (w) x 9.50 (h) x 1.20 (d)

Meet the Author

Joseph E. Stiglitz received his PhD from MIT in 1967, became a full professor at Yale in 1970, and was awarded the John Bates Clark Award in 1979, which is given biennially by the American Economic Association to an economist under 40 who has made the most significant contribution to the field. He has taught at Princeton, Stanford, and MIT, and was the Drummond Professor and a fellow of All Souls College, Oxford. He is now a professor at Columbia University and co-chair of Columbia University's Committee on Global Thought. He is also the co-founder and co-president of the Initiative for Policy Dialogue at Columbia. In 2001, he was awarded the Nobel Prize in economics for his analyses of markets with asymmetric information, and was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize. In 2011, Time named Professor Stiglitz one of the 100 most influential people in the world. Professor Stiglitz was a member of the Council of Economic Advisers from 1993–95, during the Clinton administration, and served as its chairman from 1995–97. He then became chief economist and senior vice president of the World Bank from 1997–2000. In 2008, he was asked by the French President Nicolas Sarkozy to chair the Commission on the Measurement of Economic Performance and Social Progress, which released its final report in September 2009. In 2009, he was appointed by the President of the United Nations General Assembly as chair of the Commission of Experts on Reform of the International Financial and Monetary System, which also released its report in September 2009. Professor Stiglitz helped create a new branch of economics—The Economics of Information—exploring the consequences of information asymmetries and pioneering such pivotal concepts as adverse selection and moral hazard, which have now become standard tools not only for theorists but also for policy analysts. He has made major contributions to the theories of welfare economics and of income and wealth distribution, and his work has helped explain the circumstances in which markets do not work well and how selective government intervention can improve market performance. Recognized around the world as a leading economic educator, Professor Stiglitz has written books that have been translated into more than a dozen languages. He also founded one of the leading economics journals, The Journal of Economic Perspectives. His book, Globalization and Its Discontents (Norton, 2001), has been translated into 35 languages and has sold more than a million copies worldwide. Other recent books include The Roaring Nineties (Norton); Towards a New Paradigm in Monetary Economics (Cambridge University Press), with Bruce Greenwald; Fair Trade for All (Oxford University Press), with Andrew Charlton; Making Globalization Work (Norton and Penguin/ Allen Lane, 2006); The Three Trillion Dollar War: The True Cost of the Iraq Conflict (Norton and Penguin/ Allen Lane, 2008), with Linda Bilmes at Harvard University; Freefall: America, Free Markets, and the Sinking of the World Economy (Norton and Penguin/ Allen Lane, 2010); and The Price of Inequality: How Today's Divided Society Endangers Our Future (Norton and Penguin/ Allen Lane, 2012).

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Table of Contents

Ch. 1 Another world is possible 3
Ch. 2 The promise of development 25
Ch. 3 Making trade fair 61
Ch. 4 Patents, profits, and people 103
Ch. 5 Lifting the resource curse 133
Ch. 6 Saving the planet 161
Ch. 7 The multinational corporation 187
Ch. 8 The burden of debt 211
Ch. 9 Reforming the global reserve system 245
Ch. 10 Democratizing globalization 269
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Customer Reviews

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Sort by: Showing all of 8 Customer Reviews
  • Posted June 1, 2009

    more from this reviewer

    I Also Recommend:

    Good analysis, poor politics

    In this thought-provoking book, Stiglitz examines the failures of globalisation and of free trade, the current intellectual property rights regime, the pillage of resources, climate change, the multinational corporations' impact, the debt burden, the dollar's role as the world's reserve currency, and globalisation's effects on democracy and sovereignty. He believes the problem is not globalisation but the way it has been managed.

    He notes of globalisation post-1990, "unchecked by competition to 'win the hearts and minds' of those in the Third World, the advanced industrial countries actually created a global trade regime that helped their special corporate and financial interests, and hurt the poorest countries of the world."

    So Third World countries have got deeper into debt. Apart from China, poverty in the developing world has increased since 1980: 40% of the world, 2.6 billion people, are poor. The number of Africans in extreme poverty has doubled. In 2001 the USA and the EU agreed to focus on developing countries' needs, but, as Stiglitz points out, they reneged. Why don't necessary reforms ever get put into practice?

    He points out, "the pursuit of self-interest by CEOs, accountants, and investment banks did not lead to economic efficiency, but rather to a bubble accompanied by massive misallocation of resources." This refutes his later, oddly slight, argument for capitalism: "Markets are essential; markets help allocate resources, ensuring that they are well deployed." No - 'profitably', not 'well'.

    He points out that current economic policy serves ruling class interests: "Wealth generates power, the power that enables the ruling class to maintain that wealth."

    He exposes the class conflict at the centre of economic life. He observes, "the European Central Bank pursues a monetary policy that, while it may do wonders for bond markets by keeping inflation low and bond prices high, has left Europe's growth and employment in shambles." And he asks, "Where will the people of the developed countries and their governments stand? In support of the few in those countries who own and run the rich corporations, or in support of the billions in the developing countries whose well-being, in some cases, whose very survival, is at stake?"

    His analysis is brilliant, but his proposals rely on ruling classes choosing to act against their own interests: he proposes reforms he knows they won't accept.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted May 2, 2008

    Government can be the solution

    One of the key objectives of this book, Making Globalization Work was to prove that the problem with globalization is not the concept of globalization, but how it has been managed. Therefore the book presented many different ways that globalization has failed and suggestions for solutions. I believe the book makes an excellent case for the advantages of government intervention in pushing the economy in a positive way. Many believe that government can add little to the economy and that in general, innovation is stymied by government rules and regulations. However, Stiglitz makes the case that this theory is mostly rhetoric and in the real world, government regulations can protect and encourage innovation. The reason for the difference between the theory and reality is asymmetrical relationships. Economic theory assumes a perfect world in which everyone has access to all information, equal access to capital, labor, information, etc. The reality is that all parties do not have equal access to capital, labor, or information. Successful governments have focused on practicalities, even if that meant ignoring or modifying IMF recommendations. Globalization can create winners, but not everyone will be a winner. Some will be losers, and society must realize that in order to maintain civil order and stability, it will need to impose ways to spread some of the winnings around. Of course, the winners will complain and object, but it must be done. Without the changes, globalization might continue, but the will to support it will weaken, leading us to a less stable future. So a brighter future requires that everyone gives a little, and mostly that will require that governments require that the benefits of globalization be spread out through taxes, regulations, requirements, etc.

    1 out of 1 people found this review helpful.

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  • Posted June 2, 2011

    Globallization affects Societies Differently

    Most of the rules and policies made in developed nations are not beneficial to developing nations

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  • Posted September 3, 2010

    more from this reviewer

    Informed prescription for the future of globalization

    Just about every major gathering of world leaders draws determined, often violent, protests against globalization. If you wonder why, Joseph E. Stiglitz's book explains ample reasons. The Nobel Prize-winning economist follows up his 2002 book, Globalization and Its Discontents, with further analysis of pressing economic, political and environmental concerns, and the conflicts they engender between developing and developed countries. He doesn't just dwell on the dreadful problems he outlines in such knowledgeable detail. He also offers remedies and reforms, though some seem quite idealistic for a notable economist who sees so clearly what has gone wrong. His book is densely packed with data, case studies and facts, but Stiglitz intersperses the dry material with thoughtful asides on the questions of morality and equity that globalization must answer. getAbstract finds that his book will enlighten readers about the challenges and consequences of globalization on humankind's one and only planet.

    Read more about this book in the online summary:
    http://www.getabstract.com/summary/5843/making-globalization-work.html

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    Posted November 24, 2009

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