When it was first published, this national bestseller quickly became a touchstone in the globalization debate. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for most of the major economic events of the last decade, including stints as chairman of the Council of Economic Advisers and chief economist at 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. Those seeking to understand why globalization has engendered the hostility of protesters in Seattle and Genoa will find the reasons here. While this book includes no simple formula on how to make globalization work, Stiglitz provides a reform agenda that will provoke debate for years to come. Rarely do we get such an insider's analysis of the major institutions of globalization as in this penetrating book. With a new foreword for this paperback edition. Those seeking to understand why globalization has engendered the hostility of protesters in Seattle and Genoa will find the reasons here. While this book includes no simple formula on how to make globalization work, Stiglitz provides a reform agenda that will provoke debate for years to come. Rarely do we get such an insider's analysis of the major institutions of globalization as in this penetrating book. With a new foreword for this paperback edition. He is one of the most important economists of modern times.-Nicholas Stern, Chief Economist and Senior Vice President, World Bank Penetrating, insightful.... A seminal work that must be read.-George Soros Whatever your opinions, you will be engaged by Stiglitz's sharp insights. A must read.-Juan Somavia, Director-General of the International Labor Organization This book is everyone's guide to the misgovernment of globalization. Stiglitz explains it here in plain and compelling language.-James K. Galbraith, The University of Texas at Austin Entertaining, insightful, and well-written.... Makes a compelling case.-Foreign Affairs A war story from inside the halls of the White House and the World Bank, the confession of a powerful economist with a political conscience and a healthy degree of common sense.-Lenora Todaro, The Village Voice Accessible, provocative and highly readable... Brings an insider's insights into the crises of the 1990s and beyond.-Alan Cowell, New York Times Stiglitz's] rare mix of academic achievement and policy experience makes Globalization and Its Discontents worth reading.-Michael J. Mandel, BusinessWeek Provocative, readable, and sure to earn Stiglitz persona non grata status in certain corridors of power.-Kirkus Reviews A great tour of the complexities of economic policymaking. Getting a top economist to subject the US Treasury and the IMF to withering scrutiny... is good for the long-term health of the system.-William Easterly, Financial Times A] smart, provocative study... Impassioned, balanced and informed... A must-read.-Publishers Weekly Stiglitz] is not a global pessimist, but a realist-and instead of placing him in a neat box labeled 'important contribution to the debate, ' we should listen to him urgently.-Will Hutton, The Guardian UK] Development and economics are not about statistics. Rather, they are about lives and jobs. Stiglitz never forgets that...-Frank Bures, Christian Science Monitor W]ill surely claim a large place on the public stage.-Benjamin M. Friedman, The New York Review of Books A fresh, much-needed look at how these institutions-primarily the International Monetary Fund-affect policy... Stiglitz has done important work...-Anna Lappe, San Francisco Chronicle An] urgently important new book.-George Scialabba, Boston Globe

"He is one of the most important economists of modern times." Nicholas Stern, Chief Economist and Senior Vice President, World Bank

"Penetrating, insightful....A seminal work that must be read." George Soros

"Whatever your opinions, you will be engaged by Stiglitz's sharp insights. A must read." Juan Somavia, Director-General of the International Labor Organization

"This book is everyone's guide to the misgovernment of globalization. Stiglitz explains it here in plain and compelling language." James K. Galbraith, The University of Texas at Austin

"Entertaining, insightful, and well-written....Makes a compelling case." Foreign Affairs, July/August 2002

"A war story from inside the halls of the White House and the World Bank, the confession of a powerful economist with a political conscience and a healthy degree of common sense." Lenora Todaro, The Village Voice

"Accessible, provocative and highly readable...Brings an insider's insights into the crises of the 1990s and beyond." Alan Cowell, New York Times

"[Stiglitz's] rare mix of academic achievement and policy experience makes Globalization and Its Discontents worth reading." Michael J. Mandel, BusinessWeek

"Provocative, readable, and sure to earn Stiglitz persona non grata status in certain corridors of power." Kirkus Reviews

"A great tour of the complexities of economic policymaking. Getting a top economist to subject the US Treasury and the IMF to withering scrutiny...is good for the long-term health of the system." William Easterly, Financial Times

"[A] smart, provocative study...Impassioned, balanced and informed...A must-read." Publishers Weekly

"[Stiglitz] is not a global pessimist, but a realist?and instead of placing him in a neat box labeled 'important contribution to the debate,' we should listen to him urgently." Will Hutton, The Guardian

"Development and economics are not about statistics. Rather, they are about lives and jobs. Stiglitz never forgets that..." Frank Bures, Christian Science Monitor

"[W]ill surely claim a large place on the public stage." Benjamin M. Friedman, The New York Review of Books

"A fresh, much-needed look at how these institutions-primarily the International Monetary Fund-affect policy...Stiglitz has done important work..." Anna Lappé, San Francisco Chronicle

"[An] urgently important new book." George Scialabba, Boston Globe

When it was first published, this national bestseller quickly became a touchstone in the globalization debate. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for most of the major economic events of the last decade, including stints as chairman of the Council of Economic Advisers and chief economist at 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. Those seeking to understand why globalization has engendered the hostility of protesters in Seattle and Genoa will find the reasons here. While this book includes no simple formula on how to make globalization work, Stiglitz provides a reform agenda that will provoke debate for years to come. Rarely do we get such an insider's analysis of the major institutions of globalization as in this penetrating book. With a new foreword for this paperback edition. Those seeking to understand why globalization has engendered the hostility of protesters in Seattle and Genoa will find the reasons here. While this book includes no simple formula on how to make globalization work, Stiglitz provides a reform agenda that will provoke debate for years to come. Rarely do we get such an insider's analysis of the major institutions of globalization as in this penetrating book. With a new foreword for this paperback edition.

This insider's account of global economic policy will be hailed by those seeking to understand why globalization has engendered the hostility of protesters in Seattle and Genoa.

This powerful, unsettling book gives us a rare glimpse behind the closed doors of global financial institutions by the winner of the 2001 Nobel Prize in Economics. When it was first published, this national bestseller quickly became a touchstone in the globalization debate. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for most of the major economic events of the last decade, including stints as chairman of the Council of Economic Advisers and chief economist at 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.

Those seeking to understand why globalization has engendered the hostility of protesters in Seattle and Genoa will find the reasons here. While this book includes no simple formula on how to make globalization work, Stiglitz provides a reform agenda that will provoke debate for years to come. Rarely do we get such an insider's analysis of the major institutions of globalization as in this penetrating book. With a new foreword for this paperback edition.

Nobel Prize winner Joseph E. Stiglitz holds joint professorships at Columbia University's Economics Department, the School of International and Public Affairs, and the Business School.

Preface
Acknowledgments
1 ? The Promise of Global Institutions 3
2 ? Broken Promises 23
3 ? Freedom to Choose? 53
4 ? The East Asia Crisis: How IMF Policies Brought the World to the verge of a Global Meltdown 89
5 ? Who Lost Russia? 133
6 ? Unfair Trade Laws and Other Mischief 166
7 ? Better Roads to the Market 180
8 ? The IMF's Other Agenda 195
9 ? The Way Ahead 214
Notes 253
Index 269