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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The Scandinavians figured this out long ago; it was part of the social contract that maintained an open society — open to globalization and changes in technology. How can something that our political leaders — and many an economist — said would make everyone better off be so reviled? More on This Topic Policy Brief. Anyone uoseph in understanding the backlash against globalization.

Stiglitz has presented, as effectively as jiseph 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.

But he is less impressive when contending that this policy did not even have a corresponding benefit in terms of strengthening the domestic currency.

Registration is free and requires only your email address. But, I mean, if we’re talking about globalization you’ve got to talk about the whole thing. Jan 14, Brian Moriarty rated it liked it. Debt forgiveness should be extended, building on the success of the Jubilee Movement. Median income for full-time male workers is actually lower in real inflation-adjusted terms than it was 42 years ago.

Specific policies criticised by Stiglitz include fiscal austerity, high interest ratestrade liberalizationand the liberalization of capital markets and insistence on the privatization of state assets. 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.


Open Preview See a Problem? Also noted was the failure of Russia’s conversion to a market economy and low levels of development in Sub-Saharan Africa. Among the big losers — those who gained little or nothing — were those at the bottom and the middle and working classes in the advanced countries. Big bailouts are the safety net to ensure the western money lenders get their money back when things collapse.

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. This book helped me to understand not only why it happened, but who made it happen, and what it would take to fix things.

While it may have been necessary to close some banks, one should have recognized that good banks are institutions that have built up knowledge of their borrowers that could not easily be replicated, so that closing them was going to impose a long-term cost on the economy. Most of the stuff I already knew in a general way, so I can’t give it five stars.

Similar views are apparent in Europe. We often hear how great globalization is and the abundance of wealth that it has provided to the world. Globalization is, of course, only one part of what is going on; technological innovation is another part.

Jan 01, Dan rated it really liked it Shelves: In the US, Congressional Republicans even opposed assistance to those who were directly hurt by globalization.

And social trust once destroyed does not come back overnight. The attack of the market fundamentalists! Ordinary people as well as many government officials and business people continue to refer to the economic and social storm that hit their nations simply as ‘the IMF’ — the way one would say ‘the plague’ or ‘the Great Depression’ [, 97].

Stiglitz argues that when families and firms seek to buy too little compared to what the economy can stigltiz, governments can fight recessions and depressions by using expansionary monetary and fiscal policies to spur lgobalisation demand for goods and services.

Globalization and Its Discontents – Wikipedia

A must read for anyone interested in development or international finance. 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.


Trivia About Globalization and It seemed a mystery: The Post-American World Economy. A cogent critique of IMF’s unhealthy obsession with pushing down inflation at any expense to debtor countries and the hypocrisy of developed countries in preaching free market fundamentalism to the developing world while keeping their own doors closed.

Recommended to me by someone who I had believed was against globalization. On top of that, since property rights were not yet well established, and because many of the new owners realized that future governments might reverse these privatizations, the new owners proceeded take as much money as they could squeeze out of the newly privatized companies abroad.

Stiglitz thinks that this rapid privatization was a bad idea, and that basic economic and financial infrastructure and institutions should have been put in place first E.

Review of Globalization and its Discontents

This should’ve been titled, Globalization: That is probably right, but it is a pity that he did not discuss other changes in global governance that might help promote the sort of world that he would like to see. Those companies entered hard times when the crises broke out.

Here Stiglitz objections to IMF policy have mostly to do with the order and timing of the policies. Such an objective function would be consistent with sundry actions of the IMF of which he disapproves, from its enthusiastic support of capital account convertibility to its efforts to restructure the financial sector in East Asia to its penchant for increasing interest rates to its willingness to furnish big loans that are to be used gobalisation bank bailouts while pressing countries to cyclically-destabilizing cuts in public spending on food subsidies to its aversion to inflation.

Return to Book Page. Stiglitz argues that one part moseph the solution is improving bankruptcy rules.