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BOOK REVIEW - Globalization and its discontents, Joseph Stiglitz (2002)

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  1. Short biography of Joseph Stiglitz
  2. The book ''Globalization and its discontents''
  3. Definition of globalization
  4. Why the International Monetary Fund policies had been disastrous according to Stiglitz?
    1. Fiscal austerity
    2. High interest rates
    3. Trade liberalization
    4. Liberalizing capital markets
    5. Privatization
  5. Globalization policies and institutions led to main crisis

The author's anterior life plays an important part in the book. It has influenced his way of thinking; all of his books are based on his own life experiences. That is why it is important to specify a few elements of his biography before beginning the summary of the book. Professor Stiglitz is firstly an economist. He won the Nobel Laureate Prize in 2001. He reveals that he became interested in real-world matters in 1993 (especially globalization problems). At that time, he was a part of the Clinton administration, and was working at the White House in Washington. He wrote "Globalization and its discontents" in 2002. The author claims that this book is the result of those eye-opening experiences, during which he observed that decision-making processes are often influenced by politics and ideology. He became conscious that globalization without governance and control often leads to devastating results, especially on less developed countries.

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