1. Globalization And Its Discontents Joseph E. Stiglitz
By Kelsi Babin
Presented November 30, 2015
University of Calgary
SOWK 673 International Social Development
With Jacqueline Ishmael

2. Introduction What will be addressed in this book review?
A) Relevance to the course
B) Content: summary & scope : credentials, main argument & major aspects of the book.
C) Critique & Style
D) Final evaluation

3. Is this book relevant to the course?
Neo-liberalism
Capitalist Model of Development
Institutions of global monetary management
Globalization & Development are interlinked

4. Content: Summary
Credentials Ph.D. in Economics, M.I.T., A chief economist of the World Bank (February 13, 1997 – February 2000) Former chairman of Bill Clinton's Council of Economic Advisers University Professor at the Columbia School of Business Recipient of the Nobel Memorial Prize in Economic Sciences Founder of “Initiative for Policy Dialogue” 2000 : Think tank on international development based in U of Columbia Most recent books: The Great Divide: Unequal Societies and What We Can Do About Them (2015) Creating a Learning Society: A New Approach to Growth, Development, and Social Progress The Price of Inequality (2012) Making Globalization Work (2006)

5. Content: Summary Main arguments
Globalization can be beneficial under proper management (decisions and policy making should mimic a democratic process to ensure social justice for populations living in LCD’s)
International monetary institutions require better transparency & accountability
Disseminate information
Critique of specific policies
Reform don’t dismantle (Keynesian policymaking eg. Money printing and deficit spending)

6. Content: Summary Major aspects The promise of globalization
Outcomes of the “market fundamentalism” approach -> “liberalization” (eg. Asian financial crisis, “Lost Russia”, sub-Saharan Africa, Argentina crisis)
Policies meant to develop nations  reverse effects of financial and political crisis
Rigid approach to all & un-contested management

7. “ What is worrisome is that globalization is producing rich countries with poor populations.”

8. Content: Scope How does Stiglitz know what he knows?
Extended background and credentials
His main arguments come across clearly (founded in specific examples of his experience)

9. Content: Style
Book written in semi-”memoir” style & “insider” perspective
“Whistle-blower”
Claims to have disputed policies as they were being prescribed
Perspective came from a western economist – grounded in capitalism, western background, pro-globalization. Influenced by the ideological perspective of Keynesianism.

10. Critique
Lack of holistic view in examples deemed the “successes” of globalization.
Can the environment sustain economic development under “capitalism”?
In his recommendations the power still allocated to economists & global institutions. He advocates “better management” vs. structural changes in power and principles. How can we trust in institutions with this troublesome history?
Development for democracies
Incompatible arguments “pro-globalization” & pro-international monetary institutions that discount western privilege & the permanent agenda of western interest.
Liked many specific proposed policy reforms such as “debt forgiveness”

11. Final assessment Economics are for social workers
Power to “save” or “destroy” economies lies in institutions  Stiglitz sheds light on better policy processes
“Global economics for dummies”
Highly recommended for social workers

12. Discussion & Activity
Two quotes will be read from the book, please: A) Agree or disagree B) Provide reasoning to your decision C) Discuss his point: Who is he talking about and what are the power dynamics? Where does this perspective come from? Who benefits the most from this argument? What are the power dynamics
“… I remain hopeful about the possibility of reforming the international economic institutions is that I have seen change occur at the world bank…By the time I arrived, the new president James Wolfensohn was well on his way in trying to make the Bank more responsive to the concerns of developing countries. Though the new direction was not always clear, the intellectual foundations not always firm, and support within the Bank far from universal the Bank had begun seriously to address the fundamental criticisms levied at it…Reforms in three key areas: development, aid and relationships between the Bank and developing countries.” p.241
“The mindset around globalization itself must change. Finance and trade ministers view globalization largely as an economic phenomenon, but to many in the developing world, it is far more than that.”p.247
Hence, the developing coutnries must assume responsibility for their well-being themselves. They can manage their budgets so that they live within their means, meager though it might be…” (p.251)

13. Reference
Stiglitz, J. (2002). Globalization and its discontents. New York: W.W. Norton & Co.