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 actually means in practice is a complicated task. For those wanting to learn more, this book is an excellent place to start. An experienced 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 explains 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 good and bad, of their policies. He strongly 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 operate, 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 bad 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, however: "Those who vilify globalization too often 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 important topic. --Shawn Carkonen


From Publishers Weekly
Stiglitz, a Nobel Prize winner and Columbia University economics professor, sees globalization's unrealized potential to eradicate poverty and promote economic growth. In recent years, the International Monetary Fund, the World Bank and the World Trade Organization have promoted world financial stability, prosperity and free trade, yet Stiglitz wonders why so many revile these organizations' programs to the point of rioting in the streets. Casting a dispassionately analytical eye at East Asia's and Russia's financial turmoil, he argues that the IMF imposed austere policies that only exacerbated each area's problems. When he finds a similar policy pattern for other countries in crisis, Stiglitz asks how a public institution can ignore growing evidence of a flawed policy and not take action or be held accountable. In answering his own question, Stiglitz blames the "market fundamentalism" that endorses the view that a "free" market solves all problems flawlessly. As Stiglitz authoritatively indicates, one-size-fits-all economic policies can damage rather than help countries with unique financial, governmental and social institutions. He calls for public institutions to reform and become more transparent and responsive to their constituents. Stiglitz shares inside information from cabinet meetings when he served on Clinton's Council of Economic Advisers and from his years as chief economist at the World Bank, divulging debates in Washington's conference rooms, naming names and raising his eyebrows at those who refuse to question certain IMF policies' repeated shortcomings. This smart, provocative study contributes significantly to the ongoing globalization debate and provides a model of analytical rigor concerning the process of assisting countries facing the challenges of economic development and transformation. Copyright 2002 Cahners Business Information, Inc.


From Booklist
Stiglitz, noted economist in the Clinton administration from 1993 to 2000, posits that that "the level of pain in developing countries created in the process of globalization and development as it has been guided by the IMF and the international economic organizations has been far greater than necessary." He observed the debates, knew ideas mattered, and saw his role as convincing his colleagues that good economics was also good politics. However, when he moved for three years to the international arena at the World Bank, he found a decision-making process--especially at the International Monetary Fund--that was based on ideology, bad economics, and policy that often favored interests such as Wall Street over the needs of poorer nations. This critique is presented to open a debate on how globalization is managed, which the author hopes will include representatives of poorer nations directly affected. His aim is for better policies on globalization and, hence, better results. Mary Whaley
Copyright © American Library Association. All rights reserved


Nicholas Stern, Chief Economist and Senior Vice President, World Bank
He is one of the most important economists of modern times.


Benjamin M. Friedman, The New York Review of Books, 15 August 2002
[W]ill surely claim a large place on the public stage.


Juan Somavia, Director-General of the International Labor Organization
Whatever your opinions, you will be engaged by Stiglitz's sharp insights. A must read.


James K. Galbraith, The University of Texas at Austin
This book is everyone's guide to the misgovernment of globalization. Stiglitz explains it here in plain and compelling language.


Foreign Affairs, July/August 2002
Entertaining, insightful, and well-written.... Makes a compelling case.


Alan Cowell, New York Times 9 June 2002
Accessible, provocative and highly readable... Brings an insider's insights into the crises of the 1990s and beyond.


Michael J. Mandel, BusinessWeek, 17 June 2002
[Stiglitz's] rare mix of academic achievement and policy experience makes Globalization and Its Discontents worth reading.


Kirkus Reviews, 1 April 2002
Provocative, readable, and sure to earn Stiglitz persona non grata status in certain corridors of power.


Publishers Weekly, 13 May 2002
[A] smart, provocative study... Impassioned, balanced and informed... A must-read.


Frank Bures, Christian Science Monitor, 27 June 2002
Development and economics are not about statistics. Rather, they are about lives and jobs. Stiglitz never forgets that...


Book Description
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.


Book Info
Clearly explains 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 good and bad, of their policies. Author has contributed significantly to the debate on this important topic.


About the Author
Nobel Prize winner Joseph E. Stiglitz holds joint professorships at Columbia University's Economics Department, the School of International and Public Affairs, and the Business School.

FROM OUR EDITORS

Joseph E. Stiglitz, winner of the 2001 Nobel Prize in economics and former chairman of the Council of Economic Advisers in the Carter administration, provides a unique insider's look at the ins and outs of global economic policymaking. Stiglitz discusses the significant economic events of the past decade, giving the reader a fascinating new perspective on globalization and where it is headed.

FROM THE PUBLISHER

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. Renowned academic economist Joseph E. Stiglitz served seven years in Washington, as chairman of President Clinton's Council of Economic Advisers and as chief economist at the World Bank. In this book, Stiglitz recounts his experiences in such places as Ethiopia, Thailand, and Russia. He finds repeatedly that the International Monetary Fund puts the interests of its "largest shareholder," the United States, above those of the poorer nations it was designed to serve. This insider's account of global economic policy will be hailed for its courage and honesty. 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.

Author Biography: Nobel Prize winner Joseph E. Stiglitz is professor of economics at Columbia University.

FROM THE CRITICS

George Soros

A fascinating [and]... profound critique of global financial systems. Eminently readable. I could hardly put it down.

Juan Somavia

Whatever your opinions, you will be engaged by Stiglitz's sharp insights. A must read.

Nicholas Stern

He is one of the most important economists of modern times.

James K. Galbraith

This book is everyone's guide to the misgovernment of globalization. Stiglitz explains it here in plain and compelling language.

Publishers Weekly