Making Globalization Work by Joseph Stiglitz
Wednesday, 06 Sep 2006 17:31
Joseph Stiglitz is one of the world's most renowned economists
Published by Penguin Allen Lane, out September 7th, hardback, 384 pages, £20.
In a nutshell…
Urgent. Intellectual. Compelling. Honest. Scathing.
What's it all about?
This book surveys the iniquities of the global economy, and the mechanisms by which developed countries exert an excessive influence over developing nations. Dr Stiglitz argues that through recourse to various measures – be it overt trade tariffs, subtler subsidies, a patent system that developed countries are far better prepared to navigate, or the damage done to poor countries by global pollution – the world is being both economically and politically destabilised, from which we will all suffer.
Making Globalization Work exposes the problems of how globalisation is currently being managed, the vested interests behind many decisions and the prospects for negotiating fairer terms for those worst affected. Dr Stiglitz tackles the problems immediately facing the world, arguing that strong, transparent institutions are needed to turn globalisation to favour the world's poorest, and to address the democratic deficit that is so keenly felt across the world.
Who's it by?
Joseph Stiglitz is one of the most prominent and controversial economists of our time. He chaired US president Bill Clinton's Council of Economic Advisors, sat as chief economist at the World Bank, and received the Nobel Prize for Economics in 2001.
A critic of free-market fundamentalists, Dr Stiglitz has repeatedly challenged what he sees as the ideological basis to much of the world's economic decision-making. This is most notable in his battles with the International Monetary Fund (IMF) over developing countries being pushed to open their markets before they have stable, democratic institutions to protect their citizens.
His last book, Globalization and Its Discontents, sold more than a million copies.
As an example…
"For much of the world, globalization as it has been managed seems like a pact with the devil. A few people in the country become wealthier; GDP statistics, for what they are worth, look better, but ways of life and basic values are threatened … This is not how it has to be."
Likelihood of becoming a Hollywood blockbuster
Not a Hollywood blockbuster, but an outstanding bestseller certainly, one that will again rile many in western political office and the economic community. Dr Stiglitz's open, honest style of writing and appeal to experts and non-experts alike – coupled with the ever-heightened debate over globalisation – will guarantee this book's enduring success.
What the others say
"Attacking the idea of free-for-all markets in a superfluous debate with conservative purists only overshadows Dr Stiglitz’s practical suggestions, like adding labour and environmental ministers to trade negotiations." – Stephen Kotkin, The New York Times
"What the world needs is not another book on the failures of ill-defined globalisation. What we need is hope." – Bill Jamieson, The Scotsman
" Joseph Stiglitz’s new book, Making Globalization Work, is an imaginative and, above all, practical vision for a successful and equitable world." – World Affairs Council
So is it any good?
In a word, yes. It will undoubtedly infuriate many, but cannot be accused of one of the complaints most commonly raised against Globalization and Its Discontents: This book is thorough and practical, and only rails against economic establishments such as the IMF when this expands and expounds his arguments.
The focus on development and spending to draw economies out of downturns will see comparisons drawn with both Amartya Sen and Keynes. His argument for a global reserve currency to avoid the US dollar's present problems is truly innovative, and will no doubt meet staunch opposition from the same economists and politicians who reject his support for the gradual opening of a country's markets to volatile capital flows.
Following the collapse of the Doha round of trade negotiations, this book's release is particularly well timed – the very dangers and fears it tackles, all intertwined with the growing dissatisfaction with globalisation's current direction, are perhaps more prominent than ever. An urgent, compelling read.
9/10
Chris Wilson
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