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Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump, by Joseph E. Stiglitz
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Review
“This book is everyone’s guide to the misgovernment of globalization. Stiglitz explains it here in plain and compelling language.†- James K. Galbraith, University of Texas at Austin“[Stiglitz] is not a global pessimist, but a realist―and instead of placing him in a neat box labeled ‘important contribution to the debate,’ we should listen to him more urgently.†- Will Hutton, Guardian
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About the Author
Joseph E. Stiglitz is a Nobel Prize–winning economist and the best-selling author of Globalization and its Discontents Revisited: Anti-Globalization in the Age of Trump, The Price of Inequality, and Freefall. He was chairman of the Council of Economic Advisers under President Clinton, chief economist of the World Bank, named by Time as one of the 100 most influential individuals in the world, and now teaches at Columbia University and is chief economist of the Roosevelt Institute.
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Product details
Paperback: 528 pages
Publisher: W. W. Norton & Company; 1 edition (November 28, 2017)
Language: English
ISBN-10: 9780393355161
ISBN-13: 978-0393355161
ASIN: 0393355160
Product Dimensions:
5.5 x 1 x 8.3 inches
Shipping Weight: 13.9 ounces (View shipping rates and policies)
Average Customer Review:
3.9 out of 5 stars
148 customer reviews
Amazon Best Sellers Rank:
#126,169 in Books (See Top 100 in Books)
To his credit Stieglitz paints an all too accurate picture of the failings of globalism including the exacerbation of wealth accumulated on the banking, investment, multinational side of the market. Thomas Piketty describes these investment dollars growing faster than income as well, but neither fully appreciate the sized of the liquidity drain from the consumer side off the market.Stieglitz takes the optimistic position that globalism can be fixed and fixed in such a way as to protect those who are adversely effected by the outsourcing of jobs and manufacturing including services and loss of discretionary purchasing power. He would do so with tax credits and entitlements, however. That alone confirms that globalism is not just a contemporary failure but structurally flawed and unsustainable.The book contains extensive and I would say unsubstantiated slanderous accusations against President Trump that clouds the otherwise credible evaluations of the economy. Don’t get me wrong, this appears to be the only economist willing to acknowledge the actual damage done by globalism.In listing solutions to the problems with globalization, Stieglitz faces the issue of maldistribution of capital and suggests tax reform. He does not go to the extent of taxing capital as per Piketty’s current campaign in France, but he does voice the need to tax high income, capital gains and inheritance.“Taxation is not just a matter of fairness: carrying out other parts of a successful government program to combat the adverse affects of globalization will require more revenues.â€This updated analysis of globalization remains a must read for credible acknowledgement of the problems with globalism in its present form and for any appreciation for the reasons for its demise.It’s not anti imagination neo-tribalism or uneducated populism but a democratic election for an end to what has not worked for over 44 years. Populism among citizens expressed at the pols equals democracyFree trade in the time of Adam Smith did not include unbalanced trade or high tech strategic concerns, nor did he say it would work in all cases; however, It did include colonialism. Globalism has been from the start just another way for banks and multinationals to engage in the basic art of pillage and plunder. Our own citizens were victims with a massive transfer of wealth from the consumer’s market liquidity to the new oligarchs of the manufacturing and investment side — a must read.
The is the most expensive 10o pages I have ever purchased. Had I known that this was nothing more than an 97 page introduction to a reprint of the 2002 edition, I would not have purchased it.
Interesting read, I like that he references current events.
It takes some temerity to add yet another to 35 existing reviews of this book! But I do have a rather different reading of it. Previous reviewers seem to have thought that it was either the cat's meow or just a venomous attack. I am somewhere in between. The book makes a number of excellent, telling points against IMF and World Bank policies and assumptions. It does this in the context of what is, indeed, a full-scale attack--no punches pulled. Stiglitz' alternatives are not always the most viable or well-considered, either. So, three or four stars for good critique, but nothing for balance or for coherent solutions. What worries me more is Stiglitz' lack of attention to a couple of notorious facts about the WB and IMF. He mentions them and then goes on to other things. First, these agencies have routinely supported the most unspeakably brutal and murderous dictatorships: Marcos in the Philippines, Mobutu in Zaire (now Congo), Rios Montt in Guatemala, the thugs of Sudan, the military junta in Indonesia, and on and on. They continued to do this for years after it became general knowledge that these regimes were using the loans, and other aid, to line their pockets and to buy weapons to suppress their own people--and then they ran down their countries' health and education systems to pay back the loans. This wasn't economic theory at work and it wasn't ignorance. We still need a serious study of this. The notorious lack of accountability, stressed by Stiglitz, has to be remedied. Second, the World Bank in particular, and now the WTO also, have routinely gone up against the environment--though they know perfectly well that everyone, and especially the poor in the Third World, depends on the environment for survival. A highly-placed World Bank researcher (necessarily unnamed here!) told me some time ago that the World Bank's own studies show that all their big-dam projects cost more than they produce in benefits. The costs are born by the poor (especially those displaced by the reservoirs). The benefits largely go to the rich. The WTO's policies on "free" trade are notorious; they tolerate without protest the enormous subsidies that First World governments give their farmers (as pointed out by Stiglitz) but they won't bend a millimetre to protect forests, fish, and wildlife that are vital to the survival of Third World poor. We need a much better study and account of all this. Whatever is going on in the non-transparent boardrooms of these agencies, the effect has been to keep the Third World in its classic position: an impoverished supplier of raw materials to the First World. The worst thing about the WB-IMF-WTO policy mix is that it routinely leads to the sacrifice not only of the environment but also of long-term investments like education. Without an educated workforce, the Third World is doomed to permanent poverty and backwardness. Everybody knows this, but the policies go on. I wish Stiglitz, or someone, would take all this on.
Stiglitz shreds the IMF -- tactfully -- but not tactfully enough to avoid an angry backlash from his peers at the IMF. He highlights what has been wrong and even idiotic about IMF-run globalization and ill-timed structural adjustments, poor sequencing. He thinks democratic leaders should decide HOW they implement global economics, perhaps with some guidance, not just the avaricious Washington Consensus demanding austerity measure and open up for speculative capital flows.He describes how the World Bank, with himself at the helm, tried to accomplish it's historical purpose -- to spread prosperity and help facilitate trade, not looting. He described some brilliant and compassionate leaders and economists he worked with.But until recently, it's been Paul Wolfowitz in charge of what Stiglitz used to do. Woe be unto all of us.
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