A Review of Globalization and Its Discontents, by Joseph E. Stiglitz: an Impairment of International Institutions’ Impartiality

2046 Words Oct 18th, 2012 9 Pages
One of the most pressing economic problems of our time is the objectionable direction taken by the leading regulating institutions, such as the International Monetary Fund or the World Bank. This issue is addressed in Globalization and Its Discontents, and is thoroughly analyzed throughout the next pages. It was written by Joseph E. Stiglitz, (born February 9, 1943), an American economist and author. He is also the former Senior Vice President and Chief Economist of the World Bank. He is known for his critical view of the modern management of globalization, free-market economists and some international institutions like the International Monetary Fund and the World Bank. He was born in Gary, Indiana and received his PHD from MIT in 1967, …show more content…
In order to gain efficiency, Stiglitz ask for a reduction of the institution’s scope, highlighting its original mission of promoting international business. In addition, he also insists on the need for the creation of an institutional framework and a wider opening to international agencies.

The main tenet of the work is the following assessment: policies that carry out pro-globalization measures are not destructive per se, and a lot of good can follow if they are implemented in a satisfactory way by incorporating the characteristics of every targeted country. Stiglitz maintains that the globalization process has not been cautiously implemented (pp. 73-78), stating that liberalization policies have been implemented in a rush, following a wrong order in priorities and using inaccurate economic predicates. The consequence of these mistakes is that we now have to deal with the disastrous outcomes of the policies, including the intensification of social conflicts and frustrations. Stiglitz affirms the culpability of the International Monetary Fund, poisoned by “market fundamentalists” (pp. 102 & 114), the US Treasury and the persistence of the Washington Consensus. The criticism of modern globalization is centred on

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