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Joseph Stiglitz's, Globalization and its Discontents
Author(s) -
Perraton Jonathan
Publication year - 2004
Publication title -
journal of international development
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.533
H-Index - 66
eISSN - 1099-1328
pISSN - 0954-1748
DOI - 10.1002/jid.1134
Subject(s) - globalization , democracy , economics , collective action , corporate governance , global governance , action (physics) , economic system , political economy , neoclassical economics , positive economics , development economics , political science , law and economics , market economy , law , politics , management , physics , quantum mechanics
Joseph Stiglitz's Globalization and its Discontents has sparked a major critical response since its publication in that it appears to encapsulate widespread doubts about globalization processes and their governance. This review aims to probe further Stiglitz's general analysis and policy prescriptions. It is argued that Stiglitz's central concern is how globalization as currently practised acts to exacerbate existing market failures and produce new ones, and the appropriate response of international economic institutions to address the resulting global collective action problems and ensure that the potential gains from globalization are realized. Whilst many of his proposals remain vague, they can be seen as part of an emerging global social democratic agenda. Copyright © 2004 John Wiley & Sons, Ltd.