Globalization and the Politics of International Finance: The Stiglitz Verdict

Kaushik Basu

Journal of Economic Literature, 2003, vol. 41, issue 3, 885-899

Abstract: There are many "outsiders" who have written critiques of the global financial system. Insiders typically do not; they have too much to lose. What makes Stiglitz's book, Globalization and Its Discontents, unusual is that it is an insider's critique. This book sketches the unfairness of the global system and how institutions, like the IMF, perpetuate the asymmetries of power and wealth. Though the book provides a morally compelling account of recent global crises, and its plea that we must think about radical change is hard to dismiss, it does not break new analytical ground nor offer concrete suggestions of alternatives.

Date: 2003
Note: DOI: 10.1257/002205103322436223
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