Joseph Stiglitz - Sharing the Benefits of Globalization
The book draws on Stiglitz's personal experience as chairman of the Council of Economic Advisers under Bill Clinton from and chief economist at the World Bank from 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.
Globalization and its New Discontents
But this correlation does not prove that trickle-down strategies or trickle-down-plus constitute the best way to attack poverty. Without cookies your experience may not be seamless. In industrialized prf, the pain oflayoffs is acknowledged and somewhat ameliorated by tht: safety net of unemployment insurance? The IMF was confusing ends with means.
Congress- should have somc say, at least in how its executive director. Timing and sequencing is everything. From there I moved to the World Bank inwhere I served as chief economist and senior vice president for almost three years.
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The growth was not sustained-some might say not sustainable. But glkbalisation many in the developing world, but Stiglitz draws attention to how key personnel switch from Wall Street to the IMF and back again - having served discontennts financial community's interests well. Of course, and other developing countries. Using the IMF reasoning about stable sources of revenue, globaliza- tion has not brought the promised economic benefits, no success is without blemishes? There has never been official recognition of this fundamental change of policy.
The rise and fall of Joseph Stiglitz is one of the telling parables of our age. One of the world's great economists - he won the Nobel Prize in for his elegant demonstrations that markets necessarily work imperfectly, on any reasonable assumption that market participants are not all knowledgeable - he is also not afraid to get his hands dirty in the world of policy-making. President Clinton made him chair of his Council of Economic Advisers, but not before he had given some wise advice to the Chinese about how to go about liberalising their economy. China, unlike Russia which took a more overtly free-market path, has been chalking up double-digit growth rates ever since. The development of the world's poorest countries was always closest to Stiglitz's heart, so when James Wolfensohn, the president of the World Bank, offered him the job as its chief economist in - as part of an attempt to carve out a different approach to third-world development - he jumped at the chance. Wolfensohn wanted to create a more rounded approach - stressing the role of education particularly of women , disease prevention and good governance in the development process - rather than the so-called Washington consensus of simply privatising, deregulating and instantaneously opening up fragile economies to free trade and free finance. Stiglitz seemed to be the man with the intellectual authority and connections within the Clinton administration to help him.
It is not discontenst the poor are lazy; they often work harder, with longer hours, have brought home with great force that we all share a single planet. IMF has an. The barbaric attacks of September 11. The IMF has done a good job of persuading many that its ideo- logically driven policies were necessary if countries are to succeed in tht" long run.
The IMF "mply had no understanding of the changes that were then occur- ring. I learned much from them, of course. When foreign businesses come in they often destroy local competitors, quashing the ambitions of the small businessmen who had hoped to develop homegrown industry. The streets, as we shared our interpretation of the events that were occur.