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Globalization and the Politics of International Finance: The Stiglitz Verdict

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  • Kaushik Basu

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.

Suggested Citation

  • Kaushik Basu, 2003. "Globalization and the Politics of International Finance: The Stiglitz Verdict," Journal of Economic Literature, American Economic Association, vol. 41(3), pages 885-899, September.
    • Handle: RePEc:aea:jeclit:v:41:y:2003:i:3:p:885-899
    Note: DOI: 10.1257/002205103322436223
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    Cited by:

    1. Sergio Clavijo, 2004. "CRECIMIENTO, COMERCIO INTERNACIONAL E INSTITUCIONES: Reflexiones a Raíz de las Negociaciones TLC-ALCA," Borradores de Economia 2232, Banco de la Republica.
    2. Ravallion, Martin, 2004. "Competing concepts of inequality in the globalization debate," Policy Research Working Paper Series 3243, The World Bank.
    3. Jonathan Perraton, 2004. "Joseph Stiglitz's, Globalization and its Discontents," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(6), pages 897-905.
    4. Kaushik Basu, 2009. "A Simple Model of the Financial Crisis of 2007-9 with Implications for the Design of a Stimulus Package," Working Papers id:2179, eSocialSciences.
    5. Assaf Razin & Yona Rubinstein, 2005. "Evaluation of Exchange-Rate, Capital Market, and Dollarization Regimes in the Presence of Sudden Stops," NBER Working Papers 11131, National Bureau of Economic Research, Inc.
    6. Razin, Assaf & Rubinstein, Yona, 2004. "Growth Effects of the Exchange-Rate Regime and the Capital Account Openness in A Crisis-Prone World Market: A Nuanced View," CEPR Discussion Papers 4475, C.E.P.R. Discussion Papers.
    7. Basu, Kaushik & Sun, Haokun, 2022. "The power and influence of rating agencies with insights into their misuse," Economic Modelling, Elsevier, vol. 109(C).
    8. Sergio Clavijo, 2004. "CRECIMIENTO, COMERCIO INTERNACIONAL E INSTITUCIONES: Reflexiones a Raíz de las Negociaciones TLC-ALCA," Borradores de Economia 307, Banco de la Republica de Colombia.
    9. Giuseppe Pennisi & Pasquale L. Scandizzo, 2006. "Economic Evaluation in the age of Uncertainty," CEIS Research Paper 86, Tor Vergata University, CEIS.
    10. John Toye, 2009. "Social knowledge and international policymaking at the World Bank," Progress in Development Studies, , vol. 9(4), pages 297-310, October.
    11. Kaushik Basu, 2016. "Beyond the Invisible Hand: Groundwork for a New Economics," Economics Books, Princeton University Press, edition 1, number 9299.

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