Saturday, July 14, 2012

Stiglitz, Globalization and Its Discontents (2002)

Joseph Stiglitz.
Globalization and Its Discontents.
New York: W. W. Norton & Company, 2002; paperback reprint 2003.

Book information:
Publisher; Google Books; Amazon.com; Wikipedia on the Book; Joseph Stiglitz, Wikipedia; Joseph Stiglitz, Columbia University.

Stiglitz's book is not about Globalization itself. For readers interested in an introductory survey of economic Globalization I strongly recommend the book by Peter Dicken described below. Stigllitz's book is about a side-effect of Globalization, namely the global flows of financial capital which can have very short-term investment horizons and the financial panics that occur when short-term speculative ("hot") money abandons a country. More particularly, Stiglitz's topic is the inability of international financial regulatory organizations to control or ameliorate the financial damages caused by short-term speculative finance, especially the International Monetary Fund. Stiglitz's book focuses on IMF policy failures during the financial crises of 1997-1998. For a narrative history of the financial crises of 1997-1998 see the Wikipedia articles below and the book by Paul Blustein described below.

1997 Asian financial crisis, Wikipedia.
1998 Russian financial crisis, Wikipedia.
Long-Term Capital Management, Wikipedia.
Samba effect (Brazil 1999), Wikipedia.
International Monetary Fund, Wikipedia.
International Monetary Fund.

Peter Dicken. Global Shift: Mapping the Changing Contours of the World Economy, sixth edition. New York: The Guilford Press, 2011.
[Publisher; Google Books; Amazon.com; Peter Dicken, Wikipedia; Peter Dicken, The University of Manchester.]

Paul Blustein. The Chastening: Inside the Crisis that Rocked the Global Financial System and Humbled the IMF. New York: PublicAffairs / Perseus Books Group, 2001; paperback reprint 2003.
[Publisher, PublicAffairs; Publisher, Perseus Books Group; Google Books; Amazon.com; C-SPAN Video, 24 Sept 2001.]