Updated : Oct 07, 2019 in Literature


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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Open Preview See a Problem? To evaluate his conclusion, it adn instructive to look at those cases where Third World development actually succeeded: This book helped me to understand not only why it happened, but who made it happen, and what it would take to fix things.

Globalization and its New Discontents

As it happens, that is pretty much the intellectual position staked out by Stiglitz in this book, except that he doggedly refuses to recognize that many of the ideas that were widespread before were about as misguided as the market fundamentalist agenda that he attacks. The book blames the East Asian Financial Crisis almost entirely on one factor: You should take this book examine the I suppose that this book contains essential criticism of globalization after the s.

Business Week’s Michael J.

Not coincidentally, Stiglitz believes that promoting local and international democracy is fundamental to reforming global economic policy. Stiglitz argues that instead of forcing the Washington consensus on the East Asian countries, the IMF should have chosen a more Keynesian approach and helped those countries in expanding government spending to offset the fall in demand in the market.

Mar 21, Stephen Angelo rated it liked it. Attitudes to employment, to entrepreneurship, to investing and using capital, these are not just things you can learn from a book. It was especially interesting to read this book inin the aftermath of the financial crisis. Yet globalization today continues to be mismanaged, and now the harms—exemplified by the rampant inequality to which it has contributed—have come home to roost in the United States and the rest of the developed world as well, reflected in growing political unrest.


The North, EU and US achieved bilateral conventions called Blair House Agreement to circumscribe the regulations imposed on subsidization it agriculture, leading to the stuglitz of Uruguay round and exposing developing countries to greater risk and volatility. Here Stiglitz objections to IMF policy have mostly to do with the order and timing of the policies.

Anyone interested in understanding the backlash against globalization. Want to Read saving…. However, none of these were done. At the microeconomic level, governments can regulate banks and other financial institutions to keep them sound.

Many neoliberal economists, confronted with surging support for populists in Europe and the US, remain convinced that everyone really stigiltz benefiting from globalization; they just don’t know it. See 1 question about Globalization and Its Discontents…. And social trust once destroyed does not come back overnight.

Those globalisatiom entered hard times when the crises broke out. You can’t build Rome in a day, but the Washington Consensus ideologues would have it that you can. The Washington consensus prescriptions were originally designed to fight various crises in Latin America in the s.

While I think people like Freedman probably didn’t have this intention, I suspect the workings of international finance and exploitative late capitalism is probably more conspiratorial than Stiglitz allows. This approach seeks to minimize the role of government—arguing that lower wages solve problems of unemployment, and relying upon trickle-down economics the belief that growth and wealth will trickle down to all segments of society to address poverty.


Their discontent is a matter for psychiatrists, not economists.

Review of Globalization and its Discontents | PIIE

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.

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.

MacKenzie claims globalisattion the libertarian journal Public Choice that Stiglitz mischaracterizes government failures as market failures. Well, as unresponsive as he portrays it most of the time, though there are the odd places where he acknowledges that Fund economists are also capable of intelligent professional debate.

Regrettably, the opposite happens too often, when academics involved in making policy recommendations become politicized and start to bend the globalieation to fit the ideas of those in charge. The debate is worth the stkglitz. In the last parts of the book, Stiglitz makes some grave accusations when he implies that the IMF champions the special interest of the financial community.

Nov 30, Mehmet rated it really liked it. More generally, neoliberals, apparently worried about adverse incentive effects, have opposed welfare measures that would have protected the losers. Please select an option. The effects of the economic pain and dislocation that many Americans are experiencing are even showing up in health statistics.