Globalization and Its DiscontentsThis 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. |
Contents
| 3 | |
Broken Promises | 23 |
Freedom to Choose? | 53 |
How IMF Policies Brought | 89 |
Who Lost Russia? | 133 |
Unfair Trade Laws and Other Mischief | 166 |
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Globalization and Its Discontents Joseph E Stiglitz,Senior Fellow Joseph E Stiglitz Limited preview - 2002 |
Common terms and phrases
able American argued Asian believe benefits better billions borrowing brought called capital market central chapter China clear competition concerns costs created crisis critics debate demand developing countries discussions dollars East Asia economic economists effect evidence exchange rate facing fact failed failures firms followed forced foreign Fund given global growth IMF’s important imposed income increase industrial inflation instance institutions interest investment issues Korea lead least lending less liberalization living loans lower major managed market economy matters officials percent policies political poor poverty privatization problems production programs pushed reason reforms responsibility result risk role Russia seemed simply social South Korea stability strategy successful tion trade transition tries unemployment United Washington World Bank
Popular passages
Page xvii - 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.
Page 9 - A growing divide between the haves and have-nots has left increasing numbers in the Third World in dire poverty, living on less than a dollar a day.
Page 11 - But even when not guilty of hypocrisy, the West has driven the globalization agenda, ensuring that it garners a disproportionate share of the benefits, at the expense of the developing world.