My aim here is not to simply provide a summary of the book, nor regurgitate what has already been written and argued. My aim is to examine some of the examples used, and the merit of Stiglitz argument relative to the economic situation of the time.
Joseph Stiglitz has become a renowned economist, notably winning the Nobel Prize for Economics in 2001. He has had a wide experience, serving on the Council of Economic Advisors under Bill Clinton, and also as chief economist and vice-president of the World Bank. He was fortunate to witness the transition of Russia into a free market, and also the peril of South-East Asia.
Globalization & Its Discontents provides a critique of not only the IMF but “Washington” in the policy making that threatened and created economic disaster. The book is unique by maintaining Stiglitz’s academic nature, but delivering a narrative of events which develops a convincing argument for the negligence and malpractice of the IMF and coinciding “special interests”.
Just to save explaining in the following posts, globalization is not only defined as the spreading of “western” culture like finding a McDonalds in Beijing. But instead a definition of economic globalization which sees the breakdown of trade barriers, free market transitions, opening new markets, and handling macro level economic policy of developing nations.
I will break the book into three sections, which will be published separately in order to appreciate the vast economic ground Stiglitz covers.
- The Perils of Africa
- South-East Asian Crisis
- Who Lost Russia?
- The Nature of “Global” Economics