This powerful, unsettling book gives us a rare glimpse behind the closed 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 econo... (show more)
This powerful, unsettling book gives us a rare glimpse behind the closed 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 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 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. (show less)
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read this books some years back and it was pretty eye opening to the real world of economics politics.
Before recent years, many have seen or lea... (show more)
read this books some years back and it was pretty eye opening to the real world of economics politics.
Before recent years, many have seen or lead to believe that IMF and World Bank are organization working for the world benefits and to help those countries who are in need.
However, this book from an insider shows how IMF and World Bank are being "abused" or used by the US and Europe for their own benefits. Forcing less developed countries to open up their markets while protecting their own.
The Asian crisis could also be traced back to some policy adopted by the IMF and their subsequent "medicine" made things worse in Thailand and indonesia.
The IMF is always run by an american while the world bank, a european, so much for world representation. Things will probably be changing as emering countries like BRIC realized the uneven playing fields. (show less)
Important and valuable criticisms and insight to the machinations of the IMF and behind the scene power brokers, but almost all of what the author ... (show more)
Important and valuable criticisms and insight to the machinations of the IMF and behind the scene power brokers, but almost all of what the author states is in the introduction. The details and examples are few are far between, but heavily generalizations and oft repeated points fill in the last 200 pages. (show less)
Remember those protests in Seattle in 1999?
Well, this book will help you understand why people from all over the world take to the streets to vent their anger against the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO).
Winner of the Nobel Prize in Economics, Joseph Stiglitz gives a scathing critique of the methods of the IMF, the World Bank (where he was formerly employed), and the WTO.
I read this in light of the present economic crisis ... (show more)
Remember those protests in Seattle in 1999?
Well, this book will help you understand why people from all over the world take to the streets to vent their anger against the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO).
Winner of the Nobel Prize in Economics, Joseph Stiglitz gives a scathing critique of the methods of the IMF, the World Bank (where he was formerly employed), and the WTO.
I read this in light of the present economic crisis - wanting to better understand macroeconomic issues. I have never taken a class in economics, so admittedly, at times, it was a tough book to get through (partially in terms of the economic jargon used, but mostly because I hadn't previously been exposed to the particulars of global commerce and banking.)
According to Stiglitz, these international organizations, each with a mission to contribute to the stabilization of world affairs, acted in ways that actually destabilized nations (sometimes creating a domino effect that moved through a region - e.g., the East Asian crisis in the 1990s). Rather than arguing that the staff of these organizations were acting in a way that was explicitly exploitative (although, he certainly doesn't exonerate greedy (domestic and international) investors, corporations, and corrupt officials), Stiglitz argues that they believed that what they were doing was the correct way to intervene in the affairs of developing nations or transitioning nations (as in the case of the former Soviet states), but, in effect, because of their arrogance (read: their belief in the "magic" of unfettered free markets, and their unwillingness to allow these nations to follow what they thought was best for their economies) these organizations failed to acknowledge the benefits of self-determination, the value of slow growth, or the lessons learned from examples where particular nations ignored recommendations and fared much better than those nations that followed the dictates of these organizations; and failed to appreciate, in particular, the devastating consequences their policies had on people who are poor.
Stiglitz offers a series of recommendations at the end of his book which are particularly poignant considering the present state of the world economy.
So, check this out if you're interested in these kinds of issues (we all should be!) - its a good primer on macroeconomics, globalization, and those international organizations chartered to support the stabilization of the world economy (and their failures to do so).
And, if you aren't interested in picking up this book, but are interested in these issues, check-out one of many films documenting the adverse impacts resultant from the policies of these international organizations: "This is what democracy looks like" (http://video.google.com/videoplay?docid=-2007206186362541122) (It's about the WTO protests in Seattle). (show less)
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Shows how it makes sense to protect and self-regulate a developing economies like in Russia or third world countries from full-fledged market economy and rules and regulations of economies which have achieved their own position over several hundreds of years of exploitation and regulation.
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