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Globalization and Its Discontents [Paperback]

Joseph Stiglitz
4.3 out of 5 stars  See all reviews (41 customer reviews)
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Book Description

3 April 2003

From Nobel laureate Joseph Stiglitz, Globalization and its Discontents is the bestselling exposé of the all-powerful organizations that control our lives.

Our world is changing. Globalization is not working. It is hurting those it was meant to help. And now, the tide is turning...

As chief economist at the world bank, Nobel Prize-winner Joseph Stiglitz had a unique insider's view into the management of globalization. Now he speaks out against it: how the IMF and WTO preach fair trade yet impose crippling economic policies on deveopling nations; how free market 'shock therapy' made millions in East Asia and Russia worse off than they were before; and how the West has driven the global agenda to further its own financial interests.

Globalization can still be a force for good, Stiglitz argues. But the balance of power has to change. Here he offers real, tough solutions for the future.

'A massively important political as well as economic document ... we should listen to him urgently'
  Will Hutton, Guardian

'Stiglitz is a rare breed, an heretical economist who has ruffled the self-satisfied global establishment that once fed him. Globalization and its Discontents declares war on the entire Washington financial and economic establishment'
  Ian Fraser, Sunday Herald

'Gripping ... this landmark book shows him to be a worthy successor to Keynes'
  Robin Blackburn, Independent

Joseph Stiglitz is one of the world's best-known economists. He was Chief Economist at the World Bank until January 2000. Before that he was Chairman of President Clinton's Council of Economic Advisers. He is currently Professor of Finance and Economics at Columbia University. He won the Nobel Prize for Economics in 2001 and is the author of the bestselling Making Globalization Work, The Price of Inequality and The Roaring Nineties, all published by Penguin.

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Globalization and Its Discontents + Development as Freedom + The Bottom Billion: Why the Poorest Countries are Failing and What Can Be Done About It
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Product details

  • Paperback: 320 pages
  • Publisher: Penguin; New Ed edition (3 April 2003)
  • Language: English
  • ISBN-10: 014101038X
  • ISBN-13: 978-0141010380
  • Product Dimensions: 12.9 x 19.9 cm
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (41 customer reviews)
  • Amazon Bestsellers Rank: 9,909 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Amazon Review

Readers of Globalization and Its Discontents will already be familiar with the controversy and organised resistance that globalisation has generated around the world due to massive media coverage, yet explaining what globalisation 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 globalisation--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 globalisation 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 globalisation, 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 --This text refers to an out of print or unavailable edition of this title.


[An] urgently important new book. -- George Scialabba

Inside This Book (Learn More)
First Sentence
INTERNATIONAL BUREAUCRATS-THE faceless symbols of the world economic order-are under attack everywhere. Read the first page
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Customer Reviews

Most Helpful Customer Reviews
24 of 24 people found the following review helpful
4.0 out of 5 stars not what you might expect, but worth reading 20 May 2003
By tomsk77
If you are looking for a book that rages at the evils of capitalism then you are going to be disappointed. In fact this book is not really about globalisation. It is really about how the IMF called it wrong on some key events (just about) within the broad process known as globalisation. So we are treated to a bit of an examination of how the IMF drifted away from its original mission to end up prescribing some very ideological economic measures to countries.
This takes in both the recent Asian crisis and the Russian journey to a market economy. So in that sense it is almost covering broader ground than what you might typically term globalisation. But then on the flipside it is pretty much a critique of the IMF's role rather than a general take on these issues.
As such this book is very wrongly talked about as if its part of the anti-globalisation even anti-capitalism camp. Far from it. Its very much an endorsement of market economies, but a key theme is how important the management of transition to market economies is carried out. Hence he's not against privatisation, but the process of privatisation. He's not against capital market liberalisation but how it brought about, and wants more focus on the infrastructure required before it can happen.
In this sense it's not really a call to arms, more a call to reason. It's basically a book calling for a sensible approach to dealing with markets and applying them to countries with no history of them. That might sounds much less racy than some anti-capitalist rant, but it is far far more realistic, might actually have some influence and do some good, and is part of what is actually politically achievable.
However, having said all that it has managed to be contraversial. The economic orthodoxy has been upset and that some of Stilgitz's punches must have hit home.
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12 of 12 people found the following review helpful
4.0 out of 5 stars Excellent detail, too repetitive. 14 Aug 2005
Stiglitz is clearly a first rate economist, the arguments he makes in his book are by no means watertight, but I found most of them to be very convincing. In particular his analyses of the Asian financial crisis, and the contrasting methods of communist-to-capitalist transition are excellent, he clearly explains any jargon and highlights some key areas that are often dismissed in other non-academic economics discussions.Also Stiglitz provides lots of helpful references to other works so if you feel like digging deeper in one particular area you can.
On the other hand the book suffers from an alarming amount of repetition, many paragraphs are more or less verbatim clones of previous ones and several of the chapters are clearly redundant. That said I don't know of another book that deals with the same area with such class and as it is so short the repetition isn't too much of a problem. In short it is well worth the read, Globalization is the most important issue facing us today (try saving the environment without solving it first, ain't gonna happen), we all need to have an informed opinion.
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54 of 57 people found the following review helpful
5.0 out of 5 stars Balancing Acts 13 Mar 2003
It is always better to hear things from the horse's mouth. Eminent economist (Nobel Prize Winner no less) Joseph Stiglitz has been directly involved with some of the most serious financial crises in recent times. Not limited to academia and economic theory he served in high profile policy positions including as senior VP and chief economist in the World Bank. For me, it's also important that he spent extensive time with people in the affected countries. The description of modern international economic management: "from one's luxury hotel, one can callously impose policies about which one would think twice if one knew the people whose life one was destroying..." (p. 24) does not apply to him. His case studies provide the backdrop for his analysis of globalization as well as concrete evidence for some of his critical contentions. This is not a dry economics book; it is a captivating read that offers a very accessible examination of global economic and financial systems.
To position Stiglitz up-front: he is not against globalization - in his estimation it is quality-neutral as a conception and it is here to stay. The aim of his study is to show what lessons need to be learned and applied to make globalization live up to its potential for the majority of the world's populations. The red thread of the book is the examination of the primarily negative impact that globalization has had on many developing countries and the two billion or so poor who live on less than $2/per day. His reasoning why this has been the case and what is to be done to bring about positive change makes this book an important resource for the critics and the proponents of globalization alike.
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7 of 7 people found the following review helpful
This is a very powerful account of how the policies of the IMF in 'assisting' developing countries have more often than not exacerbated the very problems that they are trying to solve. It is a brilliant critique of free market theory.
It is primarily an argument against the strict monetarist policies enforced by the IMF. Stiglitz argues that the 'one size fits all' approach used, actually fits none. In purely economic terms, this is perhaps an argument that is best left to the economists. However, Stiglitz is insistent that the social and political consequences of the pursuit of these policies cannot be ignored.
It would be easy to dismiss this as an attempt to discredit the instruments of capitalism. However, the authors background within, and widespread support for those instruments discounts this.
In summary, this is an excellent book which, despite the complex nature of the economic theories involved is very readable and easy to follow throughout.
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Most Recent Customer Reviews
5.0 out of 5 stars Five Stars
A good read
Published 13 days ago by nebba
4.0 out of 5 stars Four Stars
delivery on time and good description
Published 28 days ago by julien jung
4.0 out of 5 stars A valuable contribution to the role of the IMF/World Bank debate..
There is no disputing the reputation, abilities or professional achievements that Joseph Stigliz can claim. Read more
Published 1 month ago by os
3.0 out of 5 stars Three Stars
Published 1 month ago by Akwasi Appiah
4.0 out of 5 stars More than 10 years on... and the discontent only grows...
Prior to reading this book, my reading of Joseph Stiglitz was confined to a few "op-ed" pieces. He seemed to make a lot of sense, and so along with Paul Krugman, I felt they were... Read more
Published 1 month ago by John P. Jones III
5.0 out of 5 stars Excellent
This book is fantastic work by j. Stiglitz about how globalization policies have gone in favor of developed countries and against the developing countries. Read more
Published 8 months ago by Zeeshan Atiq
5.0 out of 5 stars Worth recommending!
Quick transaction conducted without any problems.
Book in very good condition - no visible marks of use on the cover and on the inside.
Decidedly worth recommending.
Published 10 months ago by Katarzyna
4.0 out of 5 stars Globalization and Its Discontents.
A material introduction to contrarian economist Stiglitz's reasoning and deductions, with comprehensive index, priced to be sold at €5.22. Recommended.
Published 19 months ago by Amazon Customer
4.0 out of 5 stars Same problem, same remedy, same failure - Here we go again.
Globalization and its Discontents has now been around for ten years. In 2002 the book was published as the tech bubble burst. Read more
Published on 28 Jan 2012 by Philip Spires
5.0 out of 5 stars Credible and Readable
If you're studying economic geography this man is a GOD! he has written prolifically about the matter and is indisputably the authority. Read more
Published on 6 Oct 2011 by C. J. Wilson
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