Joseph Stiglitz Globalization and Its Discontents Revisited Book Review
Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump
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March 4, 2021 Though from my personal view, the volume felt similar a bang-up introduction into this topic, as it described everything, explained it properly, and gave clear examples. Moreover, the author also adopted a wide focus, focusing on countries all over the globe. On the other paw, I am also somewhat "suspicious" about the book as the author was very disquisitional of the IMF and other large fiscal institutions. Simply while doing that, I felt equally if he was trying to articulate his record, as if ignoring the part that he was and to a big extent is, notwithstanding part of this big institutions and hence part of the problem. At the same time, if someone wants to understand the global economic system and the institutions that largely control information technology, I'd definitely recommend this book.
I would rather non rate this volume as it describes the earth economy and the IMF'due south role in information technology - a topic that I am not sufficiently well versed in to say how does it charge per unit in terms of accurateness or compare to other like books.
Well documented, informative and eye-opening. Highly recommended.
First, the positives. Stiglitz is an enormously of import phonation in the modern economics world, and has mentored the likes of Paul Krugman and other Nobel laureates. This book is a 2nd edition with reflections on the rise of demagogues around the earth, and the implications on globalization. Stiglitz lays out a compelling case that although globalization is an extremely desirable ideal for rising living standards for all countries, if the fruits of the increase in wealth are shared as inequitably equally today, the unabridged projection is doomed to failure. His new cloth (and especially the concluding chapters) are cogently argued and left me both better educated and more pessimistic nigh the future. He suggests key strategic changes to development goals and public policy, none of which look politically feasible considering of the entrenched interests against them. The negatives: we become it, Prof. Stiglitz - the International monetary fund is a especially dangerous organization that has left global anarchy and commotion in its wake. Repeating it advertising nauseam does not strengthen the argument any. For entertainment, google the International monetary fund'due south virulent response in the form of noted economist Kenneth Rogoff's response. Who knew economic science conferences could be like a fishmonger wives fracas? The chapters on the Imf's jumbo failures in Russia and Southeast Asia are illuminating, but smell a niggling like xx-20 hindsight. Much more troubling to me was Stiglitz connecting the dots between these purportedly non-partisan organizations and their financial sponsors in the banking customs in the U.South. and adult earth. When its the third-world, its corruption simply if its the first world, it is "lobbying"! Also, the professor'south self-balls that he was right all along at all times, gets a niggling grating. All in all, I found this a very important book, peculiarly for this era - and ane I suspect some Democratic presidential candidates in the U.South (at least policy wonks like Elizabeth Warren) volition accept very seriously indeed.
I read the first edition 10 years agone. And then information technology was about global discontents in developing countries. This new edition contain added parts talked nigh discontents in adult countries. Previously people were unhappy because hot money went in, causing aggrandizement and heighten prices of developing countries, and when it went out acquired economic crises. On the other mitt, Foreign Direct Investment did meliorate the livelihood of many. So the rules of globalisation were written past corporations for the benefit of corporations. With merchandise tariff greatly reduced, and shipment costs low, and piece of cake investment menses allowed, corporations moved production to countries with cheap labour, and then sell products to consumers at a low price. Then manufacturing jobs started to move overseas, and workers in rich countries suffered. He criticised strongly the other economists' over-selling of complimentary merchandise. However, he posited that Trump's protectionism and trade wars would merely hurt the rich world discontents. Stiglitz suggested a few ways to boost well existence of the rich world discontents: 1. Tax more, spend more than: balanced budget. Revenue enhancement rich people more. I am a fan of Stiglitz. However it remains to exist seen whether anyone will actually like more tax to really reduce inequality and boost growth... I think it is not probable and populism will go worse...
2. Protect the poor
iii. Invest in people, infrastructure and technology
4. Encourage savings
5. Global reserve currency and then American dollar drops, improving competitiveness
half dozen. Buffett's trade chit proposal. Any exporter gets a chit; any importer needs to buy a chit to import.
Globalization is inevitable. We are more than inter-continued than we've ever been. Stiglitz'south book analyses the winners and losers of the phenomena. The one-time are corporations that benefit from cheap labour and tax havens. The latter are unskilled workers who lose their jobs to immigrants and workers in adult countries, who run across their jobs outsourced to countries with cheap labour. Still recently, the phenomena has seen disruptions because of the american far-correct president, Donald Trump. He has embraced protectionist policies, which have made everyone worse-off, and always will. Witty explanations and logical reasoning from an skilful in the subject; if you desire to encounter where the World is headed from an economical perspective, this 1 is a must-read.
The book is mostly an assault on the Imf. This is fine by itself, but the title suggests that globalization and the Imf are conflated.
So relieved that I accept finally finished this book! This volume took me nearly a calendar month to read, mostly considering it was and so dense and filled with details of both global and private countries' economic policies and systems. After taking a class at Harvard focused on globalization, with a specific focus on global economic science, I establish myself interested in globalization and wanting to learn more about economic science. I desire to read more than not-fiction and claiming myself to understand important issues across different academic fields, because I believe it's then important to educate yourself on different topics, viewpoints and global problems. How else can you have an educated stance? Joseph Stiglitz is a fascinating person. He has been the The states President's economic adviser, primary economist of the World Bank, in addition to working as a lecturer at Columbia University. He has written many books, including the Price of Inequality, which is excellent. However this book isn't keen. Unless yous take an economics background (and fifty-fifty if you practice), this book is very detailed, at times repetitive and boring. It isn't easy to read, which makes it inaccessible to many people, who may be looking to larn more about the topic (like me!). Stiglitz is very critical of the IMF (a global institution which was supposed to promote global stability, but co-ordinate to Stiglitz, in reality it just promoted unsound economic policies and promoted US corporate interests). However it seems ironic to me that in being so critical of the IMF, there is little critique or balanced give-and-take about the World Bank'due south performance, presumably because he worked at the World Bank during this time. Similarly, Stiglitz argues that globalization needs a human face up, that it tin can exist better managed and so that it results in shared prosperity for anybody, particularly those living in poverty in developing countries. Nonetheless I felt that the volume lacked the man element that Stiglitz was advocating for; there were bereft examples well-nigh the social touch of globalization or the inclusion of any opinions from those most affected. This bulletin was lost in the majority of the book, which heavily focused on a comparison of dissimilar economic systems and an analysis of economic policies. ii.five*
Having read one of Stiglitz'due south other books 'The Price of Inequality', I was unsure what to look from this book. 'The Price of Inequality' is important, sure, but it gives largely straightforward explanations of the phenomena it is concerned with and doesn't have a lot of depth. GAID is the opposite - it is thorough, well-written, and enormously informative. Though the depth means that it's not really a book near globalisation, just rather the subsidiary consequence of how the International Budgetary Fund has botched it'due south role in globalisation (which isn't a bad thing! The Imf takedown is interesting and middle opening).
"Those looking back at how the global economic system has inverse over the by third of a century too often take for granted that it was 'right' so, and somehow, since then, things have gotten 'unbalanced'. The global economic system has, in fact, been 'unbalanced' for ii hundred years: those in Asia and Africa have suffered through ii centuries of colonialism, neocolonialism, so economic colonialism." "Globalization has become a race to the bottom, where corporations are the only winners and the residuum of social club, in both the developed and developing words, is the loser." Joseph E. Stiglitz
Excellent from the footing description of what is a adept thing (Globalization) as described past many from Adam Smith to Ricardo to Krugman - can be a bad thing and how to set up it (hint: Trump ain't fixing it)
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