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  3. Journal of Economic Literature
  4. September 2003
  5. Globalization and the Politics of International Finance: The Stiglitz Verdict

Journal of Economic Literature

ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)

Globalization and the Politics of International Finance: The Stiglitz Verdict

  • Kaushik Basu
Journal of Economic Literature
vol. 41, no. 3, September 2003
(pp. 885–899)
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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.

Citation

Basu, Kaushik. 2003. "Globalization and the Politics of International Finance: The Stiglitz Verdict." Journal of Economic Literature, 41 (3): 885–899. DOI: 10.1257/002205103322436223

JEL Classification

  • F30 International Finance: General
  • O19 International Linkages to Development; Role of International Organizations