Author: Joseph E. Stiglitz
Editorial Reviews
Amazon.com Review
Due to massive media coverage, many people are familiar with the controversy and organized resistance that globalization has generated around the world, yet explaining what globalization actually means in practice is a complicated task. For those wanting to learn more, this book is an excellent place to start. An experienced economist, Joseph Stiglitz had a brilliant career in academia before serving for four years on President Clinton's Council of Economic Advisors and then three years as chief economist and senior vice president of the World Bank. His book clearly explains the functions and powers of the main institutions that govern globalization--the International Monetary Fund, the World Bank, and the World Trade Organization--along with the ramifications, both good and bad, of their policies. He strongly believes that globalization can be a positive force around the world, particularly for the poor, but only if the IMF, World Bank, and WTO dramatically alter the way they operate, beginning with increased transparency and a greater willingness to examine their own actions closely. Of his time at the World Bank, he writes, "Decisions were made on the basis of what seemed a curious blend of ideology and bad economics, dogma that sometimes seemed to be thinly veiling special interests.... Open, frank discussion was discouraged--there was no room for it." The book is not entirely critical, however: "Those who vilify globalization too often overlook its benefits," Stiglitz writes, explaining how globalization, along with foreign aid, has improved the living standards of millions around the world. With this clear and balanced book, Stiglitz has contributed significantly to the debate on this important topic. --Shawn Carkonen --This text refers to the Hardcover edition.
From Publishers Weekly
Stiglitz, a Nobel Prize winner and Columbia University economics professor, sees globalization's unrealized potential to eradicate poverty and promote economic growth. In recent years, the International Monetary Fund, the World Bank and the World Trade Organization have promoted world financial stability, prosperity and free trade, yet Stiglitz wonders why so many revile these organizations' programs to the point of rioting in the streets. Casting a dispassionately analytical eye at East Asia's and Russia's financial turmoil, he argues that the IMF imposed austere policies that only exacerbated each area's problems. When he finds a similar policy pattern for other countries in crisis, Stiglitz asks how a public institution can ignore growing evidence of a flawed policy and not take action or be held accountable. In answering his own question, Stiglitz blames the "market fundamentalism" that endorses the view that a "free" market solves all problems flawlessly. As Stiglitz authoritatively indicates, one-size-fits-all economic policies can damage rather than help countries with unique financial, governmental and social institutions. He calls for public institutions to reform and become more transparent and responsive to their constituents. Stiglitz shares inside information from cabinet meetings when he served on Clinton's Council of Economic Advisers and from his years as chief economist at the World Bank, divulging debates in Washington's conference rooms, naming names and raising his eyebrows at those who refuse to question certain IMF policies' repeated shortcomings. This smart, provocative study contributes significantly to the ongoing globalization debate and provides a model of analytical rigor concerning the process of assisting countries facing the challenges of economic development and transformation.
Copyright 2002 Cahners Business Information, Inc. --This text refers to the Hardcover edition.
Stiglitz, noted economist in the Clinton administration from 1993 to 2000, posits that that "the level of pain in developing countries created in the process of globalization and development as it has been guided by the IMF and the international economic organizations has been far greater than necessary." He observed the debates, knew ideas mattered, and saw his role as convincing his colleagues that good economics was also good politics. However, when he moved for three years to the international arena at the World Bank, he found a decision-making process--especially at the International Monetary Fund--that was based on ideology, bad economics, and policy that often favored interests such as Wall Street over the needs of poorer nations. This critique is presented to open a debate on how globalization is managed, which the author hopes will include representatives of poorer nations directly affected. His aim is for better policies on globalization and, hence, better results. Mary Whaley
Copyright © American Library Association. All rights reserved --This text refers to the Hardcover edition.
Review
[An] urgently important new book. (George Scialabba - Boston Globe )
[Stiglitz's] rare mix of academic achievement and policy experience makes Globalization and Its Discontents worth reading. (Michael J. Mandel - BusinessWeek )
Penetrating, insightful.... A seminal work that must be read. (George Soros
Provocative, readable, and sure to earn Stiglitz persona non grata status in certain corridors of power. (Kirkus Reviews )
Accessible, provocative and highly readable... Brings an insider's insights into the crises of the 1990s and beyond. (Alan Cowell - New York Times )
A great tour of the complexities of economic policymaking. Getting a top economist to subject the US Treasury and the IMF to withering scrutiny... is good for the long-term health of the system. (William Easterly - Financial Times )
Entertaining, insightful, and well-written.... Makes a compelling case. (Foreign Affairs )
[A] smart, provocative study... Impassioned, balanced and informed... A must-read. (Publishers Weekly )
[Stiglitz] is not a global pessimist, but a realist—and instead of placing him in a neat box labeled 'important contribution to the debate,' we should listen to him urgently. (Will Hutton - The Guardian [UK] )
A war story from inside the halls of the White House and the World Bank, the confession of a powerful economist with a political conscience and a healthy degree of common sense. (Lenora Todaro - The Village Voice )
A fresh, much-needed look at how these institutions-primarily the International Monetary Fund-affect policy... Stiglitz has done important work... (Anna Lappé - San Francisco Chronicle )
Development and economics are not about statistics. Rather, they are about lives and jobs. Stiglitz never forgets that... (Frank Bures - Christian Science Monitor )
[W]ill surely claim a large place on the public stage. (Benjamin M. Friedman - The New York Review of Books )
This book is everyone's guide to the misgovernment of globalization. Stiglitz explains it here in plain and compelling language. (James K. Galbraith, The University of Texas at Austin )
He is one of the most important economists of modern times. (Nicholas Stern, Chief Economist and Senior Vice President, World Bank )
Whatever your opinions, you will be engaged by Stiglitz's sharp insights. A must read. (Juan Somavia, Director-General of the International Labor Organization )
Product Description
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. When it was first published, this national bestseller quickly became a touchstone in the globalization debate. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for most of the major economic events of the last decade, including stints as chairman of the Council of Economic Advisers and chief economist at the World Bank. Particularly concerned with the plight of the developing nations, he became increasingly disillusioned as he saw the International Monetary Fund and other major institutions put the interests of Wall Street and the financial community ahead of the poorer nations. 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. Rarely do we get such an insider's analysis of the major institutions of globalization as in this penetrating book. With a new foreword for this paperback edition. 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. Rarely do we get such an insider's analysis of the major institutions of globalization as in this penetrating book. With a new foreword for this paperback edition.
About the Author
Winner of the 2001 Nobel Memorial Prize for Economics, Joseph E. Stiglitz is the author of Making Globalization Work; Globalization and Its Discontents; and, with Linda Bilmes, The Three Trillion Dollar War. He was chairman of President Clinton's Council of Economic Advisers and served as senior vice president and chief economist at the World Bank. He teaches at Columbia University and lives in New York City.
Source: Amazon