It's not often you can say ,of an Economics book, that it is "as gripping as a Thriller" but Joseph Stiglitz's book is a "jaw dropping" read.
The theme of this book is the terrible consequences of economic policy , exerted from the "Ivory Towers" , of the IMF.
We read about how the IMF and the US Treasury brought Asia to its knees, in the late 90's, by insisting that these regions adopt their orthodox approach to economics. What we find in this book is a detailed account of how IMF theory of the Free Market is at variance with economic experience. If you want to learn about the
inner workings of global economic policy and how it can go badly wrong, then you must read this incredible book.
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After three decades of market fundamentalism, during which the rich have grown richer and the poor have in many countries grown poorer, Professor Stiglitz suggests practical ways of undoing the damage and creating a just and stable world economy. With chapters on fair trade, intellectual property, natural resources, climate change, multinational corporations, indebtedness, the world monetary system and democratization, this is a comprehensive prescription for reform. It is presented with a wealth of examples and backed by 46 pages of detailed notes and references. My only quibble is that the author does not face the question of how much more the world economy can grow without becoming unsustainable, but perhaps that can only be addressed once the present ... Read More:
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This book is breath-taking in scope, pulsating with captivating optimism and inspiring in its bold proposals. For Jeffrey Sachs, no mountain is too steep or too high to climb. Time and again, when this David locks horns with the Goliaths of the World Bank and the White House, he invariably emerges triumphant.
He makes it sound so amazingly easy when he recounts the systematic diagnosis, prescription and treatment that lead to the dramatic arrest of hyperinflation in Bolivia and Poland. The extended medical metaphor is neither haphazard nor purely stylistic. It reflects Sachs' recommendation of a novel approach to development economics which he sees as analogous to the challenges of a paediatrician trained to grope for answers through "differential diagnosis". ... Read More:
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Sen proposes an alternative to the obsession of conservative development theory with economic factors. In his view, development is the product of human agency or freedom i.e the more capable people are of living lives of their own choosing, the more benefits accrue to society. The objective of development policy must, therefore, be to remove constraints to human freedom.
Sen's point is that people need more than money to live qualitative lives. Even more, in many instances (and he gives numerous examples), other factors such as good health, basic education, political freedom would be more helpful than simply throwing money at the situation. Such factors are also "freedoms" which are essential in enhancing human capacity and producing tangible social benefits. A narrow focus on ... Read More:
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I can't really weigh this book relative to others on the subject, because it's the first that I've read on this topic...
But what I wanted to add to the other reviews is that, if you're someone like me, who does not work/study economics or international development, I can recommend this book without hesitation. It's a fascinating read and it's accessible for any background of reader.
After reading you'll probably feel a sense of frustration at how much more could be done and how much of our current efforts may be misdirected. But this is an improvement on the sense of hopelessness I had prior to reading the book; that the truly poor nations will always be that way.
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How come $2.3 trillion dollars of Western aid has been spent in the last 50 years mostly in Africa, my native continent, and yet millions of children still die of preventable diseases like dysentery, cholera and malaria? Why have the vast amounts of aid money and Western good intentions not been able to lift Africa out of back-breaking poverty? William Easterly's argument, in this fascinating book, is that Western aid has failed because of the traditional approach that it has taken to tackling Third World poverty: planning and bureaucracy.
According to Mr Easterly, Western aid in the form on the Bretton Woods institutions (the World Bank and the IMF) is the most recent reincarnation of the White Man's Burden, a phrase which was immortalized by Kipling. The basic argument of the White Man's Burden ... Read More:
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Sorry, but this book bitterly disappointed me. Absolutely one-sided portrait of the Fair Trade movement, almost glorifying them. Not even once does he mention any criticism (and there is, believe me).
Absolutely biased. He calls conventional trade a "beast" and sees conventional trade as a creation of a global conspiracy between "politicians, transnational corporate empires and corrupt individuals in poor countries" with the purpose to "gain a political stronghold".
The book will only give you one side of the argument! Please be aware of that.
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Quite often I am sad when I see the "topics" being discussed by superficial czech politicians. No wonder that we still lack stable government - more than half the year after the election. I would like to fervently recommend this great book to all politicians, especially to self-proclaimed economic experts whose "insightful" opinions are widely spreaded. It's highest time to launch the serious discussion over serious matters. It's clear that not everyone would agree with the well-argumented conclusions present in this book, but it could and should serve as ideal guideline for subsequent battle of values. The book can be also read as perfect tool for removing of widely shared but absolutely not rightful myths concerning the globalization and free transparent economy. You can hardly find better defence of open market, ... Read More:
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A fantastic book to serve as an introduction to the complex issue of Africa post World War 2. What makes it such a great book is how straightforward and easy to read it is. However this proves to be it's weakness at times as well, as often it feels like certain issues, in particular economic analysis feels like it is being brushed over in order to make the book easier to read.
Which is a harsh critique, but I cannot pay the book any more of a compliment then stating how much of an eye opener the book was and how it has asked many questions, questions I seek to answer by reading more books about topics covered in the text.
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I was disappointed with this book as I found that Stiglitz had made it too political. Stiglitz was an advisor to Clinton, and he seems to have based the book on Republican bashing, I also found Stiglitz's writing style too repetitive - for example Regan's `cut taxes to increase tax revenue' idea was mentioned several times throughout the book.
Another problem that I have with this book is that Stiglitz bases this book on the 2001 dot-com crash, which he states caused a "long and deep" economic downturn. However, the 2001 recession happened to be a much shorter compared to those in recent history and economic conditions turned around into strong growth in the 2000's.
Also, many of his arguments do not stand up to economies other than the US. On the whole privatization has been successful in the UK - for example ... Read More:
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