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The Stiglitz Report: Reforming the International Monetary and Financial Systems in the Wake of the Global Crisis Paperback – April 27, 2010


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Product Details

  • Paperback: 240 pages
  • Publisher: New Press, The (April 27, 2010)
  • Language: English
  • ISBN-10: 1595585206
  • ISBN-13: 978-1595585202
  • Product Dimensions: 7.5 x 5.6 x 0.6 inches
  • Shipping Weight: 10.4 ounces (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Best Sellers Rank: #880,015 in Books (See Top 100 in Books)

Editorial Reviews

About the Author

Joseph Stiglitz is a professor of Economics at Columbia University and the recipient of the John Bates Clark Medal and a Nobel Prize. He is also the former Senior Vice President and Chief Economist of the World Bank. His books include Globalization and Its Discontents, The Three Trillion Dollar War, and Making Globalization Work. He lives in New York City.

With an introduction by Miguel d’Escoto Brockmann, United Nations General Assembly President

More About the Author

Joseph E. Stiglitz is a professor of economics at Columbia University and the recipient of a John Bates Clark Medal and a Nobel Prize. He is also the former senior vice president and chief economist of the World Bank. His books include Globalization and Its Discontents, The Three Trillion Dollar War, and Making Globalization Work. He lives in New York City.

Customer Reviews

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Most Helpful Customer Reviews

33 of 33 people found the following review helpful By Wade T. Wheelock on July 5, 2010
Format: Paperback
This short but jam-packed report from an international panel of experts, brought together by the UN and headed by the Nobel Prize-winning economist Joseph Stiglitz, presents a trenchant and compelling analysis of the causes of our recent and on-going global economic crisis. In so doing, it hammers home several more nails in the coffin of the economic ideology that has prevailed for the last 35 years, encapsulated by such terms as market fundamentalism, neo-liberalism (in Europe), neo-conservatism (in the U.S.), or the Washington consensus. This ideology has proclaimed that free market capitalism, with little or no government interference (since markets are "self-correcting"), is the only way to guarantee human prosperity.

The recent meltdown of financial institutions that spread like wildfire from a few major economies to wreak havoc on the entire world should be enough to convince everyone that total disregard for government regulation of economic activity does not work, and government involvement is a necessary staple of a stable economy. (This is a lesson historians have mastered since the Great Depression.) The Stiglitz Report shows in accessible detail how this disaster could have been prevented by a robust system of regulation that must now be truly international in scope. He and his commission propose specific reforms of current practices and institutions, as well as outlining possible new international entities. Their guiding principle would be greater democratization: giving significant voice to all countries, especially the poorest, in bringing into existence a world economic system that promoted growth, stability, environmental sustainability, and greater equality for all.

The reading can be a bit tough in places for the lay person.
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23 of 25 people found the following review helpful By Luc REYNAERT on July 10, 2010
Format: Paperback
Those who know J. Stiglitz's work (compulsory reading) see his mighty stamp on this hard-hitting and all important report for the future of mankind.

Facts and figures
The 2007 crisis showed blatantly the interdependence of all (inter)national economies.
In the US, 1 out of 6 people has no full-time job; worldwide 200 million people were driven into poverty by becoming unemployed. The havoc on pensions was also tremendous.
The crisis exposed deep flaws in the evangel of neoliberal free market fundamentalism. Markets are not stable, not self-regulating and not efficient (information asymmetries between seller and buyer).

Aim
For the authors, ethical and moral values should be decisive factors in economic decision making. In a world with huge unmet needs, a plague of massive unemployment is unacceptable.
The Report proposes to install, not only, a new global economic order based on stability and faster growth, but also, more democratic governances (those who suffer have no say, those responsible are not held accountable).

Macro-economic solutions
To tackle the huge problems of poverty, malnutrition, environmental pollution, climate change and social insecurity, the world economy needs more stability and growth of global aggregate demand: less volatile exchange rates and asset prices, a social insurance system, more income equality, no protectionism and no `too big to fail' institutions. The latter should function with less leverage and give easier access to their resources.

Regulation solutions
Financial deregulation was one of the main causes of the global crisis. The financial sector became an end, not a means of economic activity.
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13 of 16 people found the following review helpful By A. Menon on May 31, 2010
Format: Paperback Verified Purchase
Following the crisis we have had to think quite long and hard, some more than others, about what went into that which went wrong. Stiglitz and colleagues approach the aftermath of the crisis with the proper expertise and clarity of thought to really contribute a roadmap to where we need to be heading.

The crisis that we have recently/are going through has many causes, microeconomic level incentive problems coupled with informational asymmetries allowed for the emergence of large scale misallocation of resources. There is a general widening of the distribution of wealth which has repurcussions to consumption patterns in the long run in developed nations. The surplus savings fuelled into the US came about as a result of surplus out of developing nations who felt the need for foreign exchange buffers to tide them over whatever next crisis would emerge. This behaviour resulted from previous crisis in which these countries were forced to undertake pro-cyclical instead of countercyclical policies. The risk aversion that exists because cross border capital flows themselves seem to be pro rather than countercyclical might even imply that there should never be a sovereign nation that has privelidge of being a global currency as they might be forced to run a deficit just to balance the surpluses run abroad that are embedded behaviour. Institutional arrangements both at the micro and macro level are discussed. The domestic institutional arrangement commentary should be heeded, the macro coordination etc will inevitably a lot more difficult.

As noted in this report quite explicitly, global commerce has advanced more quickly than global institutions to help regulate this commerce.
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