Making Globalization Work: The Next Steps to Global Justice Hardcover – 7 Sep 2006
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Four years after his global best-seller, Joseph Stiglitz now brings the story up to the present, examining how change has occurred even more rapidly since then, proposing solutions and looking into the future. Here he puts forward radical new ways of dealing with the crippling indebtedness of developing countries, a new system of global reserves to overcome international financial instability, and an economically incentivised framework for dealing with energy pollutions which create global warming and which threaten us on a planetary scale. He argues convincingly for the reform of global institutions such as the UN, the IMF and the World Bank to make them truly capable of responding to the problems of our age and shows why treating developing countries more fairly is not only morally right, but because it increases global public goods, is ultimately to the advantage of the developed world too. Above all, Stiglitz argues we need to change the way we think. Now more than ever before, globalization is bringing the countries and the peoples of the world into one interdependent community, bringing with it a need to think and act globally.This trenchant, intellectually powerful and inspiring book is a step in the process.
About the Author
Joseph E. Stiglitz was Chairman of the President's Council of Economic Advisers 1995-7 and Chief Economist at the World Bank 1997-2000. He is currently University Professor at Columbia University, teaching in the Department of Economics, the School of International and Public Affairs, and the Graduate School of Business. He is also the Chief Economist of the Roosevelt Institute and a Corresponding Fellow of the Royal Society and the British Academy. He won the Nobel Prize for Economics in 2001 and is the bestselling author of Globalization and Its Discontents, The Roaring Nineties, Making Globalization Work, Freefall, The Price of Inequality and The Great Divide, all published by Penguin.
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The actual rules of the globalization game have been set by the developed countries in order to protect special individual, corporate and financial interests.
The author sees 6 areas where dramatic changes (with a huge potential of dramatic results) are necessary for the global well-being of our planet.
Poverty relief: it is a shame that billions of human beings are still living in abject conditions. Speaking of intellectual property rights in their face is a deadly joke.
Debt relief and legal help: diminish or eliminate the debt burden of the poorest countries and help the developing countries in creating environmental, judicial, anti-bribery and anti- bank secrecy laws in order to fight corruption.
Fair trade: a fair trade regime is one without subsidies and trade restrictions.
Limitation of liberalization: Markets are not perfect. Therefore, governments must have an active economic role (infrastructure, education, a sound financial and judicial system, a social safety net).
Environmental protection: measures to stop and reduce global warming
A global governance system: a new global social contract, an International Trade Tribunal, an International Bankruptcy Court, a new Global Monetary Reserve System.
The democratic deficit should be compensated by giving the developing countries more voice in the running of the IMF, the World Bank and the WTO. The draconic anti-Keynesian policies of the IMF should be stopped.
Overall, more transparency, less arms sales and certification of origin are needed.
All those measures should hugely benefit the developing AND the developed countries, although special interests would be hit. Hereafter, a few examples.
Elimination of agricultural subsidies would greatly benefit producers in developing countries and consumers in developed countries. Immigration would dramatically slow. There would be more legal than real fighting. And, last but not least, our planet could be saved.
J. Stiglitz stresses rightly that economic globalization outpaces the political one.
He is especially hard for his home country, `the deficit of last resort'.
This book, written by a superb free mind, should have a long lasting effect on world matters.
It is a must read for all those interested in the future of our planet.