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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Refresh and try again. Open Preview See a Problem? Thanks for telling us about the problem. Return to Book Page. Globalization and Its Discontents by Joseph E. When it was first published, is national bestseller quickly became a touchstone in the globalization debate.

‘Globalization and its Discontents Revisited’: Joseph E Stiglitz on the state of the world

Renowned economist and Nobel Prize winner Joseph E. Glohalisation 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. 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 stuglitz. 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 josrph an insider’s analysis of the major institutions of globalization as in this penetrating book.

With a new foreword for this paperback edition. Paperbackpages. Published by Norton first published To see what your friends thought of this book, please sign up. To ask other readers questions about Globalization and Its Discontentsplease sign up.

See 1 question about Globalization and Its Discontents…. Lists with This Book. Sep 26, Whitaker rated it really liked it Shelves: Rogoff is also the author and researcher of the excellent This Time is Different: Eight Centuries of Financial Follyto which I gave five stars. However one swings on this debate, Stihlitz lively rejoinder to this book is, I think, essential reading.

If nothing else, it’s a good reminder to me to check my own confirmation bias. I’m not going to pretend I know enough to referee a discoontents between these two great minds. I do think, however, that if you’ve just read this book or are intending to read it, do see dtiglitz the other side has to say in its defence. It’s the least natural justice would require. Original Review It’s not a great book, but Stiglitz provides a very disfontents history of the last 30 years from the perspective of how the IMF dealt with or rather failed to deal with financial crises as they erupted around the world.

Its strength is the comparative, case study approach: Russia did it this way, China did it this other way; Brazil did it this way, Poland did it this other way.

Let’s look at which methods worked better. 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. The main downer was stigligz somewhat bash IMF tone, and Globalisatino gets somewhat repetitive towards the last couple of chapters. I thought globbalisation was a nice summary. Most of the stuff I already knew in a general way, so I can’t give it five stars. Nevertheless, four stars for the following points that Stiglitz makes: It’s simply blinkered by a certain ideology where its economic beliefs have hardened into doctrine.


And don’t think businesses are any better. Many many enterprises have floundered on foreign shores, unable to adapt to the different ways of thinking there. No, Toto, you’re not in Kansas anymore. You gglobalisation build Rome in a day, but the Washington Consensus ideologues would have it that you can. Presumably, they also think that the best way to build a skyscraper is to simultaneously throw steel bars, concrete, glass, and metal plates into the air and it’ll all come down into a pretty storey building.

Look at the evidence and the data.

Review of Globalization and its Discontents | PIIE

When prescribing a certain development route, compare apples with apples. Countries are not alike, and financial crises are not joaeph. What worked in one situation may not work in another. So, we all jsoeph a wood fire is best put out with water, but try that on an oil or josepb fire and you’re going to have trouble. The IMF, however, would beg to disagree. The best example I have of this from the book is classical economists thinking that foreign lenders rush in where indigenous angel investors fear to tread: The social fabric is not what just keeps societies together, it’s what keeps societies running and producing.

Social chaos is not just bad for society, it’s bad for the economy as businesses stay away from unstable countries and don’t invest in them. And globallisation trust once destroyed does not come back overnight. Imagine doing business with your ex who cheated on you. That’s kind of what the IMF thinks can be done. Attitudes to employment, to entrepreneurship, to investing and using capital, these are not just things you can learn from a book.

You can’t take 10 million Russians, plonk them in an abandoned New York, and expect New York to remain New York with just a teeny difference in language.

Globalization and its New Discontents

The workings of banks, stigltz NYSE, the insurance companies, the businesses, all of these are culturally embedded in social mores and beliefs, culture in other words. That kind of soft skills and hard wiring take generations to take root. 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 josepu as well as his more specific indictment of what the IMF has done and why.

His book stands as a challenge.

It is now important that someone else—-if possible, someone who thinks and writes as clearly as Stiglitz does, and who understands the underlying economic theory as well as he does, and who has a firsthand command of the facts of recent experience comparable to his—-take up this challenge by writing the best possible book laying out the other sides of the argument.

What is needed is not just an attempt to answer Stiglitz’s specific criticisms of the IMF discontentw a book setting out the substantive case both for the specific policies globslisation also for the general policy approach that the IMF has advocated. View all 9 comments.

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

Jul 04, beggs rated it really stuglitz it Recommends it for: Anyone interested in understanding the backlash against globalization. Obviously there is an interest in globalization in that recipe.

More specifically he claims that a shift away from the Keynesian ideas that the IMF and World Bank were founded on is to blame.

What caused the shift?

The introduction of Thatcherism and Ragantonian ideals, the ousting of experienced economist and the promotion of free market fundamentalist at the IMF. To support his accusations Stiglitz roams around the globe from one crisis to another pointing out the faults in the blind, ideological, one-size-fits-all prescriptions the IMF doled out to country after country in the past 25 years.

And stand better today than many of the countries who followed the IMF plans. I found the section of the Asian Financial Crisis the most poignant because shortly after I finished the book I traveled to Bangkok, the epicenter of the crisis. The skyline is filled with half completed skyscrapers and rusting cranes that have sat empty since Many construction sights literal closed the doors one night and never opened them again, putting hundreds of workers on the street over night.


If Stiglitz is to be believed the IMF leadership, which shares a large part of the blame because it pushed questionable policies faster than was advisable and without tailoring them for local conditions, has not learned its lesson. 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. Globalization is not a new movement, it is the as old as civilization.

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. Modern globalization was sold to the world as a way to bring the poor into a better world. It has, to a large extent, made many of their lives worse while being hijacked to make the rich richer. Jul 11, Noah rated it liked it Shelves: A critique of the way that globalization had proceeded up tofocusing largely on the East Asia Crisis and Russian Shock Therapy.

Stiglitz argues that the policies enforced by the international financial institutions the IMF takes the brunt of his criticisms are politically, economically, and morally problematic. In their dogmatic belief in “market fundamentalism” they fail to attend to the unique factors in different countries, imposing a single model which Stiglitz claims was largely developed to address the conditions that arose in the ‘s in Latin America in very diverse situations.

Additionally, in their inflated faith in markets’ ability to correct their own mistakes, they fail to implement the financial and legal institutions that undergird and make a market economy possible.

Finally, with leaders and advisers who are taken from and often return to the private financial community, the policies enforced by the IMF privilege the short-term interests and returns of Western investors in developing markets over the sustained development of those markets, with often drastic consequences for those developing economies and the people whose lives depend on them. Jan 20, Adam rated it really liked it. Very good, and a must read for anyone interested in globalization from the point of view of the globalizers albeit a dissenting onethough obviously one should read books from the point of view of the “common folk” before this.

Unfortunately, this book is kind of a hit piece on the IMF which is where it shines, Stiglitz is hardly a socialist so his critiques are more effectivebut Stiglitz worked for the semi-rival World Bank, and he constantly is excusing the World Bank’s misdeeds and con Very good, and a must read for anyone interested in globalization from the point of view of the globalizers albeit a dissenting onethough obviously one should read books from the point of view of the “common folk” before this.

Unfortunately, this book is kind of a hit piece on the IMF which is where it shines, Stiglitz is hardly a socialist so his critiques are more effectivebut Stiglitz worked for the semi-rival World Bank, and he constantly is excusing the World Bank’s misdeeds and concentraing on the IMF.

So you start to wonder if you’re getting the whole picture. But, I mean, if we’re talking about globalization you’ve got to talk about the whole thing. This should’ve been titled, Globalization: Jan 01, Dan rated it really liked it Shelves: View all 4 comments.