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Globalization and Its Discontents (Anglais) Broché – 3 avril 2003

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Descriptions du produit

Quatrième de couverture

I have written this book because while I was at the World Bank, I saw first hand the devastating effect that globalization can have on developing countries, and especially the poor within those countries. 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 to enrich everyone in the world, particularly the poor. But I also believe that if this is to be the case, the way globalization has been managed, including the international trade agreements that have played such a large role in removing those barriers and the policies that have been imposed on developing countries in the process of globatization, need to be radically rethought. --Ce texte fait référence à une édition épuisée ou non disponible de ce titre.

Biographie de l'auteur

Joseph Stiglitz was Chief Economist at the World Bank until January 2000. Before that he was Chairman of President Clinton's Council of Economic Advisors. He is currently Professor of Finance and Economics at Columbia University. He won the Nobel Prize for Economics in 2001.

Détails sur le produit

  • Broché: 320 pages
  • Editeur : Penguin; Édition : New Ed (3 avril 2003)
  • Langue : Anglais
  • ISBN-10: 014101038X
  • ISBN-13: 978-0141010380
  • Dimensions du produit: 12,9 x 1,9 x 19,8 cm
  • Moyenne des commentaires client : 3.8 étoiles sur 5  Voir tous les commentaires (4 commentaires client)
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En savoir plus sur l'auteur

Joseph E. Stiglitz est l'un des économistes les plus influents et les plus écoutés au monde. Il est l'un des rares à nous mettre en garde, depuis plusieurs années, contre le fanatisme du marché et la financiarisation de l'économie. Prix Nobel en 2001, il est notamment l'auteur de La Grande Désillusion (Fayard, 2002), Quand le capitalisme perd la tête (Fayard, 2003), Un autre monde. Contre le fanatisme du marché (Fayard, 2006), Le Triomphe de la cupidité (Les Liens qui Libèrent, 2009 ; Babel n° 1042) et le Rapport Stiglitz (Les Liens qui Libèrent, 2010).

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INTERNATIONAL BUREAUCRATS-THE faceless symbols of the world economic order-are under attack everywhere. Lire la première page
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3.8 étoiles sur 5
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5 internautes sur 5 ont trouvé ce commentaire utile  Par "nicolapas" sur 20 août 2003
Format: Broché
Brilliant! Le prix Nobel Mr. Stiglitz nous délice par son analyse simple, mais toujours très rigoureuse. Il conteste la vision monolythique des pays industrialisés et en particulier l'idéologie de l'administration américaine, appelée "Washington consensus". Celle-ci favorise la discipline fiscale, la privatisation et la libéralisation des marchés financiers dans les pays émergents. Les institutions internationales, notamment le IMF, sont
responsables des conséquences de cette politique qui favorise les intérêts particuliers d'une classe de financiers et non pas la stabilisation de l'économie mondiale.
Le prix de la globalisation serait-il alors à la charge des classes sociales plus défavorisés dans les pays émergents ?
Mr. Stiglitz nous apporte des réponses concrètes et objectives avec beaucoup de courage car il ne craint pas de se faire des ennemis...
2 internautes sur 2 ont trouvé ce commentaire utile  Par C.S. sur 23 juillet 2004
Format: Broché
Mon opinion sur ce livre est partagée.
D'un côté, son auteur est un homme brillant possédant beaucoup d'autorité sur son sujet (prix Nobel d'économie, chef économiste à la banque mondiale, chef économiste conseiller de Bill Clinton) ; il engage un débat indispensable sur les grandes institutions internationales régissant la globalisation, débat en profondeur qu'il faut ouvrir au grand public
D'un autre, cet ouvrage est une liste d'erreurs d'IMF - liste instructive, mais répétitive et mal structurée. Les propositions sont trop superficielles et timides... dommage !
Bonne lecture !
1 internautes sur 1 ont trouvé ce commentaire utile  Par Walesch sur 20 juin 2004
Format: Broché
Ce livre critique les mesures que des institutions internationales (surtout le FMI) appliquent pour favoriser la mondialisation. La libéralisation des marchés, la privatisation d'entreprises publiques et la mise en oeuvre de politiques macroéconomiques néo-classiques sont la condition pour l'attribution d'aides financières par le FMI aux pays en développement. Stiglitz est d'avis que ces politiques peuvent avoir des effets pervers à court terme, et qu'il ne faut pas les mettre en oeuvre à tout prix, même si les effets à long terme seront favorables.
Ce livre n'est pas résolument contre la mondialisation, mais il va à l'encontre des moyens qui sont appliqués par le FMI pour y arriver. Stiglitz est d'avis que la mondialisation peut améliorer le sort des pauvres, mais seulement si le FMI change son comportement.
Finalement on peut dire que la critique est réussie, qu'elle ne repose pas sur des mythes, et qu'elle est fondée économiquement (ce qui n'est pas surprenant, vu que Stiglitz a reçu le prix en sciences économiques en mémoire d'Alfred Nobel).
1 internautes sur 2 ont trouvé ce commentaire utile  Par C.S. sur 23 juillet 2004
Format: Broché
Mon opinion sur ce livre est partagée.
Bonne lecture !

Commentaires client les plus utiles sur (beta) 132 commentaires
114 internautes sur 122 ont trouvé ce commentaire utile 
Highly readable critique of the Washington consensus 8 octobre 2002
Par T. Adshead - Publié sur
Format: Relié
I have worked for both development banks and for Wall Street, and have been heavily involved in Russia for the last ten years, and a more than interested observer in the financial crises of the emerging markets since 1991. I also have a decree in economics. I haven't read much economics since I left university, and the first think I want to point out is that this book is highly readable if you have a little economics knowledge, and has rekindled my interest in the subject. I read it on the beach, and at no point does it drag.
I think that there are two main points that Stiglitz makes. The first is that standard IMF policy has tended to approach countries in financial crises with the same rather crude economics as that used on Wall Street, which leads them to think like bank managers rather than economists. If you force a country with a fiscal deficit to reduce government spending, then this will reduce aggregate demand, which will reduce government income, and make the deficit worse, inflicting more pain on the population. The reason that the IMF does this, is that it is meant to restore confidence in the markets, but once a crisis starts, foreign investors tend to bail out anyway, so all it buys you is breathing space. You should accept that the foreign investors are gone, and focus on growth.
The other thing that I got from the book is the hypocrisy of the US administration, which forced policies on emerging markets, which it would not itself accept. In fact, the IMF more or less took instructions from the US Treasury during the 1990s, and certainly my sense at the time was that the actual IMF staffers were very frustrated at the policies that the US government forced them to follow. The point though, is that while the US government was battling the balanced budget amendment at home, on the reasonable grounds that it limited their freedom to manage demand, they were essentially forcing a balanced budget amendment on the emerging markets via IMF conditionalities. I remember attending a Paris Club meeting, where the Fund said that they were aware that budget deficits could be beneficial - this was never reflected in the lending policies that the Treasury forced on them. Other examples are forcing central banks to focus only on inflation, and forcing emerging markets to open their markets, while protecting US farmers from imports.
The above is an oversimplification of the whole book, and others may get a lot more on other subjects, such as the political process of crisis management, and the specifics of the East Asian economies, which are less of a priority for me. When you are a specialist in a subject, you always find that non-specialist books tend to be wrong about your own subject. I certainly found plenty to disagree with in the sections on Russia, which is my special subject. However, the arguments were cogent (he is a Nobel prize winner, after all) and I found myself looking at my own subject in a new way, and it was interesting to read a broad brush view, which helped me to ignore the trees, and look at the wood.
I'm reading Skidelsky's biography of Keynes, and to some extent, Stiglitz's book reads like WWJMKD (What would John Maynard Keynes do?). What this means is that Stiglitz is a virtuoso economist, and this is a set of well-known events, reinterpreted by someone who is really good at it.
One criticism of the book is that I would have liked to have seen more raw data to support Stiglitz's arguments - he tends to just refer to studies supporting his argument, without showing as much data as I would have liked, but there is a decent bibliography. Another criticism is the veiled suggestion that Rubin (US Treasury secretary), Fischer (deputy head of IMF) and Summers (deputy Treasury secretary) were merely serving their masters in Wall Street, and were subsequently rewarded. This is a little ignoble, as these people were following their convictions, however wrong, and the political climate at the time supported them. But these criticisms should not detract from a really excellent book of popular economics.
162 internautes sur 184 ont trouvé ce commentaire utile 
An immensely informative book! Highly recommended! 25 mai 2002
Par Eric Brendan Chang - Publié sur
Format: Relié
I could not put this book down after I got my hands on it! Mr. Stiglitz is a Nobel Laureate in Economic Science who had the chance to serve both in the Clinton Administration and also in the World Bank. He therefore had much insights and experiences to impart to the readers. This book did not disappoint. It is packed with fascinating anecdotes and his interpretations of the events relating to the global economy, global finance and global institutions during his tenure as an economic adviser to the White House and the Chief Economist at the World Bank. He articulates the original roles of the public institutions such as the IMF, the World Bank and the WTO and shows how they do not live up to their supposed mandates. He exposes the disastrous policies of the IMF which had led countries after countries, on its crusade to impose the Gospel of Market-Fundamentalism, into desolation and devastation. Martyrs made out of the IMF's ideologically-driven zeal and unaccountable behaviors littered the trail on which the IMF carried out its missionary programs. Dr. Stiglitz also highlighted how the IMF and U.S. Treasury, and the Wall Street embellished their misdeeds with tricly phrases, chopped logics and misinformation; how the U.S. decision-making bodies pushed the developing countries to open up for trade while erecting trade barriers themselves to protect the vested commercial interests in the U.S.'s constituency. The chapters on the East Asian Crisis and the Russian situation are especially fascinating. One inevitably gets drawn into the stories as they unfold in the book. However, this book is far from being a cynical and unconstructive compilation of complaints and indictments. Building a more just, more equitable, and sounder global economic and financial arrangement is in the front and center of the book. Dr. Stiglitz points the way forward with a unique vision and a touching passion. His compassion and his belief in how globalization and economic science can improve the welfare of the poor and the disadvantaged shine through. As a trained economist, I highly recommend this book to all those who are concerned or simply curious about the excesses and the potentials of globalization and its future. This book is full of insights and gems of economic reasoning. For those who have trainings in economics, it is a very good book to show how economic thinking is applied to real world situations. For those who do not know much about economics, read this book slowly will also yield significant dividends in understanding our world and the huge stakes involved in the process of globalization. Five stars!!!
84 internautes sur 94 ont trouvé ce commentaire utile 
Sloppiness and equivocation mar an important work 18 janvier 2004
Par David Egan - Publié sur
Format: Broché
The thesis of this book is important and compelling, so it's worth summarizing before I explain why I can only give it a three-star rating.
The International Monetary Fund (IMF) was the post-war brainchild of John Maynard Keynes, who thought future economic downturns could be reduced by establishing a source of funds to stimulate the economies of countries without the resources to provide stimulus packages from their own reserves. As an international institution, the Fund would provide impartial aid and offset the protectionist beggar-thy-neighbor policies that had made the Great Depression a global phenomenon.
In the 1980's, however, the Fund's mission was derailed by the new brand of market fundamentalism that marked the Reagan/Thatcher years: the market always knows best, and the best thing a government can do is to stay out of it as much as possible. Subsequently, the Fund's loans have come with a number of restrictive conditions, forcing recipient governments to balance their budgets and keep inflation down, quite the opposite of what Keynes had initially intended.
The evidence through the 1990's, particularly with respect to the Asian financial crisis of 1997, and the transition to capitalism of the former Soviet bloc countries, is that the IMF's market fundamentalism has been a terrible mistake. Stiglitz argues convincingly that the IMF has not only failed to prevent the disasters in Asia and Eastern Europe, but that its policies have been a leading cause of the disasters in the first place, and its subsequent actions only made matters worse. Sending huge aid packages to Russia to hold off devaluation of the ruble only meant that the super-rich oligarchs had a little more time to pocket their cash, ship it out of the country and transform it safely into hard currency.
The IMF looks only at the limited set of numbers, like inflation and deficit, that affect the lives of Wall Street financiers, and pays no attention to figures like unemployment that matter to the poorest citizens in the countries the IMF is supposed to be helping. As a result, the rich are getting richer, and the poor are getting angrier. Globalization has unprecedented potential to raise the standard of living of people across the globe, but as it is presently being handled it is ravaging the developing world.
These are all points well worth making, and I'm glad I read the book to come to a clearer understanding of them. Despite its good intent, however, it's hamstrung by poor writing and presentation, and worse, by a vindictive righteousness that leads Stiglitz occasionally to ignore or distort the truth if it will help him to make his argument sound more convincing.
The problems begin with the title. The book isn't really about globalization per se; it focuses on the aspect of globalization with which Stiglitz is intimately familiar: international financial institutions like the World Bank and the IMF. "Globalization and its Discontents" is a catchy title, and I suppose it must have been hard to resist. But to be clear: this book is essentially an invective against the IMF, where Stiglitz stops short of accusing the Fund of outright malice, preferring to emphasize its dogmatism, stupidity, narrowness, and occasional venality.
The misleading title is symptomatic of the uncertain thrust of the book. The style is plodding--a couple of clichéd nautical metaphors hardly lift Stiglitz's style out of the mud--not to mention repetitive. The structure is unclear, so that Stiglitz returns to the same points in several chapters while never fully fleshing out other important points, all the while leaving the reader uncertain of where the argument is going. Besides the soporific style and sloppy structure, there are more than a few typos and inconsistencies in convention (is it the "Washington Consensus" or the "Washington consensus"?)
These shortcomings make for a tiresome read and weaken Stiglitz's argument at many points. What's worse is that Stiglitz seems willing to take a few steps beyond the truth if it helps him make his point. In one controversial passage, he all but claims that Stan Fischer, former deputy managing director of the IMF, was in the pocket of Citigroup and obediently took orders from Citigroup while planning the Fund's policies. He has since denied that he intended to smear Fischer, and I believe him. But sloppy writing is evidence of sloppy thinking: unintentionally accusing a respected economist of criminal venality is no small error.
In a similar vein, Stiglitz falls into equivocation where it serves his purpose. At the beginning of chapter 6, he first points to the number of former communist countries, including Russia, currently governed by former communists as evidence of Eastern Europe's disillusionment with market fundamentalism. In the following paragraphs, he attacks Yeltsin and Putin for the crony capitalism and corruption that's come from allying themselves with Wall Street's interests. Either the Russian leaders represent a rejection of the IMF's market fundamentalism or they don't; you can't have it both ways, certainly not in consecutive paragraphs. Nor can you insist that successful development relies on policies suited to intimate knowledge of the particulars of each individual country and then insist, as Stiglitz does early in the book, that the prime minister of Ethiopia is a responsible leader because Stiglitz chatted with him and he seemed like a nice guy. Stiglitz seems determined to make his point, and he won't let facts or logic get in his way. I want to agree with him, but he doesn't inspire my trust.
It's a shame that Stiglitz makes this book hard to like because I think it's an important one. The same argument could have been made in a shorter, clearer book that didn't stretch the truth in order to sound convincing. As it stands, the book provides plenty of easy targets for those who aren't inclined to agree with Stiglitz, and so it isn't likely to persuade many of the unconverted that the IMF needs to change its approach.
60 internautes sur 71 ont trouvé ce commentaire utile 
A must-read in globalization and international finance 21 juin 2003
Par Abdullah Z Jefri - Publié sur
Format: Relié
As a consequence of the great advances mankind achieved in the fields of communication and travel; globalization was not a choice anymore as much as an actual reality. It was not a question of whether to accept globalization or not, but rather a question of how to channel its forces to serve the benefits of all those that are involved. Global institutions such as the IMF, the World Bank, and the WTO had to be brought into existence to regulate the process of globalization. Each institute was given a main directive to pursue, and that for the IMF was the difficult task of ensuring global economic stability.
Unfortunately, one does not have to be an economist to realize that the IMF failed miserably in its mission. The East Asian crisis of the late 1990's, the so-far failing conversion of Russia from communism to capitalism, and more recently, the Argentina crisis are exactly what the IMF should have prevented or, at least, significantly minimized.
However, The author tells us in this book that these failures did not happen in despite of the IMF, but , shockingly, because of the IMF. And in the cases that the IMF was not the cause of the failure, it caused that failure to bloat and metastasize.
What makes this book more remarkable is that the author, Joseph E. Stiglitz, is not someone to take lightly, but a Nobel prize co-winner in economics who served on the Council of Economic Advisers under president Bill Clinton and later became the chief economist and senior vice president at the World Bank.
Stiglitz begins the book by explaining the specific roles of the global institutions and especially the role of the IMF. From there he describes how many developing (and few developed) nations were let down by the promises of globalization and its institutions. But, he argues, these failures are not caused by the process of globalization itself, but are products of the policies of the IMF.
You would wonder though, how could the IMF with its access to profound expertise and its possession of vast wealth fail so badly in its job. Stiglitz explains that the problem with the IMF is not caused by poor knowledge or lack of funds. The problem is a fundamental one, which is caused by the fact that the IMF is not accountable to the people that are directly affected by its policies, bur rather to the US treasury who in turn is under immense pressure from the US investors. This unfair accountability lead the IMF to unconsciously replace economic science by an ideology that primarily served the interests of the US investors. This ideology is all about markets liberalization, which became an end to the IMF rather than a mean to accomplish economic stability. This change of goal, accompanied with high levels of secrecy, was the cause behind the IMF's failure.
After explaining this the author delves into the cases of the Asian crisis and the failed Russian transformation. He tells in painstaking details how these crises evolved and what role the IMF played at every stage. He gives interesting insights and intelligent suggestions to more sensible alternatives that the affected countries could have pursued. He also gives account of other countries that did not comply with IMF policies and succeeded because of that. Stiglitz is a very intelligent and knowledgeable economist, so you can be assured that you will have access to invaluable economic analysis of those affairs. His writing style is wonderful as well, so you don't have to worry about incoherence or experiencing boredom going through the book.
Finally, he provides more analysis into what causes the IMF to fail the way it does and extends suggestions to overcome its shortcomings and those of other global institutions as well.
This book is a treasure of economic science and analysis, and of economic history as well. It received a great amount of criticism mainly because it accused many influential bodies and persons of misplacing their priorities. This is a dangerous accusation since it makes the accused blamable for disasters that have affected billions of people and still do until this day.
In my opinion, the fact that Stiglitz was discharged from the World Bank after voicing his views in a World Bank report only proves his integrity and his genius. Some critics accused him of bitterness and are saying that it is the cause of him writing this book. But even if so, his bitterness is over a good cause and he has the knowledge and the experience to defend it better than anyone else.
This is a very valuable and interesting book. If you are interested in globalization and international finance then this is definitely a must-read.
21 internautes sur 23 ont trouvé ce commentaire utile 
Mandatory Reading 20 janvier 2003
Par Jason Adams - Publié sur
Format: Relié
This book should be read by anyone interested in the impacts of globalization. With that said, not everyone will agree with Dr. Stiglitz's analysis. Nonetheless, to form an educated opinion it is essential to understand both sides of a debate. 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.
Moreover, the probability of a major financial crisis is actually increased because the government is more leveraged and the liberalization of capital flows allows short-term, "hot" money to flow in and out of the county, which makes for more volatile markets. Stiglitz also points out the hypocrisy of U.S. in regards to free trade. In short, we tell countries to drop their tariffs and subsidies to allow free reign for U.S. exports while we keep our tariffs (on steel) and subsidies (for farmers), which restrains a less-developed country's access to our 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.
This book has opened the eyes of many to the discontents of globalization and in doing so helped Joseph Stiglitz win the 2001 Nobel Prize in Economics. However, it would be a tragedy if this were the only book someone read about globalization. For a less-biased account of recent events and future treads I would recommend reading any publication(s) by Barry Eichengreen or Peter Kenen on the "international financial architecture." They will provide a more balanced account and use a higher degree of technical analysis. Also, "The Commanding Heights" is excellent.

