Globalization and Its Discontents

Globalization and Its Discontents

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From Nobel laureate Joseph Stiglitz, "Globalization and its Discontents" is the bestselling expose of the all-powerful organizations that control our lives. Our world is changing. Globalization is not working. It is hurting those it was meant to help. And now, the tide is turning...As chief economist at the world bank, Nobel Prize-winner Joseph Stiglitz had a unique insider's view into the management of globalization. Now he speaks out against it: how the IMF and WTO preach fair trade yet impose crippling economic policies on deveopling nations; how free market 'shock therapy' made millions in East Asia and Russia worse off than they were before; and how the West has driven the global agenda to further its own financial interests. Globalization can still be a force for good, Stiglitz argues. But the balance of power has to change. Here he offers real, tough solutions for the future. "A massively important political as well as economic document ...we should listen to him urgently". (Will Hutton, "Guardian"). "Stiglitz is a rare breed, an heretical economist who has ruffled the self-satisfied global establishment that once fed him. Globalization and its Discontents declares war on the entire Washington financial and economic establishment". (Ian Fraser, "Sunday Herald"). "Gripping ...this landmark book shows him to be a worthy successor to Keynes". (Robin Blackburn, "Independent"). Joseph Stiglitz is one of the world's best-known economists. He was Chief Economist at the World Bank until January 2000. Before that he was Chairman of President Clinton's Council of Economic Advisers. He is currently Professor of Finance and Economics at Columbia University. He won the Nobel Prize for Economics in 2001 and is the author of the bestselling "Making Globalization Work", "The Price of Inequality" and "The Roaring Nineties", all published by Penguin.

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Product details

  • Paperback | 320 pages
  • 128 x 194 x 24mm | 199.58g
  • Penguin Books Ltd
  • London, United Kingdom
  • English
  • notes, index
  • 014101038X
  • 9780141010380
  • 18,157

Review quote

[An] urgently important new book. -- George Scialabba

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Table of contents

The promise of global institutions; broken promises; freedom to choose?; the East Asia crisis - how IMF policies brought the world to the verge of a global meltdown; who lost Russia?; unfair trade laws and other mischief; better roads to the market; the IMF's other agenda; the way ahead.

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About Joseph E. Stiglitz

Joseph Stiglitz was Chief Economist at the World Bank until January 2000. He is currently University Professor of the Columbia Business School and Chair of the Management Board and Director of Graduate Summer Programs, Brooks World Poverty Institute, University of Manchester. He won the Nobel Prize for Economics in 2001 and is the best-selling author of Globalization and Its Discontents, The Roaring Nineties, Making Globalization Work, Freefall, The Price of Inequality and his latest, The Great Divide, all published by Penguin.

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Review Text

In our society, it's worryingly easy for those voicing criticisms of globalization to be dismissed as naive and ignorant. But this is not a charge than can be levelled at Joseph E Stiglitz, the World Bank's ex-Chief Economist and a Nobel laureate. Stiglitz recounts his experiences in Ethiopia, Thailand and Russia during the frenzied years before and after the Asian meltdown in 1997. He resigned when his protestations about the fundamental wrongness of policies that force already vulnerable economies into capital liberalisation were met with disdain by his political masters. In this book, he presents careful yet passionate arguments against unfettered capitalism. He generously characterizes the West's insistence on it as a short-sighted use of one-size-fits-all economic policies rather than self-serving opportunism seeking to profit from the misery of developing nations, wondering how anyone could believe that liquid capital that enters and then leaves a country overnight can count as investment that will promote long-term growth in domestic industry. In a less diplomatic section he points out that 'development aid' often requires the aided governments to hold US Treasury bills, effectively meaning that countries are borrowing from the US at 20% to lend back to the US at 4%. Right-wing publications are quick to pooh-pooh Stiglitz's thesis as the grumbling of a disgruntled ex-insider. Everybody else should be grateful for this accessible and learned contribution to the debate. Stiglitz denies that he is against globalization per se, arguing that merely he has reservations about defective goods being sold under the brand. Nevertheless, the clear sound of a whistle being blown echoes on nearly every page. (Kirkus UK)

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