Economics of Globalization

on February 12, 2007 with 0 comments » |

Have got the book, Making Globalization Work, by economist Joseph Stiglitz, who won a Nobel Prize in Economics in 2001, and hope to read it soon.

The Amazon.com publisher's blurbs have this to say about the book:

Stiglitz's seminal Globalization and Its Discontents (2002) argued that globalization has not benefited as many people as it could, a failure attributable to structural flaws in international financial institutions as well as limited information and imperfect competition. With this selection, the Nobel Prize-winning economist suggests a host of solutions by which globalization can be "saved from its advocates" and made safe and worthwhile for the poor and rich alike.
and
Stiglitz focuses on policies that truly work, offering fresh new thinking about the questions that shape the globalization debate, including a plan to restructure a global financial system made unstable by America's debt, ideas for how countries can grow without degrading the environment, a framework for free and fair global trade, and much more. Throughout, Stiglitz reveals that economic globalization continues to outpace both the political structures and the moral sensitivity required to ensure a just and sustainable world.
More about the book after I read the book as I think it is particularly relevant for India... especially in the context of making globalization work not for a select few but for the millions - afterall, the stark contrast of the successes of the minority taken forward due to the effects of globalization and those that are left behind (750 million of them!) is nowhere more evident than in India...

For now listen to a lecture he delivered in Chennai on Jan 4, 2007 and read this
interview from November 2006 with the journal Oxonomics in which he calls for new forms of global governance and diagnoses some of the problems of the International Monetary Fund.

Also listen to this earlier lecture about "the questions that shape the globalization debate, including a plan to restructure the global financial system, ideas for how countries can grow without degrading the environment, and a framework for free and fair global trade."

Read this article by Stiglitz in NY Times -- How to fix the global economy

And lastly, there are many other links available through Wikipedia...



And for a counter-point from a big globalization advocate.. read this book review of In Defense of Globalization by Jagdish Bhagwati, also a faculty at Columbia University, like Stiglitz.

For more, see posts at the IHT maintained blog - Managing Globalization, which has Q&A sessions with Stiglitz, Bhagwati, and Jeffrey Sachs, another famous economist - Director of the Earth Institute at Columbia University & head of the UN Millennium Project, (read more at my post on "Fighting poverty & hunger.").

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