A Book Review on ‘Globalization and Its Discontents’
Review on the book
‘Globalization And Its Discontents’
Written by Joseph Stiglitz
Introduction
The Famous book ‘Globalization and its discontents’ by Noble Prize Winner Joseph Stiglitz reflects the shortcomings of globalization especially affecting the poor and the developing countries. It is mainly focused on the failed policies dictated by the international institution, the International Monetary Fund (IMF).
The first two chapters reflect the author’s experience of joining the World Bank and describing the functions of the IMF, World Bank and WTO and how they failed to acquire those, especially the IMF.
The book is very interesting especially for understanding the repercussions of globalizations. The authors tone and remarks towards the IMF at times are quite hostile; some comments were rather repetitive and advocated for China more than enough. But overall it is an influential book leaving questions among the readers’ minds regarding the policies and intentions of the West.
Freedom to choose? (Chapter3)
Privatization, trade liberalization and fiscal austerity were of prime necessity advocated by the Washington Consensus. IMF’s formula to a prosperous economy is rapid privatization, trade and financial market liberalization. At a first glance, it may seem like Stiglitz is completely against such a formula but he did mention with a lighter view that privatization and trade liberalization can bring efficiency but when it is done in the right manner. Such policies should not be the ends rather than the means to a sustainable growth as other policies or external factors should be there as pre-requisites or else it would lead to further increase of poverty, inequality and misuse of assets for the developing countries (Stiglitz, 2002, p. 53).
Privatization
The book does not favor the public sector, as government of some countries do engage in unnecessary activities which are left better with the private sector and hence comes the
‘Globalization And Its Discontents’
Written by Joseph Stiglitz
Introduction
The Famous book ‘Globalization and its discontents’ by Noble Prize Winner Joseph Stiglitz reflects the shortcomings of globalization especially affecting the poor and the developing countries. It is mainly focused on the failed policies dictated by the international institution, the International Monetary Fund (IMF).
The first two chapters reflect the author’s experience of joining the World Bank and describing the functions of the IMF, World Bank and WTO and how they failed to acquire those, especially the IMF.
The book is very interesting especially for understanding the repercussions of globalizations. The authors tone and remarks towards the IMF at times are quite hostile; some comments were rather repetitive and advocated for China more than enough. But overall it is an influential book leaving questions among the readers’ minds regarding the policies and intentions of the West.
Freedom to choose? (Chapter3)
Privatization, trade liberalization and fiscal austerity were of prime necessity advocated by the Washington Consensus. IMF’s formula to a prosperous economy is rapid privatization, trade and financial market liberalization. At a first glance, it may seem like Stiglitz is completely against such a formula but he did mention with a lighter view that privatization and trade liberalization can bring efficiency but when it is done in the right manner. Such policies should not be the ends rather than the means to a sustainable growth as other policies or external factors should be there as pre-requisites or else it would lead to further increase of poverty, inequality and misuse of assets for the developing countries (Stiglitz, 2002, p. 53).
Privatization
The book does not favor the public sector, as government of some countries do engage in unnecessary activities which are left better with the private sector and hence comes the