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Globalization and Its Discontents
by Joseph E. Stiglitz
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Paperback
Publisher: W. W. Norton & Company
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.
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
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| Not a fun read... but incredibly insightful nontheless |
| Customer Rating: 3 out of 5 |
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I don't doubt that Stiglitz is right. People with a background like that and have won the Nobel Prize usually know what they are talking about. But man this book is frustrating in the first few chapters. I initially categorized it as anti-western propaganda because it is extremely opposed to western policies. However, it is right. The economics of it are sound, the politics also make sense and the details of this are all laid out. You definitely need some economics knowledge to get through it and it makes a VERY good case against market fundamentalism and excessive deregulation. Unfortunately, the same market fundamentalism that drives the IMF is also what drives Wall Street and the Treasury and it's causing a lot of problems nowadays.
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| Exhausting. |
| Customer Rating: 2 out of 5 |
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It should have been subtitled: "Or how the IMF screwed everything up, despite Joe's best efforts."
It's a tiring tirade.
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| an important mainstream critique |
| Customer Rating: 5 out of 5 |
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"Globalization and Its Discontents" is an impressive critique of the Washington Consensus and international economic institutions. Even more so because the author is not only an eminent economist, but also an insider on the issues that are being discussed. Some of the things it covers are the historical context, the East Asian financial crisis, and Russia's transition from central planning to a market economy. Stiglitz demonstrates how a combination of unwillingness to consult, market fundamentalist ideology and financial interests led to terrible outcomes. Everyone who has taken an introductory macroeconomics course will be surprised to find out that the IMF pushed contractionary policies during downturns. The Russian experience underscores the importance of cautious and contextual policies that create the institutions necessary for a market economy. Besides retrospective insights, Stiglitz provides a list of alternative policies that could yield a much better result in the future.
It may be less revolutionary now than it was in 2002: many mainstream economists such as Dani Rodrik have come out against the Washington Consensus since and the influence of the IMF seems to have decreased prompting economist Dean Baker to say that "No one needs the IMF anymore" ("The IMF: A Sandbox to Play In", April 10, 2007, Truthout). It may also have its share of flaws, most notably a somewhat naive sounding belief that getting closer to the free trade ideal (which includes cutting subsidies to agriculture so that the poor countries could better compete) will help developing countries a great deal. Many developing countries are in fact net importers of food and cutting agricultural subsidies in rich nations might actually increase prices that they pay for food. Nevertheless, "Globalization and Its Discontents" is an accessible and very interesting book that provides lessons about the need for open dialogue and contextual approaches to development. Not to forget that with the impact that this book has had it is also already a piece of history.
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| Incoherent and generally unenlightening |
| Customer Rating: 2 out of 5 |
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Anyone with an interest in global affairs would be aware of the East Asian crises and the Russian attempt at becoming a market economy. These are the two main examples used by Stiglitz to frame his arguments and the policies are well known. They are the same problems the anti-globalization movement protests against outside various international financial meetings so there are no new insights here of any great significance. Some of the less prominent countries like Ethiopia and Malaysia are covered though and these sections are interesting although still using the same themes - co-ercive IMF tactics, capital market liberaliztion or protectionism etc. Stiglitz also contradicts himself at times. In one section he argues for greater transparency and public debate (ie. politicization) of the IMF's policies, then in another criticises the U.S. government for enacting protectionist measures domestically (assuredly for political purposes).
The problem with these 'insider' accounts is that they are by definition subjective. The only examples of the inner workings of these institutions put forward are self-serving anecdotes of when Stiglitz himself opposed, or tried to oppose, IMF policies. There is also very little talk, and even less criticism, of the World Bank which is where he was the chief economist. Would recommend a book by, say, a respected professional journalist who can be a more objective, more dispassionate, and much more coherent.
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| must read! |
| Customer Rating: 5 out of 5 |
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Joseph Stiglitz thoroughly disects the brain dead institution called the IMF. Read this book and you will clearly see why African countries and other 3rd world countries are as poor as they are. it's not simply because of corruption and mismangement by their government as we all tend to believe. It's not even a conspiracy of any kind. It's just stupid policies by arrogant idiots forcing unproven "free market" policies on the countries.
My one gripe about this book is that the author seems to abdicate some responsibilty of his former employer, the world bank. They've also been part of the problems is developing countries as well. Maybe not to the extent of the IMF but they are also culpable.
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