Book Review: Globalization and Its Discontents by Joseph Stiglitz

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Globalization and Its Discontents by Joseph Stiglitz offers an insider’s view of the role played by the International Monetary Fund and the World Bank in the economic crises of the 1990s. Stiglitz argues that the so-called Washington Consensus, a set of economic principles typically applied to nations facing crisis, were imposed on numerous developing countries with little regard for local conditions. Contrary to the expectations of most policymakers, this approach actually exacerbated crises, meaning that globalization ended up hurting the nations it was supposed to help. In the book, Stiglitz lays out a set of recommendations to harness the immense potential of globalization so that it can benefit everyone, not just a small coterie of financial elites.

This book review and analysis is perfect for:
• Students of economics and international development
• Anyone who wants to understand the inner workings of the International Monetary Fund and the World Bank
• Anyone with an interest in the true causes of recent global economic crises

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The Book Review series from the 50Minutes collection is aimed at anyone who is looking to learn from experts in their field without spending hours reading endless pages of information. Our reviews present a concise summary of the main points of each book, as well as providing context, different perspectives and concrete examples to illustrate the key concepts.