- Hardcover: 432 pages
- Publisher: Allen Lane (2 Oct 2003)
- Language English
- ISBN-10: 0713997222
- ISBN-13: 978-0713997224
- Product Dimensions: 23.6 x 15.8 x 4 cm
- Average Customer Review: 4.6 out of 5 stars See all reviews (5 customer reviews)
- Amazon Bestsellers Rank: 1,022,666 in Books (See Top 100 in Books)
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Product Description
Telegraph, October 5, 2003 (by Geoffrey Owen)
"Stiglitz’s book will encourage those who wish to halt the partial Americanisation that has already taken place in Europe."
Product Description
The 1990s promised prosperity for the world: a new era of unprecedented economic growth, with capitalism American-style reigning supreme. So why did it all go wrong? As chairman of Clinton's Council of Economic Advisors and Chief Economist at the World Bank, Joseph Stiglitz was uniquely placed to watch first-hand as the '90s unfolded. This revealing book rewrites the history of the 1990s to show how a misplaced faith in free market ideology created problems that could cost us all dearly. But more than that, it lays out a blueprint for the future. The '90s, Stiglitz concludes, witnessed a misguided attempt to achieve growth on the cheap - and we must learn from our mistakes or pay the price for years to come.
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First Sentence
IN THE ROARING NINETIES, growth soared to levels not seen in a generation. Read the first page Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
IN THE ROARING NINETIES, growth soared to levels not seen in a generation. Read the first page Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews
Most Helpful Customer Reviews
13 of 13 people found the following review helpful
Format:Paperback|Amazon Verified Purchase
Joseph Stiglitz’s analysis of the national and international social and economic policies of the Bush II governments is devastating.
Nationally, the state of the union is far from brilliant with its huge wealth inequality, a large number of people in prison, anxiety and insecurity (millions without health insurance), high infant mortality rates, unconcern about the deterioration of the environment and health care provisions below those of far poorer countries.
In the ‘roaring nineties’, Stiglitz sees the fundamentalist free market ideology of the Bush II governments as a façade for a political agenda: crony capitalism (Enron, Worldcom), downsizing of government, favouring the wealthy. Overwhelming private interests and corporate greed lead to misguided and biased deregulation, bad tax policies, misguided accounting policies, too little investment in vital public needs, education, infrastructure and basic research. Tax cuts were hypocritically sold as good for everyone (trickle-down economy), while the result was frugality for the poor and generosity for the well-off.
Internationally, the US speaks of the rule of law, but it rejects this rule time and again (UN, International Criminal Court, Kyoto Agreements, strategic arms treaty).
Dr. Sam delivered misguided economic prescriptions to the rest of the world via the US controlled IMF. Its free trade rhetoric conceals the fact that the US lives year after year beyond its means, while it lectures others not to do it. In fact, the poor countries are subsidizing the richest: the total value of the benefits that the US gets out of the current system exceeds by a considerable amount the total foreign aid the US provides.
Stiglitz own precepts, called ‘Democratic Idealism’, are based on 3 cornerstones: social justice, political values (democracy and freedom) and the relationship between individuals and communities. It is a vision with a balanced role for government (investments in education and technology, social protection), an attempt to achieve social justice at local and global level, and based on individual and national responsibility.
This book is superbly sarcastic: the conglomerate discount instead of the conglomerate premium (the synergies didn’t work out). Or, the 3 Golden Rules of corporate capitalism: first, oppose subsidies except for your own sector; secondly, favour competition except for your own business; thirdly, favour openness and transparency except for your own books.
With his superb free mind, Professor Stiglitz’s book served perfectly his adage that ‘information is more important than ever’: a well-informed public is the basis of a well-functioning democracy.
A must read.
I also highly recommend Walden Bello’s ‘Dilemmas of Domination’ (a voice from the South) and Robert Heilbroner’s ‘Behind the Veil of Economics ‘.
13 of 15 people found the following review helpful
Format:Hardcover
Stiglitz is in an excellent position to provide a first-hand look at some of the myths behind the seeming prosperity of the late 90s, and Washington's short-sighted view of the economy.
In particular, his critique of how President Bush mis-managed the aftermath is sharp and to the point. Readers interested in
this book should also take a look at Paul Krugman's "The Great Unraveling" for more political commentary and Maggie Mahar's "Bull! A History of the Boom" for a colorful, fast-paced narrative of Washington and Wall Street in the 90s.
In particular, his critique of how President Bush mis-managed the aftermath is sharp and to the point. Readers interested in
this book should also take a look at Paul Krugman's "The Great Unraveling" for more political commentary and Maggie Mahar's "Bull! A History of the Boom" for a colorful, fast-paced narrative of Washington and Wall Street in the 90s.
6 of 7 people found the following review helpful
Format:Paperback
This is an excellent read, very interesting and without the incomprehensible waffle that often bogs down writing on economics.
My only criticism was that given Stiglitz's power and influence during the 90s (he was chief economist at the World Bank and and before that Chairman of Clinton's Council of Economic Advisors) he seems to avoid any of the blame for mistakes that were made.
Some of the points made are not exactly new, Enron, the madness of the hype surrounding the New Economy. But Stiglitz writes well and overall the book is well worth a look.
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Most Recent Customer Reviews
Fine attack on the evils and stupidities of finance capital
Joseph Stiglitz, formerly Chief Economist at the World Bank, has written a fierce attack on finance capital. Read more
Published on 15 Jan 2009 by William Podmore
Very very good!
This is one of the most informative economic books written in a very long time by a nobel winning economist. Read more
Published on 19 April 2005 by "metamorphosis245"
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