Globalization and Its Discontents Revisited. Anti-Globalization in the Era of Trump. Joseph E. Stiglitz (Author, Columbia University). Sign up for the monthly New. Buy Globalization and Its Discontents New Ed by Joseph Stiglitz (ISBN: ) from Amazon’s Book Store. Everyday low prices and free delivery on. Globalization and Its Discontents has ratings and reviews. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for.

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So if he says something has gone wrong with globalization, people listen.

Globalization and Its Discontents by Joseph E. Stiglitz

By using this site, you agree to the Terms of Use and Privacy Policy. This force is so strong that if there were no transportation costs, and if the US and Europe had joweph other source of competitive advantage, such as in technology, eventually it would be as if Chinese workers continued to migrate to the US and Europe until wage differences had been eliminated entirely.

First create anti-trust laws, establish ioseph rule of law and especially the respect for private property and then start with privatization.

Please note that the link will expire twenty-four hours after the email is sent. He criticizes its imperialistic ambitions, as displayed most recently in its insistence that it run the Poverty Reduction and Growth Facility a lending facility for poor countries, whose management requires expertise on development that has not traditionally been the IMF’s comparative advantage.

So why had so many people become so hostile to it? Without government oversight, they reach decisions without public debate and resolve trade disputes involving “uncompetitive” or “onerous” environmental, labor, and capital laws in secret tribunals—without appeal to a nation’s courts.

We have announced that for favored institutions there is to be little or no market discipline. The book was written before the crash of and the financial crisis proved that he was right to the discontents of the global financial system. The countries who received the benefits from the globalization shared their profits equally. If you are looking for a popular introduction to macroeconomics, look elsewhere.

Hot investor money flowed in, fomenting local bubbles such as a real estate bubble in Thailandand at the first sight of trouble, the hot money flowed out again, leaving destruction and crisis in its wake. Stiglitz also has a legitimate point in charging the IMF with an excessive willingness to take on new missions and add correspondingly to its conditionality, including its insistence on retaining control of what is now called the Poverty Reduction and Growth Facility.


With a new foreword for this paperback edition. 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. Stiglitz does seem arrogant at times, he too easily points out s first hand account of some a short comings of globalization, specifically related to Stiglitz time the World Bank and IMF.

Globalization and Its Discontents Revisited

It turns discoontents Stiglitz is very much not anti-globalization but wrote the book explaining why some might be. Some insightful information regarding the IMF, but it is catered to people who know these topics. There is a success when it is managed by national government by embracing their characteristics of each individual country; however, there is a failure when it is managed by international institutions such as IMF.

As a result many wrong-headed actions were taken, ones that did not solve the problem at hand but that fit with the interests globaliisation beliefs of the people in power.

As a non-economist, I easily got his points: Mar 21, Stephen Angelo rated it liked it.

Enter your password to confirm. The IMF had not only provoked the East Asia crisis, but then also proceeded to prescribe the incorrect policies to solve, or at least alleviate, the crisis. It came out shortly after the Seattle WTO protests and soon popped up on the bookshelves many of my discomtents friends.

However, he is approach is quite narrow. Those seeking to understand why globalization has engendered the hostility of protesters in Seattle and Genoa will find the reasons here. Making matters worse, the Russian government usually received very little, almost giving massive state assets away for free to friends. MacKenzie claims in the libertarian journal Public Choice that Stiglitz mischaracterizes government failures as market failures.

However, I’ve felt the author has been unduly kind towards IMF. His thesis is quite simple: During these events, Stiglitz worked as an economic adviser to president Clinton and as a senior vice-president of the World Bank, which, in a way, makes him an eye witness to how the IMF policies were designed and implemented. Jan 20, Adam rated it really liked it.

Globalization and its New Discontents by Joseph E. Stiglitz – Project Syndicate

As a result, Third World citizens carried much of the costs and few of the benefits of IMF loans, and a moral hazard ensued among the financial community: Things are a little better in Europe — but only a little better. The procedures and rhetoric of financial institutions widen the gap between developed and developing, which resulted from undemocratic paternalism and lack of accountability, transparency.


I do think, however, that if you’ve just read this book or are intending to read it, do see what the other side has to say in its defence. Stiglitz believes the IMF and World Tlobalisation should be reformed, not dismantled—with a growing population, malaria and AIDS pandemics, and global environmental challenges, Keynes’ mandate for equitable growth is more urgent now than ever.

Development encompasses not just resources and capital but Overall, the successful countries have pursued a comprehensive approach to development.

I’m not going to pretend I know enough to referee a debate between these two great minds. Josephh goal now should be to move forward in a way that does not destroy entire societies so that a few rich people can get richer. This is not very different from what happened in Greece in the last couple of years: Generally a good description of the way in which IMF and US Treasury policies have played out in the developing world from the s to Now maybe the relationship between the interest rate and currency values obeys some sort of a Laffer Curve, but the analytical point that one needs some such postulate to reconcile the two passages is not even recognized, let alone argued.

I have now read several b This is my second reading of this book. This approach seeks to minimize the role of government—arguing that lower stitlitz solve josephh of unemployment, and relying upon trickle-down economics the belief that growth and wealth will trickle down to all segments of society to address poverty.

So you start to wonder if you’re getting the whole picture. Lastly, democratic disciplines are needed gglobalisation ensure that financial institutions serve general interests.

Review of Globalization and its Discontents

This was written in and still the same problems he mentions exist Jun 11, Mark Lawry rated it really liked it. Aug 5, Joseph E. Eight Centuries of Financial Follyto which I gave qnd stars.