Making Globalisation Work: The Next Steps to Global Justice Author: Joseph Stiglitz (Review by Praveen Jha)

Publisher: Penguin Books, UK. ISBN 13: 9780141024967 About the book Why isn't globalization benefiting as many people as it should? Joe Stiglitz shows us that things can change and that an optimistic world can exist where globalization really does work. Stiglitz examines how change has occurred rapidly over the past four years, proposing solutions and looking to the future. He puts forward radical new ways of dealing with the crippling indebtedness of developing countries, a new system of global reserves to overcome international financial instability and a new framework, combining economic incentives and principles of equity, for dealing with the…

Making Globalisation Work: The Next Steps To Global Justice Author: Joseph Stiglitz   (Review By Praveen Jha)

The IMF bail-out for Brazil: In whose interests? Sabyasachi Mitra

The recently announced IMF loan to Brazil, worth US$30 billion, holds out the promise of taking the Brazilian economy out of the woods. But even a cursory look at the conditions attached to it makes one realize that the loan, rather than take Brazil out of the woods (into which the IMF itself has led the country), will actually force it deeper into the forest. The strings attached to the IMF bail-out package evoke the fear that it will serve as a stranglehold on the Brazilian economy and an intrusion on the sovereignty of that country, coming as it does…

Why Argentina Crashed, and is Crashing Eric Hershberg

The catastrophic collapse of the Argentine economy during the second half of 2001, and its accelerating decline during the first half of 2002, has created hardships of a scale and scope that fully justify concluding that the country is undergoing a "Second Great Depression." On the heels of four years of recession Argentina's default on its $140 billion national debt triggered an economic contraction of more than 15% during the first six months of 2002. Unemployment has skyrocketed to encompass a quarter of working age Argentines, and the poverty rate in what was once Latin America's most prosperous republic has…

Why Argentina Crashed, and is Crashing Eric Hershberg [Social Science Research Council]

The catastrophic collapse of the Argentine economy during the second half of 2001, and its accelerating decline during the first half of 2002, has created hardships of a scale and scope that fully justify concluding that the country is undergoing a "Second Great Depression." On the heels of four years of recession Argentina's default on its $140 billion national debt triggered an economic contraction of more than 15% during the first six months of 2002. Unemployment has skyrocketed to encompass a quarter of working age Argentines, and the poverty rate in what was once Latin America's most prosperous republic has…

Protectionism Made in the USA Joseph Stiglitz

America's imposition of tariffs on imported steel has been greeted with a howl of protest around the world. But harsh words have not been followed by a strong counter-attack. Now is the time to confront America's hypocrisy, not to bluster. The global financial crisis of 1997/1998 - mismanaged by the IMF, largely at the direction of the US Treasury - led to an increased flow of steel imports. But that is part of the market adjustment process the US trumpets so loudly at other times. The argument put forward by the US, that it was entitled to safeguard against a…