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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Globalization and its New Discontents

Perhaps Stiglitz hopes that the empathy he expresses for their position will win the anti-globalists to his side, so that they will endorse the sensible positions he espouses in favor of gradual trade liberalization, careful privatization, some version of the market economy, and so on.

Banks that had lent money to Greece were almost completely paid back by the bailouts Greece received. In theory, the prescriptions made sense, in practise they turned the s into a lost decade for almost all countries where the Washington consensus was applied. To evaluate his conclusion, it is instructive to look at those cases where Third World development actually succeeded: There are so many injustices in this world, and, sadly, organizations that are set up to help others often fail miserably.

Obviously there is an interest in globalization in that recipe. Perhaps that creditor should have done better due-diligence and taken less risk? Stiglitz has presented, as effectively as it is possible to imagine anyone making it, his side of the argument, including the substantive case for the kind of economic development policies he favors as well as his more specific indictment of what the IMF has done and why.

This article is written like a personal reflection, personal essay, or argumentative essay that states a Wikipedia editor’s personal feelings or presents an original argument about a topic.

Stiglitz argues that one part of the solution is improving bankruptcy rules. Stiglitz’s discussion of this point draws heavily on his own research, and raises an issue that was largely overlooked during the crisis. The countries who received the benefits from the globalization shared their profits equally.


The 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. I thought it was a nice summary.

Particularly concerne When it was first published, this national bestseller quickly became a touchstone in the globalization debate.

Of course, one of the big problems with these policies is that they don’t actually serve the interest 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 Behind the free market ideology there is a model, often wnd to Adam Smithwhich argues that market stiglits profit motive —drive the economy to efficient outcomes as if by an invisible hand.

How about the charge that the IMF suffers from an obsession with controlling inflation? Jan 14, Brian Moriarty rated it liked it. Review of Globalization and its Discontents. For quite a while that seemed to work reasonably well, but Stiglitz is right in arguing that in recent years it has ceased to work and therefore needs to be supplanted by some sort of international bankruptcy procedure.

Until the seating arrangement at the IMF table changes, the system will not change. Modern globalization was sold to the world as a way to bring the poor into a better world. The Post-American World Economy. Globalisation and Its Discontents has earned praises from many reviewers.

Large segments of the population in advanced countries have not been doing well: I enjoyed going through the engaging chapters. What I originally intended the term to recognize was that in the s there had been a major change in attitudes toward economic policy in developing countries or actually in Latin America, the part of the world about which I as writingand that an important part of the Reagan-Thatcher agenda had survived to win general acceptance, even though a good part of the original agenda was pretty nutty monetarism, supply-side economics, minimalist government and therefore minimal taxes, capital account convertibility, and so on.

He focuses mainly on a relatively small part of globalisation, which is the monetary policy pursued by the IMF, which is based around inflation targeting. Of course, one of the big problems with these policies is that they don’t actually serve the interests of the US, they only serve the interests of a small collection of economic elites who arrange everything so they can accrue more personal wealth at the expense of not only citizens of the global south but also citizens of the US and the global north.


IMF lent money to the governments, so that they could pay back the western lenders. That is capitalism, after all. We use cookies to improve your experience on our website. There is money to bail out banks but not to pay for improved education and health services, let alone to bail out workers who are thrown out of their jobs as a result of the IMF’s macroeconomic mismanagement.

Globalization and Its Discontents Revisited | W. W. Norton & Company

Sincehe has been a member of the Columbia faculty, and has held the rank of University Professor since One reason to read the book is he does a great job of explaining how really bad off the Soviet system left Russia back in and the overwhelming problems the country faced.

See 1 question about Globalization and Its Discontents…. This fueled speculative runs on currency, and most of the bailout money soon wound up in Swiss and Caribbean bank accounts. I’m a dope when it comes to economics, but my impression is that this book has been hugely influential among the anti-corporate globalization crowd.

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.

The i Interestingly, I began reading this book late one night when I couldn’t sleep, but instead of becoming drowsy, I was struck with insomnia due to the issues brought up in this book.

Please help improve it by rewriting it in an encyclopedic style.