IDEAS home Printed from https://ideas.repec.org/a/aea/jeclit/v41y2003i3p885-899.html
   My bibliography  Save this article

Globalization and the Politics of International Finance: The Stiglitz Verdict

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/002205103322436223
    Download Restriction: Access to full text is restricted to AEA members and institutional subscribers.
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Aghion, Philippe & Bacchetta, Philippe & Banerjee, Abhijit, 2001. "Currency crises and monetary policy in an economy with credit constraints," European Economic Review, Elsevier, vol. 45(7), pages 1121-1150.
    2. anonymous, 1999. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Jun.
    3. anonymous, 1999. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Sep.
    4. Jagdish Bhagwati, 1995. "Trade Liberalisation and ‘Fair Trade’ Demands: Addressing the Environmental and Labour Standards Issues," The World Economy, Wiley Blackwell, vol. 18(6), pages 745-759, November.
    5. AfDB AfDB, . "African Development Report 1999," African Development Report, African Development Bank, number 16 edited by Adeleke Oluwole Salami, March.
    6. anonymous, 1999. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Mar.
    7. Bhaskar, V & Khan, Mushtaq, 1995. "Privatization and Employment: A Study of the Jute Industry in Bangladesh," American Economic Review, American Economic Association, vol. 85(1), pages 267-273, March.
    8. anonymous, 1999. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Nov.
    9. anonymous, 1999. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Dec.
    10. Basu, Kaushik, 2003. "Prelude to Political Economy: A Study of the Social and Political Foundations of Economics," OUP Catalogue, Oxford University Press, number 9780199261857.
    11. Dani Rodrik & Andres Velasco, 1999. "Short-Term Capital Flows," NBER Working Papers 7364, National Bureau of Economic Research, Inc.
    12. anonymous, 1999. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Aug.
    13. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
    14. anonymous, 1999. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue May.
    15. Jeffrey J. Schott, 2000. "WTO after Seattle, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 317, January.
    16. anonymous, 1999. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Jan.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Sergio Clavijo, 2004. "CRECIMIENTO, COMERCIO INTERNACIONAL E INSTITUCIONES: Reflexiones a Raíz de las Negociaciones TLC-ALCA," BORRADORES DE ECONOMIA 002232, BANCO DE LA REPÚBLICA.
    2. Ravallion, Martin, 2004. "Competing concepts of inequality in the globalization debate," Policy Research Working Paper Series 3243, The World Bank.
    3. 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.
    4. Jonathan Perraton, 2004. "Joseph Stiglitz's, Globalization and its Discontents," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(6), pages 897-905.
    5. Assaf Razin & Yona Rubinstein, 2005. "Evaluation of Exchange-Rate, Capital-Market, and Dollarization Regimes in the Presence of Sudden Stops," Working Papers 042005, Hong Kong Institute for Monetary Research.
    6. 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.
    7. Giuseppe Pennisi & Pasquale L. Scandizzo, 2006. "Economic Evaluation in the age of Uncertainty," CEIS Research Paper 86, Tor Vergata University, CEIS.
    8. Assaf Razin & Yona Rubinstein, 2004. "Growth Effects of the Exchange-Rate Regime and the Capital-Account Openness in A Crisis-Prone World Market: A Nuanced View," NBER Working Papers 10555, National Bureau of Economic Research, Inc.
    9. Kaushik Basu, 2016. "Beyond the Invisible Hand: Groundwork for a New Economics," Economics Books, Princeton University Press, edition 1, number 9299, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Daniel C. Esty, 2001. "Bridging the Trade-Environment Divide," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 113-130, Summer.
    2. Gasper, D.R., 2007. "Problem- and policy-analysis for human development," ISS Working Papers - General Series 18743, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    3. García-Peñalosa, Cecilia & Konte, Maty, 2014. "Why Are Women Less Democratic Than Men? Evidence from Sub-Saharan African Countries," World Development, Elsevier, vol. 59(C), pages 104-119.
    4. Lars Osberg & Andrew Sharpe, 2014. "Measuring Economic Insecurity in Rich and Poor Nations," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 60(S1), pages 53-76, May.
    5. Gasper, D.R., 2006. "What is the capability approach?: its core, rationale, partners and dangers," ISS Working Papers - General Series 19187, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    6. Truong, T.-D., 2006. "Human Security and the Governmentality of Neo-Liberal Mobility," ISS Working Papers - General Series 22524, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    7. Diongue Abdou Ka & Gaël Giraud & Cécile Renouard, 2011. "Measuring the contribution of extractive industries to local development : the case of oil companies in Nigeria," Post-Print hal-00626247, HAL.
    8. Motkuri, Venkatanarayana, 2011. "Infrastructure in Andhra Pradesh : Economic and Social Infrastructure," MPRA Paper 49076, University Library of Munich, Germany.
    9. Simon Dietz, 2009. "From efficiency to justice: utility as the informational basis of climate change strategies, and some alternatives," GRI Working Papers 13, Grantham Research Institute on Climate Change and the Environment.
    10. Elisabeth Tovar, 2008. "Quel périmètre pour la différenciation sociale de l’espace urbain ? Une proposition capabiliste," Documents de recherche 08-17, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
    11. Majumder, Rajarshi & Ray, Jhilam & Sen, Anindita, 2013. "Social Sector Development in South West Bengal," MPRA Paper 48745, University Library of Munich, Germany.
    12. Beath, Andrew & Christia, Fotini & Enikolopov, Ruben, 2013. "The National Solidarity Programme: Assessing the Effects of Community-Driven Development in Afghanistan," WIDER Working Paper Series 112, World Institute for Development Economic Research (UNU-WIDER).
    13. Mbiba, Beacon & Ndubiwa, Michael, 2006. "Decent work in construction and the role of local authorities the case of Bulawayo city, Zimbabwe," LSE Research Online Documents on Economics 3015, London School of Economics and Political Science, LSE Library.
    14. Kaushik Basu, 2008. "The Enigma of India," Journal of Economic Literature, American Economic Association, vol. 46(2), pages 396-406, June.
    15. repec:ilo:ilowps:479088 is not listed on IDEAS
    16. Christopher Blattman & Edward Miguel, 2010. "Civil War," Journal of Economic Literature, American Economic Association, vol. 48(1), pages 3-57, March.
    17. Prabal Roy Chowdhury, 2004. "Group-lending with sequential financing, joint liability and social capital," Discussion Papers 04-23, Indian Statistical Institute, Delhi.
    18. Sabina Alkire, 2007. "The Missing Dimensions of Poverty Data: An Introduction," OPHI Working Papers 0, Queen Elizabeth House, University of Oxford.
    19. James Foster, Christopher Handy, 2008. "External Capabilities," OPHI Working Papers 8, Queen Elizabeth House, University of Oxford.
    20. Prabal Roy Chowdhury, 2003. "Group-lending: Sequential financing, lender monitoring and joint liability," Discussion Papers 04-10, Indian Statistical Institute, Delhi.
    21. John S. Earle & Solomiya Shpak, 2019. "Impact of privatization on employment and earnings," IZA World of Labor, Institute of Labor Economics (IZA), pages 1-93, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aea:jeclit:v:41:y:2003:i:3:p:885-899. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://edirc.repec.org/data/aeaaaea.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Michael P. Albert (email available below). General contact details of provider: https://edirc.repec.org/data/aeaaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.