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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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. 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 stigliyz postulate to reconcile the two passages is not even recognized, let alone argued.

This means that the IMF has objectives that are often in conflict with each other []. Stabilization is on the agenda; job creation is not. Governments, people, and entrep We often hear how great globalization is and the abundance of wealth that it has provided to the world.

Please note that we moderate comments to ensure the conversation remains topically relevant. Please select an option. Much of the substance is in fact rather reassuring to those of us who have regarded ourselves as mainstream and basically pro-globalization, but his critique of the IMF demands stigltiz consideration. And stand better today than many of the countries who followed the IMF plans.

Globalization and its New Discontents

The book has also received criticisms from various opponents of his intellectual work affiliated with libertarian and neo conservative schools of thought. Perhaps the IMF was a bit slow in drawing that conclusion, but in my view Stiglitz gives it far too little credit for the initiative it finally did take, in Anne Krueger’s speech, last Fall.

Jul 04, beggs rated it really liked it Recommends it amd In principle I share this position, but I have to admit that his and my concept of what is a “reasonably low” rate of inflation are pretty different: Stiglitz bases his argument on the themes that his decades of theoretical work have emphasized: It is a shame that he did not use this book to preach the importance of applying his general philosophy toward markets josepb the foreign exchange market, instead of reinforcing the Fund’s current itw for floating.


It is designed to provoke a healthy debate and… shows us in poignant terms why developing nations feel the economic deck is stacked against them. And on no subject does Stiglitz direct such strong criticism at the Fund. 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.

The title and the cover and the rhetoric and the repeated attacks on fiscontents IMF and the author’s avowed sympathy for the anti-globalization protesters may give the impression that this book is just a stigkitz intended to capitalize on the author’s Nobel Prize. Jan 20, Adam rated it really liked it.

Globalization and Its Discontents Revisited

Immediately upon publication, Globalization and Its Discontents became a touchstone in the globalization debate by demonstrating how the International Monetary Fund, other major institutions like the World Bank, and global trade agreements have often harmed the developing nations they are supposedly helping. The essence of this alternative model of transition which he claims credit for having suggested to the Chinese, along with Kenneth Arrow was that state enterprises retained responsibility for delivering their state orders at controlled prices to other state enterprises, while being allowed to sell their marginal output on free markets.

It came out shortly after the Seattle WTO protests and soon popped up on the bookshelves many of my development-minded friends. The Globaliaation figured this out long ago; it was part discontrnts the social contract that maintained an open society — open to globalization and changes in technology. Regrettably, the opposite stigliyz too often, when academics involved in making policy recommendations become politicized and start to bend the evidence to fit the ideas of those in charge.


Stiglitz acknowledges that the goals of the IMF, the goals of Globalization, are not inherently bad, and need not lead to the problems that we have seen. Sort of like an MBA in macro-economics in other words, where instead of looking at case studies of corporations you lo0k at case studies of countries.

That is capitalism, after all. Please enter your email address and click on the reset-password button.

Sep 01, Jet rated it really liked it Shelves: Including things like cultural homogenization, environmental damages, urbanization, human trafficking, etc.

However, Stiglitz believes that if the national economy regulated by international institutions there could be an adverse effect.

More interestingly, he argues that gradual liberalization on the Chinese model would have been feasible in the former Soviet Union and Eastern Europe. Instead, they pushed for policies that restructured markets in ways that increased inequality and undermined overall economic performance; growth actually slowed as the rules of the game were rewritten to advance the interests of banks and corporations — the rich and powerful — at the expense of everyone else.

The great debate of austerity versus stimulus for growth is still being held in Europe today. Besides little debate inside the IMF, he also notices little curiosity towards new solutions and ideas.

Development encompasses not just resources and capital but a transformation of society.

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

If a company goes bankrupt, its creditor loses its money. Griswold of the libertarian think tank Cato Institute labels the book a “score-settling exercise distorted by the author’s own political prejudices and personal animus.


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.