Rating: 
Summary: What happens when ideology overrides common sense
Review: I wonder whether Joseph Stieglitz regrets that his book with the slightly misleading title "Globalization and its Discontents" made him the poster-boy of the opponents of globalization. It is a big misunderstanding. The book does not denounce globalization as such, but only the way the IMF mismanaged the economic crises that erupted during the process of globalization. Stieglitz is quite clear about this: "I believe that globalization - the removal of barriers to free trade and the closer integration of national economies - can be a force for good and that it has the POTENTIAL [in italics in the original text] to enrich everyone in the world, particularly the poor." (ix)Stieglitz criticizes in his book the dogmatic, ignorant and impatient approach of the IMF to managing crises and system changes. The Asian Financial Crisis of 1997 and the reforms in Russia in the 1990s provide him with his case studies. What emerges from these case studies is that the IMF
(1) tried to apply a "one-size-fits-all" model to all countries (essentially blindly applying the lessons learned in Latin America in the 1980s, which was that crises are caused by loose monetary policies and imprudent fiscal policies);
(2) privatized at all cost, even when there was no regulatory structure in place;
(3) deepened the crisis of the real economy by enforcing a monetary contraction (which reminds me of the practice of applying leeches to cure a patient suffering from a high fever - state-of-the-art medicine in the 18th century but absolutely counterproductive);
(4) was partially responsible for the onset of the Asian financial crisis through the enforcement of excessively rapid financial and capital market liberalization;
(5) ignored matters of sequencing by blithely assuming that once property rights were established all else would follow naturally "including the institutions and the kinds of legal structures that make market economies work" (73). Eventually the IMF's mismanagement of economic crises is a result of the dominating role of market fundamentalists in the IMF who believe that markets by and large work well and that governments by and large work badly. Which is very ironic because the IMF was conceived to deal with situations where markets failed and global concerted action was called for (the prime example being the Great Depression of the 1930s). Stieglitz's book is important because it stresses that local conditions and market imperfections have to be addressed before liberalization and privatization can take place; he argues for controlling the pace and the sequencing of opening an economy to the forces of international market economics, not for protectionism; and he does not share the hostility against multinational companies felt by most opponents of globalization. But these fine points are lost on most readers, even the Newsweek journalists who recently alleged that "Joseph Stieglitz, a Nobel Prize-winning economist, argues that developing countries should have looked to protectionist Asia countries, such as Japan and Korea, as their models for development and not thrown open their economies prematurely to ravages of multinationals." Bottom-line: an eye-opener about the ideology ruling the IMF, not an in-depth study of globalization, but well worth reading.
Rating: 
Summary: Keen Insight, Bad Title
Review: Noble Prize winning Economist, Joseph Stiglitz, offers an outstanding analysis of the IMF and its mishandling of specific situations. Truly an enjoyable and informative read couched in every day language. However, the title is a bit misleading. Maybe it should read, "Why The IMF Blows" or "Economic Crisis, The IMF and Unsurpassed Blunders." While the IMF may be a major player in global trends, the subject of Globalization is far broader then the topic addressed in this book. For a well rounded approach to this subject see publications by the World Bank and its various "World Development Indicators" reports. These are prefaced by a broad (and truly global) report on economic, political and social trends followed by detailed quantitative data.
Rating:
Summary: A Comprehensive and Human Look at Globalization
Review: Joseph Stiglitz is very smart man (not because he won a Nobel Prize), and this books shows it. The book is a very extensive explanation of the social cost-benfits of globalization. Further, it shows why it has failed many times in the past. The two main culprits of the "demise" of globalization are (ironically enough) the two main organizations who are supposed to be in charge of development, poverty, welfare, and resciliency of the world's economy. It shows how technocrats and bureaucrats have dome much more damage than good in developing countries. Very good book, very important conclusions. We're in a very intertwined world, and now more than ever before we all need to be participatory in the ethical globalization movement. Why not to give 5 stars?
*It did not contain the academic rigor I was expecting from such insightful economist.
*Some parts of certain chapters the conversation gets repetitious.
Rating:
Summary: Extraordinary
Review: Many Americans are unhappy with the UN, but not many know how much harm is done by the incompetence of the IMF and the World Bank (which happen to be the cousins of the UN itself). Stiglitz indicts both, writing with the authority not only of a great economist but from an insider perspective. He is not so much anti-globalization as fed up with the way these two institutions mismanage globalization. The IMF and the World Bank, charges Stiglitz, gave the wrong medicine to developing countries in crisis, making things even worse than if they had done nothing at all. These include Latin America, Russia, Thailand, South Korea - all of which suffered needlessly from the foolish policies imposed upon them from outside. It is as though applying powerful shock treatment to a patient in psychological distress - the shocks are more painful than the original illness, and the result is long term brain damage, if not suicide.
As a counter example Stiglitz cites China as successfully navigating through the Asian Financial Crisis by resisting the unsolicited advice from these venerable agencies. "China was the other country that followed an independent course," writes Stiglitz. China managed to achieve high growth with stability all the while the surrounding economies were crashing down (and as Japan remained mired in recession). "China achieved this by following the prescriptions of economic orthodoxy. These were not the Hooverite IMF prescriptions," Stiglitz continues, "but the standard prescriptions that economists have been teaching for more than half a century: When faced with an economic downturn, respond with an expansionary macroeconomic policy." You wonder how Stiglitz views the Bush tax cuts as the "fix" of America's jobless recovery! (No doubt he is as disdainful as Warren Buffett.) Stiglitz continues: "The standard medicine worked, and China averted a growth slowdown.....I think it is no accident that the only major East Asian country, China, to avert the crisis took a course DIRECTLY OPPOSITE THAT ADVOCATED BY THE IMF [my capitals], and that the country with the shortest downturn, Malaysia, also explicitly rejects an IMF strategy." Stiglitz's criticism of the WTO is milder by far (indeed he has much less to say about it); he admits it is a much more democratic organization. The IMF and the World Bank are clearly discredited. If they don't change then they are doomed to irrelevance (like what Bush likes to say about the UN). As I read this book I feel the presence of a brilliant, almost genius-level mind who calmly keeps his cool while he takes his side with the young, gas-masked protesters throwing rocks and Molotov-cocktails on the streets of Seattle (or wherever their meetings happen to be this year). The difference is that Stiglitz's arguments hit much harder and make a bigger dent. Former Secretary of the Treasury (now Harvard University's President) Lawrence Summers, whose awesome reputation as an economist is equally matched by his abrasive personality (he never hesitated to lecture Senators during hearings), once said, after meeting with China's then Prime Minister Zhu Rongzhi, "This man must have an IQ of 200!" It is no accident that Zhu was in charge of China's economy during the Asian Financial Crisis, and that he rejected IMF's prescriptions completely. One gets the feeling that Joseph Stiglitz's own IQ is in the same league as Premier Zhu's and President Summers's.
Rating:
Summary: Thought provoking book, more an IMF critism
Review: While this book is certainly about globalization, it is more a critique of the IMF, and to a lesser extent, the US Treasury department. The World Bank, where the author was employed as Chief Economist, is treated rather neutral here. What I appreciated was analysis of complex issues by a well meaning and Nobel Prize winning economist. Too often, we hear from strident anti-globalists on the far left, or free-market ideologues on the right who generate plenty of heat, but seldom much light on the issues. Stiglitz sees globalism as an unstoppable economic force that can act toward the benefit of everyone with the best policies in place. The policies of the IMF are sharply criticized here and Stiglitz argues made various economic problems worse. The East Asia financial crisis, the creating of free markets in Russia, recent events in Argentina, and other international economic events are covered here. Stiglitz deconstructs the IMF policies in each case, and proposes what he feels is a better way to proceed. Too generalize the arguments put forth; the IMF is too focused on the concerns of the investment community and economic indicators, such as inflation, that do not necessarily indicate national prosperity. Stiglitz argues for a better understanding of the local economies in policy decisions, and more concerns about reducing poverty and general welfare. I have to agree with some of the other reviewers that writing is not the author's strong suit. However, the author's commitment, knowledge, experience, and generally clear explanations over come this. Such reasonable and knowledgeable commentary is too rare in this debate, which makes this contribution very welcome.
Rating: 
Summary: Numerous good ideas, largely sunk by poor presentation
Review: This book begins with a clear mistake, namely its title. It focuses almost exclusively on the International Monetary Fund, a miniscule segment of the subject of globalization. I would be kinder to this book almost a priori if Stiglitz had made it clear from the outset that he was writing about the IMF, instead of writing the title and introduction for a book on globalization and then about a tenth of the actual book. This lack of clarity extends to the rest of the book, which can be disorganized, repetetive, and sometimes even rambling. The documentation is also largely insufficient. At the risk of sounding arrogant, I think my own writing is generally better than this. All of that is a real shame, because if you take the time to look, there actually is a devastating critique of many IMF policies in this book. Stiglitz makes a convincing case that IMF prescriptions often fly in the face of good economics and common sense. I don't necessarily agree with everything he says; in the chapter on Russia, the only area I'd previously read about, there are a few questionable points. Nevertheless, almost all of his major arguments are sound as far as I can tell, and I certainly respect him as an economist. Many of the criticisms I've seen levelled against the content of this book seem to be based on misunderstandings of Stiglitz's policy recommendations. For instance, it's been argued that the IMF could not have established "rule of law" in Russia. That's true up to a point, but the IMF could have pressured the government to move in that direction to a greater extent than it did or, more likely, simply paced its economic reforms with existing political reforms instead of implementing them a a time when they did little good. It's also worth noting that Stiglitz has other criticisms of the IMF's Russian policy which do not involve rule of law. I also didn't get the feeling, as some did, that Stiglitz was mainly out to settle scores. It's a stretch to say that he accuses Stan Fischer of corruption. He simply points out that Fischer is involved with financial institutions and therefore tends to see things from that point of view. I have serious concerns about the policies of the IMF, WTO and World Bank, as well as their lack of accountablility and transparency. I would dearly like to see a cogent criticism of those organizations from a credible economist, rather than the borderline-incoherent radical leftists we often seem to get. Stiglitz has the knowledge to write that book, but for the most part, he hasn't done so. I would advise him to take a little more time for his next work, and if he should happen to discreetly hire a ghostwriter, I wouldn't take it amiss.
Rating:
Summary: Global Economics have never been explained more clearly!
Review: This book should be read by anyone interested in the impacts of globalization. Stiglitz's provides the reader with a blistering critique on the current state of globalization, and particularly chides the International Monetary Fund (IMF) for their arrogance and cookie-cutter approach to crisis resolution. The East Asian financial crisis, Russia's rocky road to a market economy, and other recent examples are used to illustrate how the IMF's bailout plans are contingent on a country's agreement to rapidly adopt western ideologies (free market economics). This "conditionality" forces the expedient liberalization of capital accounts, imposes restrictions on the government's fiscal policy, and pushes up interest rates in the name of fighting inflation. The result is high unemployment, stunted growth, and an increase in the federal deficit. Stiglitz also points out the hypocrisy of U.S. in regards to free trade. In short, the U.S tell countries to drop their tariffs and subsidies to allow free reign for U.S. exports while they keep tariffs (on steel) and subsidies (for farmers), which restrains a less-developed country's access to their markets. The central theme of the book is that developing countries are adversely affected by the current state of globalization as they incur a disproportionate amount of the costs and long-term risks and well-to-do western bankers and U.S. corporations reap many of the benefits. You will come to understand why people rightly despise globalisation in its current form and the way its currently carried out! The greed of the west is unbridled and has virtually no one checking it or restraining it. The IMF are selfish "economic mafia pimps". This book explains it all - how and why and gives you ALL the facts to substantiate your gut feel about the stink that globalization emits.
Rating:
Summary: Well argued & informed; but a little technical
Review: Between his White House years and time spent at the World Bank, Stiglitz is well-positioned to write this book and his Nobel Prize winning academic pedigree only serves to further underpin his argumentation, clarity, & incision. Stiglitz breaks through the "fuzzy" anti-globalization arguments and offers a well-reasoned, cogent analysis in which many of those previously fuzzy notions take firm shape (or in other cases are discarded). My only caution would be to the reader who is neither familiar with economic language nor keen to learn it: whilst Stiglitz self-consciously endeavours to make this a "popular" piece (rather than academic), he still decends into long economic chains of reaction to make his point. I suspect the non-economically inclined reader might get lost at times. Nevertheless, a masterful (though scathing) look @ Globalization.
Rating:
Summary: How and why the IMF has destroyed tens of billions of $
Review: The former Chief Economist of the World Bank, a Nobel Prize Laureate and Clinton's former Chief Economic Adviser reviews the reasons why the IMF has severely failed its mission to help solve economic crisises and instead has repeatedly made them worse. Prof. Stiglitz deals with the IMF's recent history in Russia, East Asia, Latin America and Africa and why it's remedies have been counter productive. Stiglitz blasts idealogues' blind faith in globalization and the market. An important criticism of the IMF and the role of globalization in today's world.
Rating:
Summary: Not Really Very Anti-Globalization
Review: Stiglitz's view of globalization is shaped by his experience at the World Bank, where he had an excellent view of the IMF. This book is essential reading in what I call the "competing worldviews" genre. This book is not broadly about globalization in the sense that it does not systematically analyze the impacts of the globalization of technology (cheap communication, Internet, etc.), transportation (cheap jet travel, migration, etc.), and finance -- the three elements I think of as "globalization." He mostly studies the globalization of finance, and even within that, he studies the experience of countries who give up currency and capital controls. This is the aspect of globalization with the least obvious benefit and the most obvious negative effect. His discussion of the globalization of finance is centered on the IMF, the primary advocate of the so-called Washington Consensus. He makes a great case that the IMF has mismanaged globalization of finance. I would say that he does not strongly condemn financial globalization per se. He certainly does not rail against the globalization of technology and transportation. Those who cite the contents of this book as reasons to fight globalization are misguided -- this book really only lays out the reasons why the IMF has failed. And he isn't even in favor of abolishing the IMF. A broad discussion of globalization includes discussions of the benefits of lowered communications costs, increased levels of travel, and much more. Please read Stiglitz for the best discussion of finance, but read Freidman's Lexus and the Olive Tree to get a good picture of the broad sense of globalization. I would have awarded 5 starts if Stiglitz had given better overall context to his discussion of the IMF and global finance within a broader discussion of globalization.
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