Summary of Globalization and Its Discontents

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Globalization and Its Discontents book summary
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Rating

9 Overall

6 Applicability

10 Innovation

10 Style


Recommendation

Author Joseph E. Stiglitz, a Nobel laureate in Economics, leaves the nebulous subject of globalization pretty quickly, and moves on to his real purpose: a sustained critique of the policies and practices of certain international institutions, especially the International Monetary Fund (IMF). Many of the author’s insights will be old news to those experienced in international economic affairs, though not to the general reader, who will appreciate his straightforward, plain language. The author’s status - as a Nobelist and as chairman of the Council of Economic Advisors during the Clinton administration - makes his book distinctive and controversial. His prominence is a bully pulpit that he uses to inveigh against the IMF’s power, secrecy and authoritarianism. getAbstract.com recommends his case for the prosecution, which is stirring and thought provoking, albeit marred by jabs against his old political and bureaucratic rivals and many variations on the theme "I told you so."

In this summary, you will learn

  • How a Nobel laureate in Economics views globalization and, particularly, the International Monetary Fund (IMF);
  • What impact IMF decisions have had on various national economies; and
  • How international aid institutions have betrayed their noble ideals and become defenders of the rich.
 

About the Author

Joseph E. Stiglitz was chairman of the Council of Economic Advisors during the administration of President Bill Clinton. He served as senior vice president and chief economist of the World Bank, and won the Nobel Prize in Economic Science in 2000.

 

Summary

The Noble Origins
In 1944, shortly before the end of World War II, the Bretton Woods conference in New Hampshire brought economic delegates from the major Allied Powers together with economic delegates from various smaller, less powerful countries. The delegates agreed to establish certain...

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