Book: Globalization And Its Discontents

Title: Globalization And Its Discontents
Author: Joseph Stiglitz


Yes, it's another book on globalisation. This time, Joseph Stiglitz, winner of the Nobel Prize for Economics (2001), offers a critical view on why there is so much unhappiness in the globalised world today. Having served as Chief Economist at the World Bank and as Chairman of President Clinton's Council of Economic Advisors, Joseph Stiglitz offers a clear insight into the problems global institutions - specifically the International Monetary Fund (IMF) - have created during it's quest for global economic stability.

Stiglitz remains very critical on the actions taken by the IMF throughout the book, citing examples on how the IMF's judgements and actions have led to problems far more severe than before they stepped in. He explains how the IMF applied policies that did not take into account the full economic and political background of the nations, and how these policies caused deeper recessions, especially during the 1997 Asian Financial Crisis (AFC).

Besides from the ineffective (and more often than not, destructive) policies employed by the IMF, 'Globalization And Its Discontents' also looks into double standards in trade laws imposed by the IMF. All these serve as a warning to readers on the dangers of an uncontrolled global institution.

A fantastic book that digs out things you might not know about how the world works, and how we might be wrong in many things we assume to be right. Stiglitz gives detailed explanations and cites more than sufficient examples to show how we might be headed towards disaster if we are too careless with policies we implement (or impose upon others).

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