Globalization and Its Discontents has ratings and reviews. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for. The main message of Globalization and its Discontents was that the problem Joseph E. Stiglitz, a Nobel laureate in economics, is University. “Globalisation in is different from globalisation in ,” argues Nobel prize -winning economist Joseph E Stiglitz in Globalization and its.

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Since Stiglitz was is World Bank’s Chief Economist for 3 of the years about which he is writing, and therefore determined the Bank’s economic policy insofar as it is coherent enough to have one, one would think that he must have been a party to any Washington Consensus.

Harvey suggests that the upward redistribution of wealth within and across nations may actually the the hidden purpose of this ideology. It certainly stands as the most forceful argument that has yet been made against the IMF and its policies.

Globalization and Its Discontents by Joseph E. Stiglitz

The argument is good, I am periodically bored with his historical narrative, and all in all, if you have to read a Stiglitz Fine, Stiglitz writes well on a subject that is hot with the developing world, and he is a writer after my own heart, especially as he argues on how the free market and the wonderful hypocrisy of IMF and WTO And by that stroke, the developed economies cripple the southern hemisphere.

Stiglitz notes discontengs the original mission of the IMF was that of ensuring global economic stability. Nevertheless, four stars for the following points that Stiglitz makes: During these stigpitz, Stiglitz worked as an economic adviser to president Clinton and as a gglobalisation vice-president of the World Bank, which, in a way, makes him an eye witness to how the IMF policies were designed and implemented.


I think another take away from the book is the fact that there are a lot of very smart minds thinking about how to improve lives. Nov 09, Tim rated it really liked it Shelves: Essentially he accuses these organizations of coercing developing nations to abide by strict “market fundamentalism” which involves economic theories that look good in paper and in economic textbooks, but fail to take into account unique characteristics of countries, their governments, culture and demographics.

Trivia About Globalization and Then sfiglitz much of the rest of t Recommended to me by someone who I had believed was globalisatiom globalization. I was trying to understand why the world economy seemed to be collapsing.

Globalization and Its Discontents Revisited

Ite was poorer that Russia at the start of the decade and much richer at the end of it. He starts out explaining that he believes globalization is a very powerful tool to improve our lives, that privatization, and market liberalization are very powerful tools.

In their dogmatic belief in “market fundamentalism” they fail to attend to the unique factors in different countries, imposing a single model which Stiglitz claims was largely developed to address the conditions that arose in the ‘s in Latin America in very diverse situations.

All said and done, I must however also add that, Stiglitz’s personal biasness against IMF also shows through very clearly here, so I am inclined to take a lot of his arguments and anecdotes with a pinch of salt. Globalization is, of course, only one part of what is going on; technological innovation is another part.

However, I’ve felt the author has been unduly kind glonalisation IMF. The good professor has done a remarkable job here. This destabilized entire developing economies by causing massive inflows of ‘hot’ short-term investment capital; then when inflation rose, the IMF’s loan conditions imposed fiscal austerity and dramatically rising interest rates.

Your name Your email Friend’s name Friend’s email Message. From Wikipedia, the free encyclopedia. Since sitglitz IMF loans primarily benefited foreigners and government officials, he argues it is unjust and onerous that citizens of developing nations be heavily taxed to pay them off.


Especially relevant today is what Stiglitz has to say about moral hazard. Please select an option. Registration is free and requires only your email address.

Jun 11, Mark Lawry rated it really liked it. The procedures and rhetoric of globalistion institutions widen the gap between developed and developing, which resulted from undemocratic paternalism and lack of accountability, transparency. Just a moment while we sign you in to your Goodreads account.

Review of Globalization and its Discontents | PIIE

I suppose that this book contains essential criticism of globalization after the s. And social trust jospeh destroyed does not come back overnight. Of course, one of the big problems with these policies is that they don’t actually serve the interest Generally a good description byy the way in which IMF and US Treasury policies have played out in the developing world from the s to The skyline is filled with half completed skyscrapers and rusting cranes that have sat empty since Nov 30, Mehmet rated it really liked it.

Stiglitz does seem arrogant at times, he too easily points out s first hand account of some a short comings of anx, specifically related to Stiglitz time the World Bank and IMF.

They differed only as to whether those changes should be obtained through government led planning or unfettered markets. Privatization without land reform or strong competitive policies resulted in crony capitalismlarge businesses run by organized crime, and neo-feudalism without a middle class.