The discernments provided in this book by a distinguished ‘insider’ is manna for economists, investment banks, governments of both developing and developed countries and just about anybody who wants to learn and understand economic development, the politics of international business and globalization, and public policy formulation with regards to globalization and liberalization. The author provides a holistic view of all aspects of globalization – the good, the bad, and the ugly. International organizations and business practitioners in particular will be wise to glean valuable insights from this book.
The author, in large part, focuses on the deficiencies of the International Monetary Fund (IMF) and provides an objective view on how the organization that was initially created to combat global economic instability, has digressed from its goals and inadvertently perpetuated the very problem it was set out to solve.
Globalization admittedly has several benefits that the author acknowledges including integrating global business communities and economies, reducing poverty, reducing trade barriers, providing poorer countries with much needed foreign aid, as well as reducing the isolation of developing countries. However, with major meeti...
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...uthor reveals how the US muted discussions pertinent to economic and policy issues in Russia which ironically served to suppress the emergence of democratic, transparent systems. While the author believes that there is no merit to the conspiracy theories about the intentional evisceration of Russia’s economy by the US & the IMF, he does submit their policies were not entirely altruistic. Broader special economic interests of the US and Wall Street had an effect on policies to the detriment of national and global objectives of a successful transition in Russia. A case in point being the insistence on forming an aluminum cartel to stave off “dumping” by Russia. As Stiglitz rightly notes, this taught Russia the wrong lesson – “the way to do well in market economics was to go to the government!” The misguided transition of Russia exposed the blatant hypocrisies of the US
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