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Author: Joseph E. Stiglitz
ISBN13: 978-0713996647
Title: Globalization and Its Discontents
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ePUB size: 1242 kb
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Language: English
Category: Politics and Government
Publisher: W.W. Norton & Co.; Third Printing edition (2002)
Pages: 304

Globalization and Its Discontents by Joseph E. Stiglitz

Globalization and Its Discontents is a book published in 2002 by the 2001 Nobel laureate Joseph E. Stiglitz. The book draws on Stiglitz's personal experience as chairman of the Council of Economic Advisers under Bill Clinton from 1993 and chief economist at the World Bank from 1997. During this period Stiglitz became disillusioned with the IMF and other international institutions, which he came to believe acted against the interests of impoverished developing countries

Joseph E. Globalization and . .disconccnts I Joseph E. aphical references and index. ISBN 0-393-05124-2 I. International economic integration. Globalization and its discontents. impose on the importing of bananas from countries other than their tor mer colonies) were of interest to only a few. Now sixteen-yearold kids from the suburbs have strong opinions on such esoteric treaties as GATT (the General Agreement on Tariffs and Trade) and NAFTA (the North American Free Trade Area, the agreement signed in 1992 berween Mexico, United States, and Canada that allows for the freer movement of goods, services, and investtnent-but not people-among those countries).

Author: Joseph Stiglitz. Norton & Company, Inc. New York. His books include The Roaring Nineties and Globalization and Its Discontents. Globalization and its Discontents is not a critique of globalization as its name implies, it is rather a critique of the International Monetary Fund ("IMF") and other agencies of international financial governance - principally the World Bank and the .

Stiglitz's ''Globalization and Its Discontents'' is more of an economic treatise than a narrative critique, and he does not mention David Halberstam's work. But he paints a similar picture of how rampant arrogance, simplistic nostrums and disdain for foreign political realities doomed globalization. He argues that in the hands of the Washington brain trust, globalization became a neoimperialist force that left hundreds of millions of people worse off in 2000 than they were in 1990.

Joseph Stiglitz, economics professor at Columbia University, gestures as he speaks during a panel session on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, January 25, 2018. Jason Alden, Bloomberg. Globalism’s discontents have risen up in the form of international terrorism, warring parties in the Middle East, and most recently voters who line up behind authoritarian nationalists. Globalism’s fallout, argues Stiglitz in the new book, which is an updated version of the original. featuring several new chapters and a lengthy afterword, has harmed the poorest of the poor more than he foretold, while proving a periodic boon for emerging markets, such as those in China, India, Russia, and Brazil, which have managed to turn globalisation into largesse for its ownership class.

Globalization and its Discontents book. 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 concerne When it was first published, this national bestseller quickly became a touchstone in the globalization debate. 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.

Aug 5, 2016 Joseph E. NEW YORK – Fifteen years ago, I wrote a little book, entitled Globalization and its Discontents, describing growing opposition in the developing world to globalizing reforms. The main message of Globalization and its Discontents was that the problem was not globalization, but how the process was being managed. Unfortunately, the management didn’t change. Fifteen years later, the new discontents have brought that message home to the advanced economies. Germany Must Bet on NATO.

Reviews: 7
The is the most expensive 10o pages I have ever purchased. Had I known that this was nothing more than an 97 page introduction to a reprint of the 2002 edition, I would not have purchased it.
Interesting read, I like that he references current events.
It takes some temerity to add yet another to 35 existing reviews of this book! But I do have a rather different reading of it. Previous reviewers seem to have thought that it was either the cat's meow or just a venomous attack. I am somewhere in between. The book makes a number of excellent, telling points against IMF and World Bank policies and assumptions. It does this in the context of what is, indeed, a full-scale attack--no punches pulled. Stiglitz' alternatives are not always the most viable or well-considered, either. So, three or four stars for good critique, but nothing for balance or for coherent solutions.
What worries me more is Stiglitz' lack of attention to a couple of notorious facts about the WB and IMF. He mentions them and then goes on to other things. First, these agencies have routinely supported the most unspeakably brutal and murderous dictatorships: Marcos in the Philippines, Mobutu in Zaire (now Congo), Rios Montt in Guatemala, the thugs of Sudan, the military junta in Indonesia, and on and on. They continued to do this for years after it became general knowledge that these regimes were using the loans, and other aid, to line their pockets and to buy weapons to suppress their own people--and then they ran down their countries' health and education systems to pay back the loans. This wasn't economic theory at work and it wasn't ignorance. We still need a serious study of this. The notorious lack of accountability, stressed by Stiglitz, has to be remedied.
Second, the World Bank in particular, and now the WTO also, have routinely gone up against the environment--though they know perfectly well that everyone, and especially the poor in the Third World, depends on the environment for survival. A highly-placed World Bank researcher (necessarily unnamed here!) told me some time ago that the World Bank's own studies show that all their big-dam projects cost more than they produce in benefits. The costs are born by the poor (especially those displaced by the reservoirs). The benefits largely go to the rich. The WTO's policies on "free" trade are notorious; they tolerate without protest the enormous subsidies that First World governments give their farmers (as pointed out by Stiglitz) but they won't bend a millimetre to protect forests, fish, and wildlife that are vital to the survival of Third World poor. We need a much better study and account of all this.
Whatever is going on in the non-transparent boardrooms of these agencies, the effect has been to keep the Third World in its classic position: an impoverished supplier of raw materials to the First World. The worst thing about the WB-IMF-WTO policy mix is that it routinely leads to the sacrifice not only of the environment but also of long-term investments like education. Without an educated workforce, the Third World is doomed to permanent poverty and backwardness. Everybody knows this, but the policies go on.
I wish Stiglitz, or someone, would take all this on.
Stiglitz shreds the IMF -- tactfully -- but not tactfully enough to avoid an angry backlash from his peers at the IMF. He highlights what has been wrong and even idiotic about IMF-run globalization and ill-timed structural adjustments, poor sequencing. He thinks democratic leaders should decide HOW they implement global economics, perhaps with some guidance, not just the avaricious Washington Consensus demanding austerity measure and open up for speculative capital flows.

He describes how the World Bank, with himself at the helm, tried to accomplish it's historical purpose -- to spread prosperity and help facilitate trade, not looting. He described some brilliant and compassionate leaders and economists he worked with.

But until recently, it's been Paul Wolfowitz in charge of what Stiglitz used to do. Woe be unto all of us.
Simple fellow
This book makes the dangerous consequences of organizational ideology painstakingly clear. While Stiglitz takes an extreme view of the IMF's actions and, to a lesser extent, its motivations, his point regarding the ill effects of rigidly adhering to abstract economic models is well taken. Ideas are exceptionally powerful and too many economists are seduced into viewing the world in a black and white theoretical framework. Models are only useful insofar as they capture salient aspects of the world. Despite manifest evidence to the contrary, the IMF repeatedly failed to acknowledge that their models were in fact not capturing such key features. The IMF's focus on reducing inflation in the Asian economies was particularly silly and Stiglitz does the profession a service by pointing out the common fallacy of treating price stability as an end rather than the means to a healthy macroeconomy.
The IMF policies had disastrous humanitarian consequences and Stiglitz makes it clear that, for the most part, these were gratuitous rather than part of the necessary cost of healing sick economies. To be fair, development is a very young discipline and Stiglitz does not sufficiently recognize how difficult it is to come up with good macroeconomic policies for developing nations. But Stiglitz is not commenting as a Monday morning quarterback; him and others warned the IMF of the consequences while the crises were underway. Stiglitz's book is an important lesson and he writes compellingly.
Joseph Stiglitz is very smart man (not because he won a Nobel Prize), and this books shows it. The book is a very extensive explanation of the social cost-benfits of globalization. Further, it shows why it has failed many times in the past. The two main culprits of the "demise" of globalization are (ironically enough) the two main organizations who are supposed to be in charge of development, poverty, welfare, and resciliency of the world's economy. It shows how technocrats and bureaucrats have dome much more damage than good in developing countries. Very good book, very important conclusions. We're in a very intertwined world, and now more than ever before we all need to be participatory in the ethical globalization movement.
Why not to give 5 stars?
*It did not contain the academic rigor I was expecting from such insightful economist.
*Some parts of certain chapters the conversation gets repetitious.