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Joseph Stiglitz and the World Bank: The Rebel Within (Anthem Studies in Development and Globalization) (Paperback)

by Ha-Joon Chang (Editor)

3.3 out of 5 stars See all reviews (3 customer reviews)

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Product details

Paperback: 328 pages
Publisher: Anthem Press; First Edition, First edition (1 Jul 2001)
Language English
ISBN-10: 1898855536
ISBN-13: 978-1898855538
Product Dimensions: 22.9 x 5.3 x 2.3 cm

Average Customer Review: 3.3 out of 5 stars See all reviews (3 customer reviews)

Amazon.co.uk Sales Rank: 325,983 in Books (See Bestsellers in Books)

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‘A powerful collection of key speeches from one of the most controversial economists of our time...the most provocative book on international financial policy to appear for a long time.’ Jeff Madrick, Challenge Magazine, contributing columnist, New York Times

‘This is a book that puts John Keble in his literary, cultural, political, and theological context as never before. It is essential reading for Students of nineteenth-century English literature as much as of religious history.’ Peter Nockles, author of The Oxford Movement in Context

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1 of 1 people found the following review helpful:

5.0 out of 5 stars Fine account of the failure of capitalist economics, 2 Mar 2009

By	William Podmore (London United Kingdom) - See all my reviews (TOP 100 REVIEWER) (REAL NAME)

Joseph Stiglitz was Chief Economist and Senior Vice President at the World Bank from February 1997 to December 1999. He was dismissed a few months before the end of his contract and replaced by Sir Nicholas Stern.

This is a thought-provoking collection of nine of his most important speeches given between January 1998 and January 2000. They all undermine the conventional wisdom of the World Bank, the International Monetary Fund, the US Treasury Department and HM Treasury.

He exposes the failures of the Washington consensus, of shock therapy in the transition economies, of financial liberalisation, and of the IMF's handling of East Asia's financial crisis. He discusses his vision of development as social transformation; the role of knowledge in markets; the importance of openness, workers' participation in firms, the right to know and economic democracy; and the value of trade unions.

He observes that China accounted for two-thirds of all the growth in low-income countries between 1978 and 1995. In the 1990s, China's GDP almost doubled, while Russia's GDP almost halved and its inequality doubled. In the last few decades, East Asia's states have increased their GDPs and life expectancies, extended education and reduced poverty. In the late 1990s, reckless loans by US, European and Japanese banks caused Korea's crisis. Market entities, not the government, misdirected credit; the government's only failure lay in not regulating the banks.

Stiglitz notes, "If one didn't know better, it might seem as if the fundamental propositions of neoclassical economics were designed to undermine the rights and position of labour." Full employment is more important than welfare, since welfare can never provide the dignity that comes from work.

He points out that recent studies suggest that "increased labour market flexibility could actually exacerbate economic fluctuations." Indeed, "greater wage flexibility ... may actually contribute to an enhanced likelihood of a recession."

He urges preventing crises by controlling capital flows. There is a large literature showing "capital and financial market liberalisation ... unambiguously contributing to economic volatility and an increased probability of financial and currency crises and recessions."

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2 of 7 people found the following review helpful:

4.0 out of 5 stars Stiglitz explains his frustration with the IMF, 2 Aug 2003

By	"yvonnetsp" - See all my reviews

I teach Business Studies to A level students and shall be using this book to focus students thinking for eg about The Trade Cycle and external influences; High interest rates attracting investement - but there are downsides; Ethics, Cartels and the dumping of Russian aluminium. This will give students an opportunity to think wider and put an economic focus back into the business environment. I would be keen for undergraduates of business and MBA students to reach into this book.

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0 of 2 people found the following review helpful:

1.0 out of 5 stars a biased account, 14 Oct 2006

By	S. Bozhkov - See all my reviews (REAL NAME)

Certainly the policies advocated by the IMF are quite painful but the reason is that it is a lender of last resort and is approached for stabilisation programmes only when the government of the troubled country has managed to screw up everything. Hence, the administered policies are painful and focused on the short-term rather than on economic growth.
Unfortunately Stiglitz does not offer any viable alternative; instead his advice boils down to "keep on spending". The outcome: a biased account of the Washington consensus. I presume that all that criticism and bitterness originate in traditional leftist bias in academia plus some sort of rationalisation of the time the author spent at the World Bank (in my opinion, without achieving anything notable there).

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