Le livre du professeur Stiglitz, dont le titre original est 'Making globalization work' contient une analyse exhaustive des institutions et des mécanismes de la mondialisation depuis le début des années 90 jusqu'en 2007. En ce sens, l'auteur se livre à une critique des dérives du capitalisme, d'un durcissement des positions idéologiques des pays industrialisés depuis la fin de la guerre froide, surtout aux États-Unis, et des conséquences de la globalisation des marchés sur l'environnement, la qualité de vie des habitants de cette planète et les disparités qui se creusent entre les riches et les pauvres. L'auteur propose une série de solutions, fruit de plusieurs années de recherches académiques, allant de réformes institutionnelles à de nouveaux mécanismes de collaboration interétatique.

The general theme is that the rules of economic globalization is set by special interests in developed countries, and examples thereof are plentiful. He compares campaign contribution to investments and bribery. Large overlap with his earlier book "Globalization and its discontent". Topics that need to be dealt with at the global level includes trade, capital and the environment. Refutes trickle-down economics, though it, for me, seems to be the only explanations for higher wages to Danish than Polish craftsmen. Seems to suggest that the downward pressure on wages in developed countries is a problem with globalization, though it is the simple mechanism of producing most efficiently, and very beneficial for consumers and developing countries. Supports a high degree of government intervention, and ignores the possibility of harmful interventions. Review development by region. Consensus that government should provide education, legal framework, infrastructure, social safety net and rules for competition (and externalities). Claims that a majority may be worse of from trade, but since the consumers benefit, it almost always will be the majority who gains from trade. He fucks up causality and correlation by claiming failure of trade liberalization due to declined growth rates (Mexico). Nice examples of U.S. hypocrisy in trade negotiations. Supports the infant industry argument. Criticizes an unfair dumping system in the U.S., where imports are levied unjustified dumping duties. Good arguments for weaker intellectual property rights. Vaguely supports subsidies for cultural heritage, like movies. Suggests that resource abundance cause poor governance, which spend wealth to stay in power instead of promoting growth or equality (ch. 5). There is furthermore problems in forming the contracts of resource extraction, such that most profits goes to the country. Proposes using a green nnp to focus on sustainable development. As a respond to climate change, he proposes trade sanctions as a way to convert the U.S. (ch. 6). It could be to a common tax of emissions. As Diamond, he identifies the problem of limited liabilities and reckless behavior (ch. 7). Criticizes IMF policies towards countries in debt (Ch. 8). Discusses the problems of the high reserves of developing countries, which is insurances towards instability (ch. 9). Furthermore, the demand for dollars (T-bills) to reserves, cause U.S. to borrow, causing fiscal deficits. They import more than they export by borrowing the means of this trade deficit. Did not understand his proposal on global reserve system. I disagree in that wages will equalize across borders, because of lack of labor mobility and un-outsourceable service jobs (Ch. 10). Lists proposals for improvements for organizations and increased global cooperation. In 2006-07, he predicts eminent crisis based on global imbalances.

A well-informed insider perspective of a chief economist working at the key international institutions making decisions that propel the globalisation project, and offers a fair defence of it as an inevitable process of human advancement.

Stiglitz takes rightful aim at the USA's one sided economic strategy and it's consequential lopsided vision for global economic and political integration; the latter meaning international representation and participation at the UN and other entities. The global economic framework is established in huge swathes to benefit the US and hence maintains "exceptionalist" stances on a variety of issues including rejecting acting on environmental degradation in a meaningful way.

His keynsian perspective on market intervention is nothing tremendously novel (despite some novel economic observations like how sanctions are profitable to third party states) but offers a coherent and compassionate approach to rebalancing the trade imbalances, legal strangleholds, political disputes, diversion of wealth and malevolent corruptive practices that has derailed or stalled developing state development.

He even manages to predict some of the wider and most significant political and economic events of our time including the 2008 housing bubble crash, as well as the rise of localised nationalist and protectionist tendencies as globalisation progresses (e.g. trump and Brexit).

There are bigger questions that require redress which are only hinted as lingering, underlying issues with no clear answer. Including the problem of low-skill labour and whether freedom of movement will ever become a widely accepted political phenomenon or whether it will be held as a naive idealistic experiment. Wage depression is admitted as an issue but not much about the movement of people is mentioned. Nevertheless, the problems of debt, economic uncertainty, trade and legal issues regarding international trade are all well addressed in the appropriate scope of this text.

One further comment from my perspective is a lack of commentary on the issues of the middle east, North Africa or central Asia. Iraq was mentioned in a couple of examples but given the middle east has been an area of great volatility for the international community it seems absent-minded to not integrate greater concern or examples in regards to the middle East's interaction with globalisation's forces and processes.

The middle east is a particular significant area of study here as the examples of gulf, oil-rich monarchies confound the notion that democratic accountability is a primary vehicle of economic mobilisation and development.

Stiglitz is not an amazing writer, and some of his suggestions seem less realistic than others, but this is a valuable practical exploration of how and why the past policies of the IMF and some affluent nations (esp the US) failed to bring about the anticipated growth, and of ways to minimize the negative repercussions of globalization while maximizing the benefits, especially for the poorest of the world's population. Reading this reminded me of how disappointed I am that Obama chose Larry Summers over Stiglitz. (It is interesting reading it now, as Stiglitz essentially predicts the current recession, though some of the context - he sometimes notes that we should do things now while the economy is booming - is certainly not what it was when he was writing)

This book is a great read. I like the econ mixed in with social issues, topped off with a good dose of politics. This book covers some pretty complex issues in a very accessible format. Stiglitz proposes great solutions to developing countries growing debt and recommends reform of global institutions like the the UN and World Bank. He also discusses the many issues of trade agreements between develop and undeveloped nations. Finally He concludes the book with a very compelling and inspiring chapter entitled "Democratizing Globalization". It is a call to change the way we think about the world around us.

(...again, Neoliberalism failed...)


https://www.project-syndicate.org/com...

Really enjoyed this 300 page dig at the US

A fascinating book indeed. Some of the ideas presented are truly revolutionary. I learnt a lot about TRIPS and how damaging it is to innovation in addition to development.

I enjoyed Stiglitz's idea of imposing countervailing taxes on the US in response to the "subsidies" it is giving its corporations by not acting on global warming. It was quite extraordinary and it might just work.

Furthermore, I think that his proposal of using Green NNP (Net National Product) instead of the traditional GDP (Gross Domestic Product) was quite timely and certainly more effective in measuring a country's progress.

There were certain references to Malaysia, which I had issues with. Seeing as I come from there, I felt that some of his praise to the country was not well-founded because of systematic discrimination against minority groups. Going along further, if I could add a chapter to this book, it would be on the importance of human rights in the management of globalization and subsequently development.

Not my cup of tea. Read for class on Globalization.

Me agrada el concepto y la crítica en torno a la globalización. Pero siento que muchas de las ideas y posibles soluciones son más simples de lo que es el problema. De todas formas es un libro que hay que leer para identificar los conflictos actuales con mayor facilidad

Overall a really inspiring read, Stiglitz highlights some key issues that harm developing countries through the globalisation process, most of which relate back to faults within the economic policy of developed countries. However, his solutions (to which the end of each chapter is dedicated) seem to gloss over the complications of current economic and foreign policy, and lead me to believe Stiglitz wishes to turn the foundations of our biggest institutions on their head in the name of utilitarianism; it gave the impression that he instantly reverted back to rudimentary economic theory when the book seemed to praise itself on its pragmatic approach to globalisation. However, the issues raised are certainly of great importance, and I would love to see another economist address them and shed a different light on how we might be able to solve them.

Making Globalization Work by Joseph E. Stiglitz has been an eye opener for me. I'm still working my way through it, but Prof. Stiglitz' introduction, his preface and the friendly style he uses to share his background, his reasons for writing this book and what it means not just to him but to all of us, made me wish very much that he had a blog. He writes for the reader, conversationally, sharing his opinion in a highly personalized way that makes one feel that he's talking just to you. [audio link]

As economics tomes go, I am guessing that this tone of voice is rare. I've never been much for heavy reading and shy away from the ponderous and the pontificating, filled with dry facts, charts and data.

Prof. Stiglitz on the other hand, drew me into his world with his very first words and I'm writing this post in response to the thoughts his writing awoke in my mind by the time I'd finished Chapter Two. Here is what I thought,

OMG, I had no clue that this was what the problem with globalization was all about. How ignorant I've been of one of the most crucial issues facing us all today. I can't believe I simply assumed that globalization meant just business and the flow of capital, I can't believe that after reading Jared Diamond and Amartya Sen, I never connected the dots. Even worse, what kind of fool was I, imagining that after all that we talk about regarding socio economic development in the bottom of the pyramid, I never took the trouble to find out exactly why Korean farmers commit suicide in Hong Kong or protestors gather in Seattle.

A light went on in my head.

And that is what great teachers are for...