25 of 25 people found the following review helpful
not what you might expect, but worth reading,
This review is from: Globalization and Its Discontents (Paperback)
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.