Globalization and Inequality

Background

Joseph Eugene Stiglitz (born February 9, 1943) is an American economist and a professor at Columbia University. He is a recipient of the John Bates Clark Medal (1979) and the Nobel Memorial Prize in Economic Sciences (2001). He is also the former Senior Vice President and Chief Economist of the World Bank. He is known for his critical view of the management of globalization, free- market economists (whom he calls "free market fundamentalists") and some international institutions like the International Monetary Fund and the World Bank.

In 2000, Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001, he has been a member of the Columbia faculty, and has held the rank of University Professor since He also chairs the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences. "Stiglitz's work is cited by more economists than anyone else's in the world."

Words and Expressions

social solidarity social solidarity refers to the integration, and degree and type of integration, shown by a society or group with people and their neighbors e.g. Law existed to ensure fulfillment of the needs of this social solidarity.

selected chosen in preference to another; excellent e.g. The next step is to apply one or two selected visual styles to key screens.

on the table able to be negotiated or arranged by compromise; negotiable e.g. Management have put several new proposals on the table.

public revenue income of government or a country ( in Economics) e.g. In such nations the import tariff becomes a crucial source, not of industrial protection but of public revenue.

de-development de-development means bringing economic system (especially patterns of consumption) into line with the realities of ecology and the global resource situation e.g. This article distinguishes de-development from the widely recognized issue of poverty.

IMF International Monetary Fund is an organization of 186 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world e.g. IMF official expressed concerns about South Korea's surging consumer credit

Trade minister the government official, at the ministerial or cabinet level, primarily responsible for issues of international trade policy e.g. Ottawa Citizen reports that Canadian Foreign Trade Minister Marchi made the remarks on Thursday in a meeting on foreign policy and trade held in Ottawa.

disproportionately out of proportion ;to a disproportionate degree e.g. Immigrants are disproportionately entrepreneurial, determined, and adaptable, and through history they have strengthened the economy of whatever society they join.

stimulus any stimulating information or event; acts to arouse action e.g. A positive stimulus to city growth was required transform the predominantly agricultural nature of the area's economy.

additional risk accessory risk; additional risk (in Economics) e.g. The present commission is not enough. can you grant us an extra commission of 4% to cover the additional risk?

asymmetry a lack of symmetry ; imbalance e.g. He shared a1975 Nobel Prize for discovering the asymmetry of atomic nuclei.