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Globalization and Its Discontents (平装)
by Joseph E. Stiglitz
| Category:
Globalization, Current affairs, Non-fiction |
| Market price: ¥ 178.00
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| MSL Pointer Review:
Development and economics are not about statistics. Rather, they are about lives and jobs – 2001 Nobel Prize in Economics winner Stiglitz offers a heartfelt but rigorous analysis of globalization. |
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AllReviews |
1 Total 1 pages 10 items |
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Douglas Doepke (MSL quote), USA
<2007-05-18 00:00>
Had unwashed Seattle marchers said what Joseph Stiglitz says about the IMF, they'd be dismissed as economic illiterates. Pretty hard, however, to dismiss the World Bank's former chief economist and Nobel Laureate as hippie ignoramus. Yet his gentlemanly indictment of international outfits like IMF proves every bit as damning as the sloganeering from Seattle. Stiglitz distinguishes himself from the bean-counter pack by actually caring about what happens to people as a result of IMF policy. From eastern Europe to east Asia to Africa, he shows how havoc has generally resulted from IMF's one-size-fits-all diktats. Throughout, IMF mantra remains the same - privatize, deregulate, open your veins to outside investors, and never mind the unrest that follows; things will work out in the end. Except they don't, at least not for the benighted populations. Countries like Maylasia, Botswana, and Poland trend upward, Stiglitz argues, not because they accepted, but because they refused IMF bail-out. In short, IMF is a flop unless it changes its ways. Oddly, all of this sounds vaguely radical, so one-sided has panacea talk about deregulation and free trade become. Yet his prescriptions for reform - mildly Keynesian and participatory - amount to little more than liberal alternatives to current right-wing monopoly. The dissent itself amounts to a barometer of the times.
Still, I question the prognosis of IMF, et. al. as a failure. Their "crisis management", it seems to me, has worked quite well for the moneyed interests who set it up. Speculators have had a field day. If Indonesia seems a risky investment, never mind, IMF policy guarantees you'll be paid back. Like the looks of that Russian steel plant, hold on, they'll privatize, then you can cherry pick. Worried about an inflated currency (the debtor's dream), sit still, never happen on IMF's watch. Despite the lofty rhetoric surrounding them, these international outfits were never set up to level a playing field for anyone. The results for developing countries are clear even when the talk is not - a subservient role in a new world order that insists on funneling the riches upward. This is not about promoting democratic equality among nations; its about wealth and power and making sure the funnel stays where it is, in the hands of moneyed elites. And in that crucial regard, the bankers and economists of IMF have succeeded grandly. Of course, they may have to become warmer and fuzzier as a result of books like Stiglitz's, or send rock singer Bono on a pr tour, but nothing basic will change. I salute Stiglitz for trying to be a true scientist among a pack of ideologues, but he has yet to really size up the situation. |
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John Landon (MSL quote), USA
<2007-05-18 00:00>
An inside job, this telling account of the contradictions and failures of globalization by one of its discontents, an expert student of political economy, now usually called an 'economist', is in some ways more convincing than the sloganized hysteria analyses of the various anti-globalizatin activists. The author accepts the great potential of a global economy, but is unsparing of the nearsighted policies of neo-liberals, who seem to have forgotten a man like Keynes once rescued their great toy. The sharp critique of the IMF policies is the core of the book, and written from the author's personal experience. The chapter on 'Who lost Russia?' is chilled and very convincing, and brings home the main suggestion, at least to the reviewer, that capitalism has too long enjoyed its antipodal contrast with some 'alternative economic order', such as socialism, for its argument is with itself, and the multiple alternate versions of its realization, many of which are inherently destructive. The example of Russia suggests that abstract fictions of the 'market' are not enough in practice, anymore than pounding the keys of a piano can produce music. Pirates ahoy, some sanity from the crow's nest. |
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J. J. Kwashnak (MSL quote), USA
<2007-05-18 00:00>
Globalization so often evokes pictures of rioters in Seattle, Genoa and Washington DC protesting the World Trade Organization or other economic planning meetings. But while one cannot doubt their fervor, they often are not as effective in explaining *why* they oppose globalization, at least to an extent further than the evening news sound bites. But here, Joseph Stiglitz has weighed in and helped explain at least one view as to why the protesters are right to be upset. He looks at the effect that global economic activity has had over the past decade. Stiglitz is unsparing at naming the root of the problem - the World Bank and the International Monetary Fund. He lays the problems upon the policies and practices of these two organizations and how in his opinion they hinder rather than help especially developing countries. Rather, their "roadmap" of policies only serve to make things worse for these countries, especially when the problems spill over from one country to the next as happened in the Asian economic crisis a few years back.
As a non-economist, I was leery of delving into this book, but found that it was very accessible, and free of too much economic jargon or theory. Stiglitz has written a book for the reader interested in international politics and the world situation today. I may not be the most scintillating thing you read this year, but it can be a very thought provoking read. It's a well argued point of view in a cacophony of world opinions. |
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Joseph (MSL quote), USA
<2007-05-18 00:00>
This is a very readable book by one of the authors of 'asymmetric information'. The book describes the disastrous consequences of the neo-classical equilibrium rules imposed on the world by the World Bank and IMF, and their reenforcement by the US Treasury and the EU. The book is written in measured, nonideological style by a theorist and practitioneer who understands that the standard model is wrong. That theory, neo-classical equilibrium theory or 'general equilibrium theory', teaches that unregulated free markets are optimal, that they provide the highest efficiency and the best of all possible worlds. When there is a problem then the standard advice (since Friedman-Reagan-thatcher) is to deregulate (even public water supplies are now sold to global industries). But to the contrary, there is not one whit of hard empirical evidence that that viewpoint holds a drop of water. The recent empirical evidence is instead that financial markets in particular, and highly liquid markets in general, are dynamically unstable, do not admit equilibrium of any kind: Adam Smith's regulating Invisible Hand does not exist in liquid markets.
Stiglitz provides us with one practical example after the other of the instability of deregulated markets. That is the value of this book. The author could have begun better by explaining to us just who/what are the supra-national, bureaucratic powers known as the IMF, the World Bank, the World Trade Organization, how are they financed and who holds holds the power. This would have been useful, especially as Americans are now told that their democratically-elected (excepting the current occupant) government should adhere to the nondemocratically-imposed rules of the WTO. And ithe EU, the Agiculture Minister announces to us that EU agriculture policies are in violation of IMF rules. Stiglitz might also have explained to us what exactly is the EU, aside from being just one more globalizing, nondemocratic organization. Most Europeans, safe to say, haven't the faintest idea exactly what is the EU, and apparently the bureaucrats who run it want to keep it exactly that way. |
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Ruskin (MSL quote), USA
<2007-05-18 00:00>
This is one of the best books I have read on global economics. I won't go into the highlights, because many other reviews have already done so adequately. However, let me say something to those skeptics and reviews who pan this book:
There is a lot of criticism that this book contravenes "sound economic principles" and that is written for the "leftists" or lacks "academic rigor". However, keep in mind that this is written by a respected economist that actually worked outside the ivory tower as a senior official at the World Bank. He has seen how the real world works. I have been an investment banker for 12 years and I can tell you that economic and financial principles you study in school are one thing... but decisions are ultimately made by human beings - fallible human beings that have mouths to feed, mortgages to pay, people in high places that one has to keep happy in order to get that cushy corporate job after one leaves the IMF, and rich friends and family in the private sector that may benefit from "suboptimal" decisions.
I have seen too many criticisms of the author elsewhere from ivory tower academics who don't have a clue about how power is really wielded and how decisions are really made at organizations. So read with an open mind. Try to set aside the Macroeconomics 101 ideology from your college days, which teach that free trade is by definition great for everybody, and hopefully you can learn a lot from this book. |
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Derrick Peterman (MSL quote), USA
<2007-05-18 00:00>
While this book is certainly about globalization, it is more a critique of the IMF, and to a lesser extent, the US Treasury department. The World Bank, where the author was employed as Chief Economist, is treated rather neutral here.
What I appreciated was analysis of complex issues by a well meaning and Nobel Prize winning economist. Too often, we hear from strident anti-globalists on the far left, or free-market ideologues on the right who generate plenty of heat, but seldom much light on the issues. Stiglitz sees globalism as an unstoppable economic force that can act toward the benefit of everyone with the best policies in place. The policies of the IMF are sharply criticized here and Stiglitz argues made various economic problems worse.
The East Asia financial crisis, the creating of free markets in Russia, recent events in Argentina, and other international economic events are covered here. Stiglitz deconstructs the IMF policies in each case, and proposes what he feels is a better way to proceed. Too generalize the arguments put forth; the IMF is too focused on the concerns of the investment community and economic indicators, such as inflation, that do not necessarily indicate national prosperity. Stiglitz argues for a better understanding of the local economies in policy decisions, and more concerns about reducing poverty and general welfare.
I have to agree with some of the other reviewers that writing is not the author's strong suit. However, the author's commitment, knowledge, experience, and generally clear explanations over come this. Such reasonable and knowledgeable commentary is too rare in this debate, which makes this contribution very welcome. |
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A reader (MSL quote), USA
<2007-05-18 00:00>
Easy to read. Well-written. Utterly complete. Well-researched. I don't know if you can win a Pulitzer for nonfiction, but Stiglitz would deserve one. Never has an economist woven in economic concepts so subtly and made them so easy to understand. Never has ANYONE made the IMF and the World Bank so easy to understand. And this combined in a book that puts almost every other nonfiction author in history to shame, 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. |
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A reader (MSL quote), Singapore
<2007-05-18 00:00>
In this truly impassioned critique of one of the most influential supranational organisations of the past half century, Nobel Prize winning economist Joseph Stiglitz exposes and blows the whistle on the horrific incompetence of the IMF in dealing with the globalization-induced problems of third world countries in the last 20 years. As they say, the road to hell is paved with good intentions and while Stiglitz stops just short of accusing the men in dark suit who run the IMF of intellectual dishonesty in their blind adherence to the practice of reaching out for standard ideologically-based prescriptive cures for the problems of the developing world, his book alerts us to the dangers of an unconscious reliance on conventional wisdoms and the dulling effect existing thought paradigm can have on the intellectual rigour and thinking of policy makers. There is something almost medieval if not downright superstitious about the way the IMF goes about its work and the result is often disastrous for the countries concerned.
Stiglitz hammers home his point relentlessly but while making minimal use of data and statistics to back up his assertions, also wisely avoids polemics, choosing instead to substantiate his allegations using evidence from recent case studies, viz the 1997 Asian financial crisis and the Russian experience. These case studies are illuminating and solidly argued. The book could be more concise in places but it is overall an important piece of work that should be read by all. It is also highly accessible as Stiglitz studiously avoids techno-babble. The IMF can choose to remain in a perpetual state of denial but that only guarantees its anachronism as an international institution. The tragedy is that the world will be the worse for it. |
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A reader (MSL quote), USA
<2007-05-18 00:00>
As noted on this book's cover, there are few people in a better position to examine the problems of globalization than Joseph Stiglitz. This book is mostly an indictment of the faulty economics of the globalization process, especially as practiced by the International Monetary Fund (IMF) and the World Bank. Despite that focus on the economics, Stiglitz successfully integrates first-hand economic knowledge with the larger issues of globalization, especially social justice in developing countries.
His main focus is the poor economics practiced by the IMF in their so-called mission to stabilize world financial markets. Instead, the IMF is guilty of pushing the ideology of free markets, which is not supported by economic data and has little connection to the real world. The free market ideology does not even have credence in the US, as we have social safety nets and economic regulations to protect citizens against market failures. However the IMF, as a condition for monetary aid, forces developing nations to enact simplistic free market systems before they have regulatory structures or institutions in place, leading to all kinds of economic chaos and suffering. Stiglitz provides evidence that such narrow-minded economic bullying by the IMF was a key factor in the Asian financial collapse of the late 90s and the continuing financial anarchy in Russia.
The most chilling indictment here is that the IMF and World Bank are less concerned with the development of poor nations, than with religiously pushing the vested interests of their main stakeholders: Wall Street fatcats and financial speculators who make quick profits off currency fluctuations and cheap exports. Meanwhile the nations who follow the IMF's rules, like Bolivia and Thailand, suffer long-term consequences. While his writing style gets repetitive as the book progresses, Stiglitz provides solid evidence of why globalization, at least as practiced by American vested interests, is a cause of great worldwide suffering and resentment against the US. |
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Ilya Grigorik (MSL quote), Canada
<2007-05-18 00:00>
This is a hard book to put down once you start even if economics or global finance is not your forte. Joseph Stiglitz goes to great lengths to make this work accessible to everyone; the books information packed pages will give you a greater understanding of the surrounding world.
The author primarily focuses on the IMF/WTO and the impact of the "Washington Consensus" policies that the international financial institutions have imposed around the world. His critique of the IMF's role and policies is set within the context of a number of developing regions around the world, which helps the reader to understand the practical vs. ideological impacts of the proposed reforms at hand. If you are interested to know why the Russian "perestroika" failed or how IMF's policies exacerbated the East Asian Crisis in the late 90's, this is a must read! |
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1 Total 1 pages 10 items |
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