Globalization and Its Discontents
Encyclopedia
Globalization and Its Discontents is a book published in 2002 by the 2001 Nobel laureate Joseph E. Stiglitz
.
According to James M. Rossi, Globalization and Its Discontents is a concise, devastating, and relentless indictment of the global economic policies of the International Monetary Fund
, World Trade Organization
, and World Bank
. .
The book draws on Stiglitz's personal experience as chairman of the Council of Economic Advisers
under Bill Clinton
from 1993 and chief economist at the World Bank
from 1997. During this period Stiglitz became disillusioned with the IMF and other international institutions, which he came to believe acted against the interests of impoverished developing countries. Stiglitz argues that the policies pursued by the IMF are based on neoliberal assumptions that are fundamentally unsound:
Stiglitz argues that IMF policies contributed to bringing about the East Asian financial crisis
, as well as the Argentine economic crisis. Also noted was the failure of Russia
's conversion to a market economy and low levels of development in Sub-Saharan Africa
. Specific policies criticised by Stiglitz include fiscal austerity, high interest rate
s, trade liberalization
, and the liberalization
of capital market
s and insistence on the privatization
of state assets.
to address poverty [the belief that growth and wealth will trickle down to all segments of society]. Stiglitz finds no evidence to support this belief, and considers the 'Washington Consensus' policy of free markets to be a blend of ideology and bad science.
Stiglitz was awarded the 2001 Nobel Prize in Economic Sciences
(shared with George Akerlof
and Michael Spence
) for demonstrating how information affects markets. Without equal access to information between employer and employee, company and consumer, or [in the IMF's case] lender and debtor, there is no chance of "free" markets operating efficiently—which is to say fairly [this explanation also owes much to the earlier Nobel work of Kenneth Arrow & Gerard Debreu].
The IMF, WTO, and World Bank lack transparency and accountability. Without government oversight, they reach decisions without public debate and resolve trade disputes involving "uncompetitive" or "onerous" environmental, labor, and capital laws in secret tribunals—without appeal to a nation's courts.
In East Asia's financial crisis, Russia's failed conversion to a market economy, failed development in sub-Saharan Africa, and financial meltdown in Argentina, Stiglitz argues that IMF policies contributed to a disaster. Loans came with extensive conditions that subverted the growth of democracy, hampered local economic growth, and enriched multinational corporations.
To evaluate his conclusion, it is instructive to look at those cases where Third World development actually succeeded: South Asia and China are the world's two greatest emerging markets. South Asia repeatedly resisted IMF conditions [especially South Korea and Malaysia] and China declined any IMF money whatsoever.
According to Stiglitz, IMF interventions all followed a similar free market formula. The IMF strongly advocated "shock therapy" in a rush to market economies, without first establishing institutions to protect the public and local commerce. Local social, political, and economic considerations were largely ignored. Privatization without land reform or strong competitive policies resulted in crony capitalism, large businesses run by organized crime, and a feudal social structure without a middle class.
The IMF also foisted premature capital market liberalization [free flow of capital] without institutional regulation of the financial sector. This destabilized entire developing economies by causing massive inflows of 'hot' short-term investment capital; then when inflation rose, the IMF's loan conditions imposed fiscal austerity and dramatically rising interest rates. This led to widespread bankruptcies without legal protection, massive unemployment without a social safety net, and the prompt withdrawal of foreign capital. The few remaining solvent owners, with zero opportunity for business growth, stripped assets for any value they could.
With loans defaulted and entire nations thrown into economic and social chaos, the IMF rushed bailouts directed mainly to foreign creditors. This fueled speculative runs on currency, and most of the bailout money soon wound up in Swiss and Caribbean bank accounts. As a result, Third World citizens carried much of the costs and few of the benefits of IMF loans, and a moral hazard ensued among the financial community: foreign creditors made bad loans, knowing that if the debtors defaulted, the IMF would pick up the tab [see Long Term Capital Management, whose overexposure in Southeast Asia might have brought down international financial markets without a massive bailout]. Meanwhile, the IMF urged cash-strapped countries to further privatize—in effect selling their assets at a fraction of their value to raise cash. Foreign corporations then bought up the assets at rock-bottom prices.
Predictably, great resentment resulted from the IMF's agenda.
Stabilization is on the agenda; job creation is not. Taxation, and its adverse effects, are on the agenda; land reform is off. There is money to bail out banks but not to pay for improved education and health services, let alone to bail out workers who are thrown out of their jobs as a result of the IMF's macroeconomic mismanagement... Ordinary people as well as many government officials and business people continue to refer to the economic and social storm that hit their nations simply as 'the IMF' -- the way one would say 'the plague' or 'the Great Depression' [80-81, 97].
John Maynard Keynes helped conceive of the IMF as a fund to help developing countries grow at full employment. So why the consistent and disastrous failure to live up to this mandate?
The IMF is pursuing not just the objectives set out in its original mandate, of enhancing global stability and ensuring that there are funds for countries facing a threat of recession to pursue expansionary policies. It is also pursuing the interests of the financial community. This means that the IMF has objectives that are often in conflict with each other [206-7].
The global financial community apparently didn't see the IMF's track record as one of conflicted interests or consistent failure: IMF managing director Stanley Fischer and Treasury Secretary Robert Rubin both left for multimillion dollar jobs at Citigroup.
Stiglitz believes the IMF and World Bank should be reformed, not dismantled—with a growing population, malaria and AIDS pandemics, and global environmental challenges, Keynes' mandate for equitable growth is more urgent now than ever. He advocates a gradual, sequential, and selective approach to institutional development, land reform and privatization, capital market liberalization, competition policies, worker safety nets, health infrastructure, and education. Different countries will need to follow different paths. Selective policies would direct funds to programs and governments which had success in the past.
Debt forgiveness should be extended, building on the success of the Jubilee Movement. Since the IMF loans primarily benefitted foreigners and government officials, he argues it is unjust and onerous that citizens of developing nations be heavily taxed to pay them off.
Not coincidentally, Stiglitz believes that promoting local and international democracy is fundamental to reforming global economic policy. Democracy aids social stability, empowers the free flow of information, and promotes a decentralized economy upon which efficient and equitable economies rely. Extending IMF and WTO voting rights to developing countries, along with public accountability, would be a good start. For Stiglitz, promoting democracy comes before promoting business.
The book has received criticisms from various camps. Writing in Public Choice D. W. MacKenzie claims that Stiglitz mischaracterizes government failures as market failures. Most of Stiglitz's examples refer to government intervention that benefited special interests. Such examples are collective action failures of government through rent seeking
.
Kenneth Rogoff, IMF Director of research, called Stiglitz's analysis "snake oil" and stated that "The Stiglitzian prescription [for third world nations in a debt crisis] is to raise the profile of fiscal deficits, that is, to issue more debt and to print more money. You seem to believe that if a distressed government issues more currency, its citizens will suddenly think it more valuable. You seem to believe that when investors are no longer willing to hold a government's debt, all that needs to be done is to increase the supply and it will sell like hot cakes."
Daniel T. Griswold of the Cato Institute
labels the book a "score-settling exercise distorted by the author's own political prejudices and personal animus." Griswold takes issue with what he claims is Stiglitz's assumption "that protectionism
enriches those nations that practice it" and notes that "while he is not questioning free trade, Stiglitz is disparaging the free flow of capital. The book blames the East Asian Financial Crisis almost entirely on one factor: capital account
liberalization." Stiglitz demonstrates this belief by "prais[ing] Malaysia
for spurning IMF advice ... by imposing capital controls to stem the flight of short term flows." Griswold also states that Stiglitz provided no evidence to support his belief that Malaysia was rewarded for their efforts. He counters that Malaysia's GDP growth rate had fallen much farther than the other countries listed by Stiglitz, down to 6.7% and "recovered less rapidly in 1999 and 2000 even though [others] did not resort to capital controls Stiglitz champions." Griswold concludes by arguing that Stiglitz "distorts the history of the East Asian Miracle
", while with Russian privatization he "ignores the fact that Russia
's initial reforms were timid and half baked" and that the IMF with its beliefs in bail outs and non-market exchange rates is not the "great symbol of market fundamentalism
".
He has been accused of 'bad economics' by many libertarian organizations.
By so often characterizing globalization's economic policies as mistakes, Stiglitz fails to acknowledge that these policies are largely deliberate and instituted for the purpose of enriching the non-productive capitalist class. This mischaracterization of purposeful actions as "errors and mistakes" often placates the opponents of globalization by creating a belief that the present economic leaders and institutions should be left in power so that they will see the error of their policies and correct them.
Joseph E. Stiglitz
Joseph Eugene Stiglitz, ForMemRS, FBA, is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences and the John Bates Clark Medal . He is also the former Senior Vice President and Chief Economist of the World Bank...
.
According to James M. Rossi, Globalization and Its Discontents is a concise, devastating, and relentless indictment of the global economic policies of the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
, World Trade Organization
World Trade Organization
The World Trade Organization is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade , which commenced in 1948...
, and World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
. .
The book draws on Stiglitz's personal experience as chairman of the Council of Economic Advisers
Council of Economic Advisers
The Council of Economic Advisers is an agency within the Executive Office of the President that advises the President of the United States on economic policy...
under Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
from 1993 and chief economist at the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
from 1997. During this period Stiglitz became disillusioned with the IMF and other international institutions, which he came to believe acted against the interests of impoverished developing countries. Stiglitz argues that the policies pursued by the IMF are based on neoliberal assumptions that are fundamentally unsound:
Behind the free market ideology there is a model, often attributed to Adam SmithAdam SmithAdam Smith was a Scottish social philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations...
, which argues that market forces--the profitProfit (economics)In economics, the term profit has two related but distinct meanings. Normal profit represents the total opportunity costs of a venture to an entrepreneur or investor, whilst economic profit In economics, the term profit has two related but distinct meanings. Normal profit represents the total...
motive--drive the economy to efficient outcomes as if by an invisible hand. One of the great achievements of modern economics is to show the sense in which, and the conditions under which, Smith's conclusion is correct. It turns out that these conditions are highly restrictive. Indeed, more recent advances in economic theory --ironically occurring precisely during the period of the most relentless pursuit of the Washington ConsensusWashington ConsensusThe term Washington Consensus was coined in 1989 by the economist John Williamson to describe a set of ten relatively specific economic policy prescriptions that he considered constituted the "standard" reform package promoted for crisis-wracked developing countries...
policies--have shown that whenever information is imperfect and markets incomplete, which is to say always, and especially in developing countries, then the invisible hand works most imperfectly. Significantly, there are desirable government interventions which, in principle, can improve upon the efficiency of the market. These restrictions on the conditions under which markets result in efficiency are important--many of the key activities of government can be understood as responses to the resulting market failures.
Stiglitz argues that IMF policies contributed to bringing about the East Asian financial crisis
East Asian financial crisis
The Asian financial crisis was a period of financial crisis that gripped much of Asia beginning in July 1997, and raised fears of a worldwide economic meltdown due to financial contagion....
, as well as the Argentine economic crisis. Also noted was the failure of Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
's conversion to a market economy and low levels of development in Sub-Saharan Africa
Sub-Saharan Africa
Sub-Saharan Africa as a geographical term refers to the area of the African continent which lies south of the Sahara. A political definition of Sub-Saharan Africa, instead, covers all African countries which are fully or partially located south of the Sahara...
. Specific policies criticised by Stiglitz include fiscal austerity, high interest rate
Interest rate
An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for...
s, trade liberalization
Free trade
Under a free trade policy, prices emerge from supply and demand, and are the sole determinant of resource allocation. 'Free' trade differs from other forms of trade policy where the allocation of goods and services among trading countries are determined by price strategies that may differ from...
, and the liberalization
Liberalization
In general, liberalization refers to a relaxation of previous government restrictions, usually in areas of social or economic policy. In some contexts this process or concept is often, but not always, referred to as deregulation...
of capital market
Capital market
A capital market is a market for securities , where business enterprises and governments can raise long-term funds. It is defined as a market in which money is provided for periods longer than a year, as the raising of short-term funds takes place on other markets...
s and insistence on the privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
of state assets.
Contents of the Book
The theories which guide the IMF's policies are empirically flawed. Free market, neoclassical, and neoliberal are all essentially euphemisms for the disastrous laissez-faire economics of the late 19th century. This approach seeks to minimize the role of government—arguing that lower wages solve problems of unemployment, and relying upon trickle-down economicsTrickle-down economics
"Trickle-down economics" and "the trickle-down theory" are terms used in United States politics to refer to the idea that tax breaks or other economic benefits provided by government to businesses and the wealthy will benefit poorer members of society by improving the economy as a whole...
to address poverty [the belief that growth and wealth will trickle down to all segments of society]. Stiglitz finds no evidence to support this belief, and considers the 'Washington Consensus' policy of free markets to be a blend of ideology and bad science.
Stiglitz was awarded the 2001 Nobel Prize in Economic Sciences
Nobel Memorial Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, but officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , is an award for outstanding contributions to the field of economics, generally regarded as one of the...
(shared with George Akerlof
George Akerlof
George Arthur Akerlof is an American economist and Koshland Professor of Economics at the University of California, Berkeley. He won the 2001 Nobel Prize in Economics George Arthur Akerlof (born June 17, 1940) is an American economist and Koshland Professor of Economics at the University of...
and Michael Spence
Michael Spence
Andrew Michael Spence is an American economist and recipient of the 2001 Nobel Memorial Prize in Economic Sciences, along with George A. Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development. He conducted this research while at Harvard University...
) for demonstrating how information affects markets. Without equal access to information between employer and employee, company and consumer, or [in the IMF's case] lender and debtor, there is no chance of "free" markets operating efficiently—which is to say fairly [this explanation also owes much to the earlier Nobel work of Kenneth Arrow & Gerard Debreu].
The IMF, WTO, and World Bank lack transparency and accountability. Without government oversight, they reach decisions without public debate and resolve trade disputes involving "uncompetitive" or "onerous" environmental, labor, and capital laws in secret tribunals—without appeal to a nation's courts.
In East Asia's financial crisis, Russia's failed conversion to a market economy, failed development in sub-Saharan Africa, and financial meltdown in Argentina, Stiglitz argues that IMF policies contributed to a disaster. Loans came with extensive conditions that subverted the growth of democracy, hampered local economic growth, and enriched multinational corporations.
To evaluate his conclusion, it is instructive to look at those cases where Third World development actually succeeded: South Asia and China are the world's two greatest emerging markets. South Asia repeatedly resisted IMF conditions [especially South Korea and Malaysia] and China declined any IMF money whatsoever.
According to Stiglitz, IMF interventions all followed a similar free market formula. The IMF strongly advocated "shock therapy" in a rush to market economies, without first establishing institutions to protect the public and local commerce. Local social, political, and economic considerations were largely ignored. Privatization without land reform or strong competitive policies resulted in crony capitalism, large businesses run by organized crime, and a feudal social structure without a middle class.
The IMF also foisted premature capital market liberalization [free flow of capital] without institutional regulation of the financial sector. This destabilized entire developing economies by causing massive inflows of 'hot' short-term investment capital; then when inflation rose, the IMF's loan conditions imposed fiscal austerity and dramatically rising interest rates. This led to widespread bankruptcies without legal protection, massive unemployment without a social safety net, and the prompt withdrawal of foreign capital. The few remaining solvent owners, with zero opportunity for business growth, stripped assets for any value they could.
With loans defaulted and entire nations thrown into economic and social chaos, the IMF rushed bailouts directed mainly to foreign creditors. This fueled speculative runs on currency, and most of the bailout money soon wound up in Swiss and Caribbean bank accounts. As a result, Third World citizens carried much of the costs and few of the benefits of IMF loans, and a moral hazard ensued among the financial community: foreign creditors made bad loans, knowing that if the debtors defaulted, the IMF would pick up the tab [see Long Term Capital Management, whose overexposure in Southeast Asia might have brought down international financial markets without a massive bailout]. Meanwhile, the IMF urged cash-strapped countries to further privatize—in effect selling their assets at a fraction of their value to raise cash. Foreign corporations then bought up the assets at rock-bottom prices.
Predictably, great resentment resulted from the IMF's agenda.
Stabilization is on the agenda; job creation is not. Taxation, and its adverse effects, are on the agenda; land reform is off. There is money to bail out banks but not to pay for improved education and health services, let alone to bail out workers who are thrown out of their jobs as a result of the IMF's macroeconomic mismanagement... Ordinary people as well as many government officials and business people continue to refer to the economic and social storm that hit their nations simply as 'the IMF' -- the way one would say 'the plague' or 'the Great Depression' [80-81, 97].
John Maynard Keynes helped conceive of the IMF as a fund to help developing countries grow at full employment. So why the consistent and disastrous failure to live up to this mandate?
The IMF is pursuing not just the objectives set out in its original mandate, of enhancing global stability and ensuring that there are funds for countries facing a threat of recession to pursue expansionary policies. It is also pursuing the interests of the financial community. This means that the IMF has objectives that are often in conflict with each other [206-7].
The global financial community apparently didn't see the IMF's track record as one of conflicted interests or consistent failure: IMF managing director Stanley Fischer and Treasury Secretary Robert Rubin both left for multimillion dollar jobs at Citigroup.
Stiglitz believes the IMF and World Bank should be reformed, not dismantled—with a growing population, malaria and AIDS pandemics, and global environmental challenges, Keynes' mandate for equitable growth is more urgent now than ever. He advocates a gradual, sequential, and selective approach to institutional development, land reform and privatization, capital market liberalization, competition policies, worker safety nets, health infrastructure, and education. Different countries will need to follow different paths. Selective policies would direct funds to programs and governments which had success in the past.
Debt forgiveness should be extended, building on the success of the Jubilee Movement. Since the IMF loans primarily benefitted foreigners and government officials, he argues it is unjust and onerous that citizens of developing nations be heavily taxed to pay them off.
Not coincidentally, Stiglitz believes that promoting local and international democracy is fundamental to reforming global economic policy. Democracy aids social stability, empowers the free flow of information, and promotes a decentralized economy upon which efficient and equitable economies rely. Extending IMF and WTO voting rights to developing countries, along with public accountability, would be a good start. For Stiglitz, promoting democracy comes before promoting business.
Criticism
Globalization and Its Discontents has earned praises from many reviewers. Noted investor, George Soros describes the book as "Penetrating, insightful.... A seminal work that must be read.".The book has received criticisms from various camps. Writing in Public Choice D. W. MacKenzie claims that Stiglitz mischaracterizes government failures as market failures. Most of Stiglitz's examples refer to government intervention that benefited special interests. Such examples are collective action failures of government through rent seeking
Rent seeking
In economics, rent-seeking is an attempt to derive economic rent by manipulating the social or political environment in which economic activities occur, rather than by adding value...
.
Kenneth Rogoff, IMF Director of research, called Stiglitz's analysis "snake oil" and stated that "The Stiglitzian prescription [for third world nations in a debt crisis] is to raise the profile of fiscal deficits, that is, to issue more debt and to print more money. You seem to believe that if a distressed government issues more currency, its citizens will suddenly think it more valuable. You seem to believe that when investors are no longer willing to hold a government's debt, all that needs to be done is to increase the supply and it will sell like hot cakes."
Daniel T. Griswold of the Cato Institute
Cato Institute
The Cato Institute is a libertarian think tank headquartered in Washington, D.C. It was founded in 1977 by Edward H. Crane, who remains president and CEO, and Charles Koch, chairman of the board and chief executive officer of the conglomerate Koch Industries, Inc., the largest privately held...
labels the book a "score-settling exercise distorted by the author's own political prejudices and personal animus." Griswold takes issue with what he claims is Stiglitz's assumption "that protectionism
Protectionism
Protectionism is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow "fair competition" between imports and goods and services produced domestically.This...
enriches those nations that practice it" and notes that "while he is not questioning free trade, Stiglitz is disparaging the free flow of capital. The book blames the East Asian Financial Crisis almost entirely on one factor: capital account
Capital account
The current and capital accounts make up a country's balance of payment . Together these three accounts tell a story about the state of an economy, its economic outlook and its strategies for achieving its desired goals...
liberalization." Stiglitz demonstrates this belief by "prais[ing] Malaysia
Economy of Malaysia
The Economy of Malaysia is a growing and relatively open state-oriented and newly industrialised market economy. The state plays a significant but declining role in guiding economic activity through macroeconomic plans...
for spurning IMF advice ... by imposing capital controls to stem the flight of short term flows." Griswold also states that Stiglitz provided no evidence to support his belief that Malaysia was rewarded for their efforts. He counters that Malaysia's GDP growth rate had fallen much farther than the other countries listed by Stiglitz, down to 6.7% and "recovered less rapidly in 1999 and 2000 even though [others] did not resort to capital controls Stiglitz champions." Griswold concludes by arguing that Stiglitz "distorts the history of the East Asian Miracle
East Asian Tigers
The Four Asian Tigers or Asian Dragons is a term used in reference to the highly developed economies of Hong Kong, Singapore, South Korea and Taiwan. These nations and areas were notable for maintaining exceptionally high growth rates and rapid industrialization between the early 1960s and 1990s...
", while with Russian privatization he "ignores the fact that Russia
Economy of Russia
The economy of Russia is the eleventh largest economy in the world by nominal value and the sixth largest by purchasing power parity . Russia has an abundance of natural gas, oil, coal, and precious metals...
's initial reforms were timid and half baked" and that the IMF with its beliefs in bail outs and non-market exchange rates is not the "great symbol of market fundamentalism
Market fundamentalism
Market fundamentalism is a pejorative term applied to a strong belief in the ability of laissez-faire or free market economic views or policies to solve economic and social problems....
".
He has been accused of 'bad economics' by many libertarian organizations.
By so often characterizing globalization's economic policies as mistakes, Stiglitz fails to acknowledge that these policies are largely deliberate and instituted for the purpose of enriching the non-productive capitalist class. This mischaracterization of purposeful actions as "errors and mistakes" often placates the opponents of globalization by creating a belief that the present economic leaders and institutions should be left in power so that they will see the error of their policies and correct them.
Literature
- Enrico Colombatto: Book Review. In: Journal of Libertarian StudiesJournal of Libertarian StudiesThe Journal of Libertarian Studies is a scholarly journal published annually by the Ludwig von Mises Institute and Lew Rockwell. It was established in the spring of 1977 by Murray Rothbard who also served as its editor until his death in 1995...
. Volume 18, No. 1, Winter 2004, pp. 89–98 (PDF) - Daniel T. GriswoldDaniel T. GriswoldDaniel T. Griswold is director of the Cato Institute's Center for Trade Policy Studies, where he has authored numerous studies on trade and immigration policy. Before joining Cato in 1997, Griswold served as a congressional press secretary and a daily newspaper editorial page editor...
: Book Review. In: Cato JournalCato JournalThe Cato Journal is a peer-reviewed academic journal published by the Washington, D.C.-based, libertarian think-tank, the Cato Institute, and features articles discussing politics and economy.According to the Cato Institute website, the journal is a...
. Vol. 22, No. 3, Winter 2003, pp. 566–569 (PDF) - D. W. MacKenzie: Book Review. In: Public Choice. Volume 120, Numbers 3-4, September 2004, pp. 234–239 (PDF)
- James M. Rossi: Book Review: Globalization and Its Discontents. In: Human Nature Review. 2002, Volume 2, pp. 293–296
External links
- Discussion with Joseph Stiglitz on his book at the Carnegie Council, May 15, 2002
- The Great Gadfly, presentation of Stiglitz and his book by Lenora Todaro in Village Voice, June 4, 2002
- Reviews by The EconomistThe EconomistThe Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...
, Barry EichengreenBarry EichengreenBarry Eichengreen is an American economist who holds the title of George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley, where he has taught since 1987...
(Foreign AffairsForeign AffairsForeign Affairs is an American magazine and website on international relations and U.S. foreign policy published since 1922 by the Council on Foreign Relations six times annually...
), Benjamin M. FriedmanBenjamin M. FriedmanBenjamin Morton Friedman, a leading American political economist, is the William Joseph Maier Professor of Political Economy at Harvard University. Friedman is a member of the Council on Foreign Relations, the Brookings Institute's Panel on Economic Activity, and the editorial board of the...
(The New York Review of BooksThe New York Review of BooksThe New York Review of Books is a fortnightly magazine with articles on literature, culture and current affairs. Published in New York City, it takes as its point of departure that the discussion of important books is itself an indispensable literary activity...
), Robin BlackburnRobin BlackburnRobin Blackburn is a British socialist historian, a former editor of New Left Review , an author of essays on Marx, capitalism and socialism, and of books on the history of slavery and on social policy...
(The IndependentThe IndependentThe Independent is a British national morning newspaper published in London by Independent Print Limited, owned by Alexander Lebedev since 2010. It is nicknamed the Indy, while the Sunday edition, The Independent on Sunday, is the Sindy. Launched in 1986, it is one of the youngest UK national daily...
), Geoffrey Owen (The Daily TelegraphThe Daily TelegraphThe Daily Telegraph is a daily morning broadsheet newspaper distributed throughout the United Kingdom and internationally. The newspaper was founded by Arthur B...
), Joseph KahnJoseph KahnJoseph Kahn is an American music video, advertising, and feature film director.-Early life:Kahn was born in Jersey Village, Texas, a suburb of Houston. He is of Korean ancestry. He spent part of his childhood growing up in Livorno, Italy until his family moved to Texas...
(The New York TimesThe New York TimesThe New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
), Michael J. Mandel (BusinessWeekBusinessWeekBloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
), Anna Lappe (San Francisco ChronicleSan Francisco Chroniclethumb|right|upright|The Chronicle Building following the [[1906 San Francisco earthquake|1906 earthquake]] and fireThe San Francisco Chronicle is a newspaper serving primarily the San Francisco Bay Area of the U.S. state of California, but distributed throughout Northern and Central California,...
), Brink LindseyBrink LindseyBrink Lindsey was the Cato Institute's vice president for research. He was also editor of , a monthly web magazine. From 1998 to 2004, he was director of Cato's , helping to make it a leading voice for free trade...
(The Wall Street JournalThe Wall Street JournalThe Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company, a division of News Corporation, along with the Asian and European editions of the Journal....
) and Claus Tigges (Frankfurter Allgemeine ZeitungFrankfurter Allgemeine ZeitungThe Frankfurter Allgemeine Zeitung , short F.A.Z., also known as the FAZ, is a national German newspaper, founded in 1949. It is published daily in Frankfurt am Main. The Sunday edition is the Frankfurter Allgemeine Sonntagszeitung .F.A.Z...
, German) on the website of Arlindo Correia - An Open Letter by Kenneth RogoffKenneth RogoffKenneth Saul "Ken" Rogoff is currently the Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University. He is also a chess Grandmaster.-Early life:...
of the IMF and more articles and reviews on the website of Arlindo Correia - Stiglitz blows the gaff, review by Mick Brooks at In Defense of Marxism, 10 February 2003
- Still Discontent with Globalization, article by Stiglitz in Aspenia (journal of the Aspen InstituteAspen InstituteThe Aspen Institute is an international nonprofit organization founded in 1950 as the Aspen Institute of Humanistic Studies. The organization is dedicated to "fostering enlightened leadership, the appreciation of timeless ideas and values, and open-minded dialogue on contemporary issues." The...
Italia), September 3, 2003 (responding to many of the critics of Globalization and Its Discontents)