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An International Bestseller "Accessible, provocative, and highly readable." —Alan Cowell, New York Times In this crucial expansion and update of his landmark bestseller, renowned economist and Nobel Prize winner Joseph E. Stiglitz addresses globalization’s new discontents in the United States and Europe. Immediately upon publication, Globalization and Its Discontents became a touchstone in the globalization debate by demonstrating how the International Monetary Fund, other major institutions like the World Bank, and global trade agreements have often harmed the developing nations they are supposedly helping. Yet globalization today continues to be mismanaged, and now the harms—exemplified by the rampant inequality to which it has contributed—have come home to roost in the United States and the rest of the developed world as well, reflected in growing political unrest. With a new introduction, major new chapters on the new discontents, the rise of Donald Trump, and the new protectionist movement, as well as a new afterword on the course of globalization since the book first appeared, Stiglitz’s powerful and prescient messages remain essential reading.
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.
An incisive look at the global economic crisis, our flawed response, and the implications for the world’s future prosperity. The Great Recession, as it has come to be called, has impacted more people worldwide than any crisis since the Great Depression. Flawed government policy and unscrupulous personal and corporate behavior in the United States created the current financial meltdown, which was exported across the globe with devastating consequences. The crisis has sparked an essential debate about America’s economic missteps, the soundness of this country’s economy, and even the appropriate shape of a capitalist system. Few are more qualified to comment during this turbulent time than Joseph E. Stiglitz. Winner of the 2001 Nobel Prize in Economics, Stiglitz is “an insanely great economist, in ways you can’t really appreciate unless you’re deep into the field” (Paul Krugman, New York Times). In Freefall, Stiglitz traces the origins of the Great Recession, eschewing easy answers and demolishing the contention that America needs more billion-dollar bailouts and free passes to those “too big to fail,” while also outlining the alternatives and revealing that even now there are choices ahead that can make a difference. The system is broken, and we can only fix it by examining the underlying theories that have led us into this new “bubble capitalism.” Ranging across a host of topics that bear on the crisis, Stiglitz argues convincingly for a restoration of the balance between government and markets. America as a nation faces huge challenges—in health care, energy, the environment, education, and manufacturing—and Stiglitz penetratingly addresses each in light of the newly emerging global economic order. An ongoing war of ideas over the most effective type of capitalist system, as well as a rebalancing of global economic power, is shaping that order. The battle may finally give the lie to theories of a “rational” market or to the view that America’s global economic dominance is inevitable and unassailable. For anyone watching with indignation while a reckless Wall Street destroyed homes, educations, and jobs; while the government took half-steps hoping for a “just-enough” recovery; and while bankers fell all over themselves claiming not to have seen what was coming, then sought government bailouts while resisting regulation that would make future crises less likely, Freefall offers a clear accounting of why so many Americans feel disillusioned today and how we can realize a prosperous economy and a moral society for the future.
Why are some countries rich and others poor? Colonialism, globalization, bad government, gender inequality, geography, and environmental degradation are just some of the potential answers to this complex question. Using a threefold framework of the West, the South, and the natural world, Shaping the Developing World provides a logical and intuitive structure for categorizing and evaluating the causes of underdevelopment. This interdisciplinary book also describes the social, political, and economic aspects of development and is relevant to students in political science, international studies, geography, sociology, economics, gender studies, and anthropology. The Second Edition has been updated to include the most recent development statistics and to incorporate new research on topics like climate change, democratization, religion and prosperity, the resource curse, and more. This second edition also contains expanded discussions of gender, financial inclusion, crime and police killings, and the Middle East, including the Syrian Civil War.
A Nobel prize winner challenges us to throw off the free market fundamentalists and reclaim our economy. We all have the sense that the American economy—and its government—tilts toward big business, but as Joseph E. Stiglitz explains in his new book, People, Power, and Profits, the situation is dire. A few corporations have come to dominate entire sectors of the economy, contributing to skyrocketing inequality and slow growth. This is how the financial industry has managed to write its own regulations, tech companies have accumulated reams of personal data with little oversight, and our government has negotiated trade deals that fail to represent the best interests of workers. Too many have made their wealth through exploitation of others rather than through wealth creation. If something isn’t done, new technologies may make matters worse, increasing inequality and unemployment. Stiglitz identifies the true sources of wealth and of increases in standards of living, based on learning, advances in science and technology, and the rule of law. He shows that the assault on the judiciary, universities, and the media undermines the very institutions that have long been the foundation of America’s economic might and its democracy. Helpless though we may feel today, we are far from powerless. In fact, the economic solutions are often quite clear. We need to exploit the benefits of markets while taming their excesses, making sure that markets work for us—the U.S. citizens—and not the other way around. If enough citizens rally behind the agenda for change outlined in this book, it may not be too late to create a progressive capitalism that will recreate a shared prosperity. Stiglitz shows how a middle-class life can once again be attainable by all. An authoritative account of the predictable dangers of free market fundamentalism and the foundations of progressive capitalism, People, Power, and Profits shows us an America in crisis, but also lights a path through this challenging time.
John Rawls' text The Law of Peoples has inspired extensive scholarly debate in the field of international political theory, since its publication in 1999. Responding to the arguments of cosmopolitan theorists and Amartya Sen's recent critique, this new work presents a fresh appraisal of the debate, and argues that Rawls offers a persuasive and prescient moral perspective on issues of global poverty and development. By elaborating one of Rawls' core ideas, 'the duty of assistance', the book offers a unique theoretical response to the ideal of global justice. The duty is presented as a far-reaching principle of justice, one that advocates increasing the state capability of burdened societies, and aims to compel the most powerful states to reform international structures and provide aid, in a constructive and culturally sensitive manner. The aim of assistance is the strengthening of democratic, or 'decent' indigenous institutions and the promotion of the freedom of peoples. On Rawls, Development and Global Justice is an original contribution to current debates on international redistribution, democracy promotion and global poverty.
"Richard Schur offers a provocative view of contemporary African American cultural politics and the relationship between African American cultural production and intellectual property law." ---Mark Anthony Neal, Duke University "Whites used to own blacks. Now, they accomplish much the same thing by insisting that they 'own' ownership. Blacks shouldn't let them. A culture that makes all artists play by its rules will end up controlling new ideas and stifling change. Richard Schur's fine book explains why." ---Richard Delgado, Seattle University What is the relationship between hip-hop and African American culture in the post--Civil Rights era? Does hip-hop share a criticism of American culture or stand as an isolated and unique phenomenon? How have African American texts responded to the increasing role intellectual property law plays in regulating images, sounds, words, and logos? Parodies of Ownership examines how contemporary African American writers, artists, and musicians have developed an artistic form that Schur terms "hip-hop aesthetics." This book offers an in-depth examination of a wide range of contemporary African American painters and writers, including Anna Deavere Smith, Toni Morrison, Adrian Piper, Colson Whitehead, Michael Ray Charles, Alice Randall, and Fred Wilson. Their absence from conversations about African American culture has caused a misunderstanding about the nature of contemporary cultural issues and resulted in neglect of their innovative responses to the post--Civil Rights era. By considering their work as a cross-disciplinary and specifically African American cultural movement, Schur shows how a new paradigm for artistic creation has developed. Parodies of Ownership offers a broad analysis of post--Civil Rights era culture and provides the necessary context for understanding contemporary debates within American studies, African American studies, intellectual property law, African American literature, art history, and hip-hop studies. Weaving together law, literature, art, and music, Schur deftly clarifies the conceptual issues that unify contemporary African American culture, empowering this generation of artists, writers, and musicians to criticize how racism continues to affect our country. Richard L. Schur is Director, Interdisciplinary Studies Center, and Associate Professor of Interdisciplinary Studies at Drury University. Visit the author's website: http://www2.drury.edu/rschur/index.htm. Cover illustration: Atlas, by Fred Wilson. © Fred Wilson, courtesy Pace Wildenstein, New York.
Nobel Prize winner Stiglitz focuses on policies that truly work and offers fresh, new thinking about the questions that shape the globalization debate.
Why India's problems won't be solved by rapid economic growth alone When India became independent in 1947 after two centuries of colonial rule, it immediately adopted a firmly democratic political system, with multiple parties, freedom of speech, and extensive political rights. The famines of the British era disappeared, and steady economic growth replaced the economic stagnation of the Raj. The growth of the Indian economy quickened further over the last three decades and became the second fastest among large economies. Despite a recent dip, it is still one of the highest in the world. Maintaining rapid as well as environmentally sustainable growth remains an important and achievable goal for India. In An Uncertain Glory, two of India's leading economists argue that the country's main problems lie in the lack of attention paid to the essential needs of the people, especially of the poor, and often of women. There have been major failures both to foster participatory growth and to make good use of the public resources generated by economic growth to enhance people's living conditions. There is also a continued inadequacy of social services such as schooling and medical care as well as of physical services such as safe water, electricity, drainage, transportation, and sanitation. In the long run, even the feasibility of high economic growth is threatened by the underdevelopment of social and physical infrastructure and the neglect of human capabilities, in contrast with the Asian approach of simultaneous pursuit of economic growth and human development, as pioneered by Japan, South Korea, and China. In a democratic system, which India has great reason to value, addressing these failures requires not only significant policy rethinking by the government, but also a clearer public understanding of the abysmal extent of social and economic deprivations in the country. The deep inequalities in Indian society tend to constrict public discussion, confining it largely to the lives and concerns of the relatively affluent. Drèze and Sen present a powerful analysis of these deprivations and inequalities as well as the possibility of change through democratic practice.
This long-awaited new edition has been fully updated and revised by the original authors as well as two new members of the author team. Based on many years of active research and teaching it takes the discipline's most difficult aspects and makes them accessible and interesting. Each chapter builds up an understanding of the different ways of looking at the world. The clarity of presentation allows students to rapidly develop a theoretical framework and to apply this knowledge widely as a way of understanding both more advanced theoretical texts and events in world politics. Suitable for first and second year undergraduates studying international relations and international relations theory.