Globalization and Its Discontents
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Product Description
This powerful, unsettling book gives us a rare glimpse behind the clogged doors of global financial institutions by the winner of the 2001 Nobel Prize in Economics.
When it was first published, this national bestseller quickly became a touchstone in the globalization debate. 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 concerned with the plight of the developing nations, he became increasingly disillusioned as he saw the International Monetary Fund and additional major institutions place the interests of Wall Street and the financial community yet to be of the poorer nations.
Persons seeking to know why globalization has engendered the lack of sympathy of protesters in Seattle and Genoa will find the reasons here. 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 such an insider’s analysis of the major institutions of globalization as in this penetrating book. With a new foreword for this paperback edition.Amazon.com Review
Due to massive media coverage, many people are familiar with the controversy and organized resistance that globalization has generated around the world, yet explaining what globalization really means in practice is a intricate task. For persons wanting to learn more, this book is an brilliant place to start. An veteran economist, Joseph Stiglitz had a brilliant career in academia before serving for four years on President Clinton’s Council of Economic Advisors and then three years as chief economist and senior vice president of the World Bank. His book clearly clarifies the functions and powers of the main institutions that govern globalization–the International Monetary Fund, the World Bank, and the World Trade Organization–along with the ramifications, both excellent and terrible, of their policies. He fervently believes that globalization can be a positive force around the world, particularly for the poor, but only if the IMF, World Bank, and WTO dramatically alter the way they run, beginning with increased transparency and a greater willingness to examine their own actions closely. Of his time at the World Bank, he writes, “Decisions were made on the basis of what seemed a curious blend of ideology and terrible economics, dogma that sometimes seemed to be thinly veiling special interests…. Open, frank discussion was discouraged–there was no room for it.” The book is not entirely critical, but: “Persons who vilify globalization too regularly overlook its benefits,” Stiglitz writes, explaining how globalization, along with foreign aid, has improved the living standards of millions around the world. With this clear and balanced book, Stiglitz has contributed significantly to the debate on this vital topic. –Shawn Carkonen
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Seems to be just another ideologically based treatise and not serious economics. Although everyone that thinks has some degree of plotical bias, this piece appears to be more written to provide talking points for the far Left. Disappointing.
Reader’s Rating: 1 / 5
The writer perfectly ignores all the positives of globalization and magnifies the negatives. I had the opportunity to hear Mr. Stiglitz speak at my undergrad institution. Such speechifying as open in this book reek of a ancient formula, “make controversy and sell a lot of books”, call me to demanding but I expected a better analysis from the ex- director of the world bank
Reader’s Rating: 1 / 5
Simple to read. Well-written. Utterly perfect. Well-researched. I don’t know if you can win a Pulitzer for nonfiction, but Stiglitz would deserve one. Never has an economist natural fiber in economic concepts so subtly and made them so simple to know. Never has ANYONE made the IMF and the World Bank so simple to know. And this combined in a book that puts nearly every additional nonfiction leader in history to bring shame on, for its clear and concise style. And did I mention that Stiglitz is open about his biases, and also suggests solutions for all of the problems he notes? And that he’s realistic and practical? I’m bowled over. I’m giving this book to everyone I know. WOW.
Reader’s Rating: 5 / 5
Unfoutunately there are times in the history of thought (and of man), when intellectuals sacrifice their seriousness and scientific objectivity to pursue their own ambitous and selfish agenda in a scholarly disguise. Mr. Stiglitz gives in this book a terrible name to the economics profession by being sloppy, very informal and extremley personal with his attacks (an agenda he has been pursuing since his terrible work at the World Bank).
The book has several strong statements (some even include atacking the character of extremely well regarded individuals) that are no supported at all by fact, record or footnote.
Regarding the issues –which is the only thing we should care about– he speaks lightly, uninformed and it is just terrible policymaking. (It need be said that of course this reviewer admires Mr. Stiglitz literary record).
In the end, let’s just hope that there remains seriousness in academia -particularly in economics- and that “huge names” do not hide behind their credentials to throw at people their rage at society and at better characters (even if they are not as “smart” as Stiglitz beleives he is).
Reader’s Rating: 1 / 5
Mr. Stiglitz’ title makes one judge he will present some evaluation of the virtues and defects of globalization. That is the reason why I bought the book. As a replacement for, I am bombarded by vitriol against the IMF. Although much of Mr. Stiglitz’ criticism is voiced by others, his treatment is one which leaves a lot to be desired. He makes broad statements as truths lacking backing them up, criticizes Russia’s privatization scheme and compares it to China’s lacking even mentioning the different past fundamentals of each country. China was a rich nation for centuries, populated by gifted merchants and scientists, something which Russia has permanently lacked. Mr. Stiglitz criticizes Russia’s past governments but does not mention China’s Fantastic Leap Forwards or its Cultural Revolution, may be because as a past consultant to the latter, if he did, he would not be invited back in!
In essence, it seems Mr. Stiglitz is suffering from an literary’s clash with the realities of beaurocrasies and his book does diservice to his otherwise excellet reputation.
Reader’s Rating: 2 / 5