Globalization And Its Discontents

Globalization and Its DiscontentsIntroduction and Short SummaryGlobalization and Its Discontents was a book written in 2002 by Joseph Stiglitz who has a number of credits to his name . non only is he one of his generation s finest academic stinting experts (became a Nobel Laureate in 2001 , he also became one of its postmortem examination practicing public economists through his tenure as chairman of the chairperson s Council of Economic Advisers under Clinton , and latterly as chief economist at the World bound . It was the frustrations of his time at the Bank that led him to write this book , distilling his experiences in public indemnity into a general critique of the Washington Consensus that shapes the international frugal agenda . This book can be thought of as two books in one : a general undertake on what has prevented the developing innovation from catching up with the economic leaders , and an expose of the institutional structures of the international politico-economic system and the misadventure of globalisationStiglitz is not against the broader goals of globalization but deplores its less appealing aspects . He acknowledges the significant advantages globalization has led to in integrating the world economy and , above all , in reducing the closing off of developing countries from the world economy . Although trade liberalization has brought distinct benefits , in Stiglitz s view , it has also caused economic havoc , callable largely to the absence of safety net for the poor . He abhors the hypocritical attitude of rich countries when they force the developing countries to liberalize trade , but keep intact their own formidable barriers and subsidies in particular on agricultural trade . His criticism is particularly incisive when it comes to the quality of governance in the major(ip) institutional institutions that have shaped globalization agendaHe criticizes other specific policies much(prenominal) as fiscal austerity , high interest rank and insistence on the privatization of state assets .

In response , Stiglitz calls for great transparency and better governance of international pecuniary institutions , as well as proper economic sequencing Despite his democrat tendencies , Stiglitz presents an insightful and unsettling account of the inner workings of global monetary institutions , ultimately reaffirming that there is no simple formula on how to make globalization workCritical AnalysisOf all the institutions involved in globalization , Stiglitz focuses excessively on the International Monetary Fund (IMF ) for the major part of his criticism , since this institution has single-handedly played a monumental part in developing countries and in emerging economies , such as Russia . Stiglitz believes that the misguided policies of IMF have caused instability and shameful consequences wherever it has intervened . For instance , its policies in eastern United States Asia worsened matters because it prosecute unsuitable demand management policies in the wake of financial crisis there . These policies failed not because of lack of commitment but kinda because their very foundation was one of flawed economic analysisStiglitz provides many examples of these faulty policies from Africa , Latin America , Russia and most recently , East Asia . Since the original purpose of the IMF was to provide liquidity for short-term stabilisation , the...If you want to get a full essay, order it on our website: Ordercustompaper.com

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