Globalization and Its Discontents
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Globalization and Its Discontents

3.81 of 5 stars 3.81  ·  rating details  ·  3,742 ratings  ·  198 reviews
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 concerne...more
ebook, 304 pages
Published April 17th 2003 by W. W. Norton & Company (first published 2002)
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Whitaker
Update, 4 January 2012

I just stumbled across this Open Letter to Joseph Stiglitz by Kenneth Rogoff writing as Economic Counsellor and Director of Research, International Monetary Fund. Rogoff is also the author and researcher of the excellent This Time is Different: Eight Centuries of Financial Folly , to which I gave five stars.

However one swings on this debate, Rogoff's lively rejoinder to this book is, I think, essential reading. If nothing else, it's a good reminder to me to check my own co...more
Noah
A critique of the way that globalization had proceeded up to 2002, focusing 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 adherence to budget austerity and overemphasis on inflation, they eliminate the social safety nets that make radical economic/social reforms sustainable in the long term...more
beggs
Jul 04, 2007 beggs rated it 4 of 5 stars  ·  review of another edition
Recommends it for: Anyone interested in understanding the backlash against globalization
I picked up Joseph Stiglitz book in the same purchase I got Naomi Klien’s No Logo and Peter Singer's One World. Obviously there is an interest in globalization in that recipe. I’ve been reading The Economist ([http://www.economist.com]) for some years and been mildly informed on globalization and the backlash against it evident in the protests against the IMF, World Bank, G7/G8, WTO and other multinational bodies associated with it. I didn’t really develop an interest in globalization until I re...more
Adam
Very good, and a must read for anyone interested in globalization from the point of view of the globalizers (albeit a dissenting one), though 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 effective), but Stiglitz worked for the semi-rival World Bank, and he constantly is excusing the World Bank's misdeeds and con...more
Brian Moriarty
Good read. The IMF, World Bank & WTO set the rules of the game in a way that serves the special interests of the advanced countries rather than those of the developing world. Big bailouts are the safety net to ensure the western money lenders get their money back when things collapse. Also strong regulation basically doesn't exist. This was written in 2002 and still the same problems he mentions exist...

I feel no matter what Stiglitz(and others)says in their books and interviews it has no ef...more
Dan
so... last year i decided i was gonna get my feet wet in the world of economics - and specifically development economics. i read some stuff by theory types i was interested in anyway (mike davis, david harvey), i read the shock doctrine, i read the end of poverty and i looked to paul krugman (and others) as the american financial system took a nosedive into the shitter.

globalization and its discontents is the best of the bunch so far. it's *really* informative - not to mention level-headed, clea...more
gaby
Stiglitz writes in a no-nonsense, straightforward fashion. His prose is almost surprisingly facile, for an academic of his stature. It totally works. It's a great and easy read.

As a non-economist, I easily got his points:

1) Globalization is not working for the developing world, because the international economic institutions that were created to ensure global stability in the early 20th century (the World Bank & IMF) have been overtaken by ideological slaves to the ideal of the free market,...more
Jet
Fine, Stiglitz writes well on a subject that is hot with the developing world, and he is a writer after my own heart, especially as he argues on how the free market and the wonderful hypocrisy of IMF and WTO (And by that stroke, the developed economies) cripple the southern hemisphere. But honestly, how many books can he write with the same contents, contexts and examples? The argument is good, I am periodically bored with his historical narrative, and all in all, if you have to read a Stiglitz...more
Христо Блажев
Джоузеф Стиглиц громи МВФ в “Глобализацията и недоволните от нея”
http://www.knigolandia.info/2010/07/b...

По случай успешната ми защита на дипломна работа днес най-сетне се наканвам да пиша и за другата книга на Джоузеф Стиглиц, след като миналата седмица ревюирах “Свободно падане”.

“Глобализацията и недоволните от нея” може да се дефинира с едно изречение – “Какво не е наред с МВФ?”. Стиглиц убедително и напоително критикува почти всички действия на Фонда, обвинявайки ги в скованост, късогледст...more
Diego Castañeda
Resume los grandes problemas que la globalización ha traído para los países en desarrollo, principalmente al liberalizar prematuramente sus mercados de capitales y perseguir de forma dogmática el libre mercado, ilustra como las políticas impulsadas por el consenso de Washington ( principalmente el FMI ) han causado mas malestar que mejoría en los países en desarrollo, particularmente ilustra los casos de la crisis asiática de 1997, la rusa de 1998 y las diversas crisis de lationoamérica en la mi...more
Phil
Generally a good description of the way in which IMF and US Treasury policies have played out in the developing world from the 1980s to 2002. Broadly speaking, these institutions have done their best to serve US and Western financial interests, rather than seeking a benevolent and mutually beneficial globalization, despite the IMF's mandate to promote international economic stability and growth. Of course, one of the big problems with these policies is that they don't actually serve the interest...more
Homa
Oct 01, 2007 Homa rated it 5 of 5 stars  ·  review of another edition
Recommends it for: everyone everywhere
Joseph Stiglitz deserves a Nobel Prize...oh wait...oh yeah...

If you have ever been uneasy with the international financial institutions, you're in the majority. If your uneasiness has led you to say questionable things about things you don't understand, you're also in the majority. What better, then, than a book that takes your gut feelings on the topic and gives you valid evidence and nuanced arguments?
Adham hamdi
اتمنى حد موافق ع تدخلات الصندوق يقراه .. لا يمكن لاحد ان يكون اقدر منا ع حل المشكلة او اكثر ولاء ف الحل حتى اشواس الصندوق اللي عندهم افتراضات انهم لا يصيبهم الخطأ ابدا .

الصندوق لن يركز ع تنمية الريف او محو الامية او حل مشاكل التعليم و البحث او حقوق الملكية الفكرية عندنا

الحل لن يخرج سوى بارادتنا و بوجود اشخاص ع قدر عال م المصدقية و الكفائة و الولاء للوطن
يوسف أحمد
واحد آخر ممن يقلقون منام الكثير من المنظمات والأجندات التي تحكم سير العالم! واحد آخر ممن لا يرتاحون حتى يفضحوا لك أيها الجاهل المسكين كيف أن المنظمات العملاقة -كصندوق النقد الدولي- لا تعمل حقاً من اجل خير وسعادة العالم! وإن كانت تفعل فقد فشلت فشلاً ذريعاً! يكفي أن تقرأ تقديم د. جلال أمين لهذا الكتاب وكاتبه الحاصل على جائزة نوبل لتفهم!
Larissa
This author won the Nobel Prize for economics a few years back. This is a great review and thorough explanation of the phenomenon known as "globalization". He explains the interconnectivity of the world around us in a very realistic sense, never holding back. You may have to take a breath in the end, it's a lot to grasp.
Tommy
Stiglitz lives up to his Nobel winning reputation with this thoughtful look at the current state of globalization. His skewering of the IMF as a financial market toady is especially biting and amusing. Anyone interested in the economy should read this and Stiglitz in general
Mark Oppenlander
Economist Joseph Stiglitz was the chairman of President Clinton's Council of Economic Advisers and later the chief economist at the World Bank during the 1990's and into the early 2000's. This book was written out of his disillusionment and frustration with the IMF, World Bank, WTO and other IGO's that were designed to assist global economic stability and implement policies that would increase prosperity for all. Stiglitz argues that these organizations have failed to live up to their lofty mand...more
Rowena
I read this some time last year and I was in shock by just how heinous the IMF,World Bank and WTO were regarding developing countries. Very informative book.
Kelly
surprisingly interesting...
Jose Miguel Perez
Great insight from Joseph E. Stiglitz into the Capitalism and the way international organizations/countries are managing the scenario and relations after the II World War up until the early years of the 21st Century.

Special mention to a book that despite being edited in 2003, it couldn't be more up to date in 2014 considering the economic crisis and the way is being addressed by our politicians in Spain. FMI recipes haven't change much from what this books described more than 10 years ago. The p...more
Cambridge Programme for Sustainability Leadership
One of Cambridge Sustainability's Top 50 Books for Sustainability, as voted for by our alumni network of over 3,000 senior leaders from around the world. To find out more, click here.

The underlying thesis of Globalization and its Discontents is that globalisation has not brought the promised economic benefits to some of the poorest nations in the world. In fact, the rich are getting richer and the poor are getting poorer. Much of this failure is due to perverse effects of multilateral institutio...more
الخوري بسام
القاهرة (رويترز): يصف الخبير الامريكي جوزيف ستجليتز الحاصل على جائزة نوبل في الاقتصاد عام 2001 المؤسسات الاقتصادية الدولية بممارسة نفاق يزيد الاغنياء ثراء والفقراء فقرا. وقال في كتابه (ضحايا العولمة) ان صندوق النقد الدولي على سبيل المثال ينتهج سياسة تحركها الايديولوجيا والاقتصاد "الرديء" مفسرا قوة ردود الفعل المناهضة للعولمة بأنها نوع من الوعي بما وصفه النفاق الكبير. وأضاف "لا يوجد اليوم من يدافع عن هذا النفاق الكبير ألا وهو الادعاء بمساندة البلدان النامية باجبارها على فتح أسواقها لمنتجات البلدا...more
David Sarkies
Oct 27, 2012 David Sarkies rated it 3 of 5 stars  ·  review of another edition
Recommends it for: People interested in Globalisation from the point of view of one of the Elite
Shelves: politics
I guess I picked this up thinking that it would be interesting to see what a former president of the World Bank had to say about the globalisation debate. It was an interesting read but I sometimes wonder the extent of the appeal that this book would have to people since it is written by the former president of the World Bank. For instance if I were to hand this book to a left leaning person they would dismiss it out of hand because it was written by the former president of the world bank (let'...more
Bonnie Atkinson
This was an eye-opening book and one to which I would turn if I were to be involved in global financial markets. His courage to write this stunning expose is incredible. Very readable and approachable without watering down technicalities. A LOT of detail.

I found the structure ... missing ... and it felt like it could use a different organization of the steady flow of anecdotes and facts. Also, though it's likely the reality of such large and well-financed organizations, his ending chapter on the...more
Pedro
This is a critic of the policies of the IMF, that in view of the author has moved away from its original mission, proposed by Keynes, of assuring the stability of the global aggregate demand in case of crisis, and has become a herald of neoliberalism. In his (maybe naive?) view, this is due to the composition of the IMF, mostly people from the financial industry. He also points to the fact that IMF's policies assure that the lenders recover all or at least most of their money in case of crisis,...more
Deepshikha
The book has a good description clearing certain myths about globalization, about how it has not led to what it was supposed to be promoted for. the author has very elaborately described certain crises that were a result of the ideological view of the bureaucrats of the international institutions, which have their main objective as to spread the idea of globalization. It shows how they, under the facade of causing development in the developing countries, used the name of the three pillars of pol...more
Kevin Christensen
This review has been hidden because it contains spoilers. To view it, click here.
Siddharth Sharma
Nobel laureate Dr. Joseph E. Stiglitz, former senior vice president and chief economist at the World Bank, has presented strong arguments against the economic outlook of the international institutions, the IMF and the Bank, and stated how these have led to preventing globalization to achieve its full potential.

He describes the flaws in the policies suggested by these institutions during various crises, the East Asian Crisis of the late 90’s, the problems incurred in transition of Russia from co...more
Patrick McCoy
Globalization And It’s Discontents by Nobel Prize winning economist Joseph E. Stiglitz is, at times, difficult to understand due to the complex economic concepts about market economies and so on. But he also makes it clear why the IMF in particular and World Bank, on occasion, have failed the countries they have been trying to protect. It is largely a matter of not changing their paradigm about economics. It seems that the people in charge arrogantly try to use strategies that have been successf...more
Naman
Takeaways:

1 - Globalization itself is neither good nor bad, but when developing countries are coerced by the IMF, through conditional lending policies that advocate contractionary monetary policy in economic downturns, things don't turn out so well.

2 - IMF was the brainchild of Keynes, who acknowledged imperfection and asymmetrical information in markets, and believed the role of the IMF to be a public institution that can provide liquidity for global economic stability when needed. IMF overst...more
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Globalization and Its Discontents and latin america 1 17 Feb 24, 2009 07:04AM  
Stiglitz 2 20 Apr 23, 2008 09:07AM  
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  • The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good
  • The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else
  • Common Wealth: Economics for a Crowded Planet
  • The Great Transformation: The Political and Economic Origins of Our Time
  • A Brief History of Neoliberalism
  • Debunking Economics - Revised and Expanded Edition: The Naked Emperor Dethroned?
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  • The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor
  • The Commanding Heights : The Battle for the World Economy
  • The Origin of Wealth: Evolution, Complexity, And the Radical Remaking of Economics
  • Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty
  • The Worldly Philosophers
  • Capitalism, Socialism and Democracy
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Joseph Eugene Stiglitz, ForMemRS, FBA, is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is also the former Senior Vice President and Chief Economist of the World Bank. He is known for his critical view of the management of globalization, free-market economists (whom h...more
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“...decisions were often made because of ideology and politics. As a result many wrong-headed actions were taken, ones that did not solve the problem at hand but that fit with the interests or beliefs of the people in power.” 3 likes
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