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Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump

by Joseph E. Stiglitz (Author)

4.4 552 ratings

Part of: Norton Paperback (19 books)

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An International Bestseller

"Accessible, provocative, and highly readable." ―Alan Cowell, New York Times

In this crucial expansion and update of his landmark bestseller, renowned economist and Nobel Prize winner Joseph E. Stiglitz addresses globalization’s new discontents in the United States and Europe. Immediately upon publication, Globalization and Its Discontents became a touchstone in the globalization debate by demonstrating how the International Monetary Fund, other major institutions like the World Bank, and global trade agreements have often harmed the developing nations they are supposedly helping. Yet globalization today continues to be mismanaged, and now the harms―exemplified by the rampant inequality to which it has contributed―have come home to roost in the United States and the rest of the developed world as well, reflected in growing political unrest.

With a new introduction, major new chapters on the new discontents, the rise of Donald Trump, and the new protectionist movement, as well as a new afterword on the course of globalization since the book first appeared, Stiglitz’s powerful and prescient messages remain essential reading.

Editorial Reviews

Review

"This book is everyone’s guide to the misgovernment of globalization. Stiglitz explains it here in plain and compelling language."
― James K. Galbraith, University of Texas at Austin

"[Stiglitz] is not a global pessimist, but a realist―and instead of placing him in a neat box labeled ‘important contribution to the debate,’ we should listen to him more urgently."
― Will Hutton, Guardian

About the Author

Joseph E. Stiglitz is a Nobel Prize–winning economist and the best-selling author of People, Power, and Profits: Progressive Capitalism for an Age of Discontent; Globalization and Its Discontents Revisited: Anti-Globalization in the Age of Trump; The Price of Inequality; and Freefall. He was chairman of the Council of Economic Advisers under President Clinton, chief economist of the World Bank, named by Time as one of the 100 most influential individuals in the world, and now teaches at Columbia University and is chief economist of the Roosevelt Institute.

Product details

Publisher ‏ : ‎ W. W. Norton & Company (November 28, 2017)
Language ‏ : ‎ English
Paperback ‏ : ‎ 528 pages
ISBN-10 ‏ : ‎ 0393355160
ISBN-13 ‏ : ‎ 978-0393355161
Item Weight ‏ : ‎ 13.6 ounces
Dimensions ‏ : ‎ 5.5 x 1 x 8.3 inches

Best Sellers Rank: #590,894 in Books (See Top 100 in Books)
- #308 in Development & Growth Economics (Books)
- #458 in Globalization & Politics
- #513 in International Economics (Books)

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4.4 552 ratings

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Joseph E. Stiglitz

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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.

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Customers find the book interesting and enlightening, with good insights. They describe it as an easy-to-read, clear book that provides an accurate depiction of globalization. The book provides economic facts about the effects of globalization and references current events.

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24 customers mention "Readability"24 positive0 negative

Customers find the book interesting and enlightening. They say it provides good insights into IMF and World Bank policies. The book is described as a solid scholarly text that can be used for graduate and undergraduate studies. Readers appreciate the end notes and references.

"...For a fantastic and exciting supplemental read, John Perkins "Confessions of an Economic Hit Man" is an amazing tale from the ground floor of..." Read more

"...The book provides enormous and valuable insight from someone who knows on the weaknesses of IMF and the World Bank and how they could better serve..." Read more

"...I am somewhere in between. The book makes a number of excellent, telling points against IMF and World Bank policies and assumptions...." Read more

"...For those with a basic knowledge of such things, this book is a must read -- for two important reasons:..." Read more

6 customers mention "Accessibility"6 positive0 negative

Customers find the book easy to read and understand. They appreciate the Nobel-winning author's clear explanations and discussion.

"...Generally, I found Stiglitz an accessible and interesting author in a complex field...." Read more

"...I found this book to be quite accessible, the explanations and discussion served to give me new 'ear' with which to listen to media commentary and..." Read more

"...It is well written and easy to read book from a Nobel winner author." Read more

"MR. Stigler is a Nobel Laureate and former VP of the World Bank. He writes well...." Read more

5 customers mention "Esotericness"5 positive0 negative

Customers find the book provides an extensive explanation of the social costs and benefits of globalization. It accurately depicts the revolution of globalization and provides economic facts about its effects. Readers say it pairs well with Saving Capitalism by Robert Reich.

"...The book is a very extensive explanation of the social cost-benfits of globalization. Further, it shows why it has failed many times in the past...." Read more

"...This book actually pairs very well with "Saving Capitalism" by Robert Reich and possibly also "The Value of Nothing" by Raj Patel." Read more

"...It provides economic facts of the effects of globalization taking place in practice, and the institutions that execute the global policies and their..." Read more

"...and Its Discontent,it's very poignant and acurately depicts the revolution of globalization...." Read more

3 customers mention "Information accuracy"3 positive0 negative

Customers appreciate the book's accurate information. They find the updates interesting and smart, and appreciate the references to current events.

"Smart Update..." Read more

"good one with some very interesting updates..." Read more

"I like that he references current events..." Read more

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GMak
Author with Impeccable Credentials Gives Clear, Easy to Understand - and Shocking - History and Warning
Reviewed in the United States on April 23, 2014
Verified Purchase
The author's credentials are impeccable - start with winning the Nobel Prize for Economics, among other things - and you can rely on the information and message in this book to be written from the vantage point witnessed few people, and understood by even fewer. This nether "conservative bashing" or "liberal bashing;" rather, "idiot bashing" and "ideologue bashing" as we learn that the current policies, efforts, objectives and results of the World Bank (and it's parter, the IMF) are now in complete opposition to the very raison d'être and principles on which it was founded. Stiglitz presents both the 30,000 foot view and the ground view, shows us the forest as well as the trees. This book is fundamental reading for anyone hoping to understand the world finance situation, the role of the U.S., the continuing underlying problems that cause the world to leap from one financial crises to another. Importantly, you learn why all this money thrown at problems simply isn't working - but how it once did, and could again.

This should be considered a companion book of a trilogy to those wishing to learn from highly educated, directly-experienced and politically objective experts - those who have "been there, done that" - who reveal to us the inner workings of world politics and why it is so ineffective and counter-productive the way it is currently being managed. The other two are Prestowitz's "Globalization and "Rogue Nation: American Unilateralism and the Failure of Good Intentions" and Friedman's "The World Is Flat: A Brief History of the Twenty-First Century." These independent, well-respected authors of their respective best-sellers present findings and analysis that convincingly dovetail with the others' works.

(For a fantastic and exciting supplemental read, John Perkins "Confessions of an Economic Hit Man" is an amazing tale from the ground floor of, in his words, the work of "an economic hit man.") Incredible as his story is, it also dovetails precisely with what these other authors - a Nobel prize winner, a counsellor to the Secretary of commerce and special economic envoy to Japan, and a New York Times journalist- have consistently and convincingly presented as the same story and delivered as a remarkably similar conclusion from their different perspectives.

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E. S. Wilson
Insight on Developing World
Reviewed in the United States on February 5, 2021
Verified Purchase
Stiglitz was Chairman of Clinton's Council of Economic Advisors and later chief economist at the World Bank. The book provides enormous and valuable insight from someone who knows on the weaknesses of IMF and the World Bank and how they could better serve developing countries and by extension all countries. It has to be highly regarded for that contribution.

This 2018 version is an update of the 2002 original. While the update was certainly necessary, it consist of adding a couple chapters and leaving the original text in tact. The book would have benefited from a comprehensive complete re-write. A current recommended reading list would have been a great addition as well.

The text, particularly the update chapters, could be criticized for repeatedly blaming program failures on "corporations." No doubt there's blame to go around, but blaming corporations is a bit facile. They are run by people just like us, and they will and should pursue their economic interests. Stiglitz should have been more specific in attributing wrong-doing to them.

Generally, I found Stiglitz an accessible and interesting author in a complex field. Some of the special case stories are a little too extended, especially the older ones. I would have preferred more explanation of some of the economic terms and analysis. For example, he says that the the difference between "investment" and "savings" amounts to the trade deficit. Well it would have been good to have some explanation of that sort of thing.

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E. N. Anderson
Mixed Bag
Reviewed in the United States on June 27, 2003
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It takes some temerity to add yet another to 35 existing reviews of this book! But I do have a rather different reading of it. Previous reviewers seem to have thought that it was either the cat's meow or just a venomous attack. I am somewhere in between. The book makes a number of excellent, telling points against IMF and World Bank policies and assumptions. It does this in the context of what is, indeed, a full-scale attack--no punches pulled. Stiglitz' alternatives are not always the most viable or well-considered, either. So, three or four stars for good critique, but nothing for balance or for coherent solutions.
What worries me more is Stiglitz' lack of attention to a couple of notorious facts about the WB and IMF. He mentions them and then goes on to other things. First, these agencies have routinely supported the most unspeakably brutal and murderous dictatorships: Marcos in the Philippines, Mobutu in Zaire (now Congo), Rios Montt in Guatemala, the thugs of Sudan, the military junta in Indonesia, and on and on. They continued to do this for years after it became general knowledge that these regimes were using the loans, and other aid, to line their pockets and to buy weapons to suppress their own people--and then they ran down their countries' health and education systems to pay back the loans. This wasn't economic theory at work and it wasn't ignorance. We still need a serious study of this. The notorious lack of accountability, stressed by Stiglitz, has to be remedied.
Second, the World Bank in particular, and now the WTO also, have routinely gone up against the environment--though they know perfectly well that everyone, and especially the poor in the Third World, depends on the environment for survival. A highly-placed World Bank researcher (necessarily unnamed here!) told me some time ago that the World Bank's own studies show that all their big-dam projects cost more than they produce in benefits. The costs are born by the poor (especially those displaced by the reservoirs). The benefits largely go to the rich. The WTO's policies on "free" trade are notorious; they tolerate without protest the enormous subsidies that First World governments give their farmers (as pointed out by Stiglitz) but they won't bend a millimetre to protect forests, fish, and wildlife that are vital to the survival of Third World poor. We need a much better study and account of all this.
Whatever is going on in the non-transparent boardrooms of these agencies, the effect has been to keep the Third World in its classic position: an impoverished supplier of raw materials to the First World. The worst thing about the WB-IMF-WTO policy mix is that it routinely leads to the sacrifice not only of the environment but also of long-term investments like education. Without an educated workforce, the Third World is doomed to permanent poverty and backwardness. Everybody knows this, but the policies go on.
I wish Stiglitz, or someone, would take all this on.

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Oscar
A must read.
Reviewed in Mexico on August 27, 2021
Verified Purchase
Magnificent work.

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Kumar
Globalization
Reviewed in India on March 7, 2023
Verified Purchase
Aptly written

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Alberto Maria Radici
Fondamentale (ma da prendere con le molle)
Reviewed in Italy on November 29, 2018
Verified Purchase
Si tratta di un’opera senz’altro esaustiva per chi, specie economista o appassionato ed esperto di macroeconomia, ha intenzione di approfondire lo studio delle politiche globali e del ruolo che le istituzioni internazionali hanno svolto negli ultimi 30 anni. Fondamentale per comprendere il fenomeno di “americanizzazione” dell’economia. L’autore dimostra, come in ogni suo lavoro, la sua eccezionale dedizione all’analisi empirica, storica e tecnica di ogni fenomeno sociale ed economico.

Come in ogni altra opera di Economia, va però presa “con le molle”, non vanno cioè prese per assunte le posizioni soggettive prese dall’autore, che aggiunge, come sempre gli capita, molte delle sue personalissime opinioni alla descrizione del reale: questo accade specie nella prima e ultima parte, quando cioè cerca di prevedere le conseguenze delle politiche Trumpiane, attaccando più volte personalmente e non solo ideologicamente il Presidente degli US. Quest’ultima parte in particolare non deve essere considerata “legge”, ma esclusivamente una interpretazione soggettiva.

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R H Fenner
compulsory read
Reviewed in Germany on February 13, 2018
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A must read for all who are in despair looking at populist politics today and feel confused and bewildered as well as furious.

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Friederike Knabe
Balancing Acts
Reviewed in Canada on March 5, 2003
Verified Purchase
It is always better to hear things from the horse's mouth. Eminent economist (Nobel Prize Winner no less) Joseph Stiglitz has been directly involved with some of the most serious financial crises in recent times. Not limited to academia and economic theory he served in high profile policy positions including as senior VP and chief economist in the World Bank. For me, it's also important that he spent extensive time with people in the affected countries. The description of modern international economic management: "from one's luxury hotel, one can callously impose policies about which one would think twice if one knew the people whose life one was destroying..." (p. 24) does not apply to him. His case studies provide the backdrop for his analysis of globalization as well as concrete evidence for some of his critical contentions. This is not a dry economics book; it is a captivating read that offers a very accessible examination of global economic and financial systems.
To position Stiglitz up-front: he is not against globalization - in his estimation it is quality-neutral as a conception and it is here to stay. The aim of his study is to show what lessons need to be learned and applied to make globalization live up to its potential for the majority of the world's populations. The red thread of the book is the examination of the primarily negative impact that globalization has had on many developing countries and the two billion or so poor who live on less than $2/per day. His reasoning why this has been the case and what is to be done to bring about positive change makes this book an important resource for the critics and the proponents of globalization alike.
Due to its vital role in global economics today, he focuses his criticism on the IMF, fundamentally disagreeing with major policies of the Fund as applied by its senior representatives. But GLOBALIZATION AND ITS DISCONTENTS is much more than a personal rebuke of his former colleagues and associates. Anybody who has worked in and with developing countries, local policy makers and civil societies, will find themselves in tune with many of Stiglitz' salient points. Several times he comments on new strategies being tried out on "powerless" countries like Ecuador and Romania, too weak to resist the IMF and resulting in the experiment's highly negative consequences for the countries. (p. 203) The East Asia crisis (1997 onwards) features prominently in Stiglitz' account. What went wrong and why didn't the prescribed (IMF) medicines bring the ailing economies back to health? Other major examples are the 'economies in transition' - in particular Russia and the former Soviet Bloc countries.
In a summary one cannot do justice to the wealth of information contained in GLOBALIZATION AND ITS DISCONENTS. Stiglitz' analysis follows several major themes. At the core of his arguments stand the dealings of the powerful "Washington Consensus" - the combined economic and financial force of IMF, World Bank and the US Treasury deciding on the "right" policies for developing countries. (p. 16) One of his fundamental criticisms of the IMF is that it is no longer transparent in the pursuit of its objectives and that it moved away from its original mandate: "The IMF was founded on the belief that there was a need for collective action at the global level for economic stability." However over time, the Fund has taken to "champion market supremacy with ideological fervour" (p. 12). The IMF was designed to complement the World Bank, whose mandate was "reconstruction and development" following World War II, now the major international agency for the eradication of poverty. By the 1980s the Fund and the World Bank had become increasingly intertwined with each broadening their range of influence. As a result, while the IMF "does not claim expertise in development - yet it does not hesitate to weigh in". (p. 34). Within the Fund's primary focus for macro-economics, Stiglitz argues, "market fundamentalism" has been the economic philosophy of choice with the result that financial institutions and international lenders have usually been the primary winners from each of the major financial crises. Yet, he stresses that the IMF policies are "not conspiracy more a reflection of interest & ideology of western financial institutions". (p. 130)
Another criticism voiced throughout the book is that the IMF prescribed economic remedies tend to be identical whatever the economic and financial crisis encountered: one size fits all. There is hardly any choice for a government in crisis. This approach, combined with the admitted lack of knowledge of the broader development context, can in some cases plunge the country into further recession rather than stimulate recovery. High unemployment in countries without an adequate social safety net is habitually a harmful side effect of the austerity measures imposed on the government by the IMF. Another victim of these policies is the environment. The wider social and political context of a country or region is often overlooked, Stiglitz contends, resulting in social unrest and worse: IMF-inspired riots. (p.77) Recession and civil strife further set back the development agenda and Stiglitz refers to numerous World Bank studies that confirm his assertions.
Stiglitz describes alternative approaches, presenting the evidence based on his own vast experience. His proposals can be subsumed under the term "balance". For example, any privatization of industry and markets should be gradual and sequenced, and must be balanced with strong institutional and legal structures. Rather than using "shock therapy" and forcing rapid privatization of capital markets, the "gradualist" approach ensures better results in the short and longer term (Russia vs. Poland). In the same vein he recognizes the need for balance between market forces and governmental interventions. He reminds the reader that the advanced industrialized economies all went through growth periods when government regulated the markets and capital flows. He asks that developing countries be given a real and honest chance to sit in the driver's seat when developing locally adapted international economic models. (Friederike Knabe, Ottawa Canada)

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