Globalization and its discontents / Joseph E. Stiglitz

Includes bibliographical references and index.

The promise of global institutions -- Broken promises -- Freedom to choose? -- The East Asian crisis : how IMF policies brought the world to the verge of a global meltdown -- Who lost Russia? -- Unfair trade laws and other mischief -- Better roads to the market -- The IMF's other agenda -- The way ahead.

This insider's account of global economic policy making will be hailed as much for its courage and honesty as for its depth and insight. Renowned economist and Nobel laureate Joseph E. Stiglitz spent seven years in Washington, serving as chairman of President Clinton's Council of Economic Advisers and as chief economist for the World Bank. Particularly concerned with the plight of the developing nations, he became increasingly disillusioned as he saw the International Monetary Fund and other major institutions put the interests of Wall Street and the financial community ahead of the poorer nations. Stiglitz had a ringside seat for most of the major economic events of the last decade, including the Asian economic crisis and the transition of the former Soviet economies, as well as the administration of development programs throughout the world. Repeatedly, he saw policy makers wedded to outdated economic models and using "Washington Consensus" doctrines based on them to design policies that had disastrously bad results. He also discovered within the major institutions of globalization a damaging desire for secrecy that exacerbates mistakes at the same time as it inhibits positive change. This book recounts Stiglitz's experiences, opening a window on previously unseen aspects of global economic policy. It is designed to provoke a healthy debate and will succeed in this goal even as it shows us in poignant terms why developing nations feel the economic deck is stacked against them. Book jacket.