Joseph Stiglitz at the World Bank
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Without question, this is the most provocative book on international financial policy to appear in a long time. No one has challenged the policies of the international financial community as profoundly as has Joseph Stiglitz, the former chief economist of the World Bank and recently awarded the Nobel Prize for Economics. With an unimpeachable reputation as a scholar, Stiglitz stunned financial policymakers with a series of stinging criticisms in recent years that were all the more effective because they were on target. In more than two dozen controversial speeches made around the world, Stiglitz undid the conventional wisdom that dominated policy-making at the World Bank, the International Monetary Fund and the U.S. Treasury Department.
Now, in one volume, Cambridge University professor Ha-Joon Chang has gathered the most important of these speeches and provides an invaluable introduction to Stiglitz's thoughts. Gathered together, the speeches, along with professor Chang's introduction, present in one place the most coherent vision of Stiglitz's thinking to be found anywhere.
The book, which includes Stiglitz's nine most revealing speeches, reflects his central themes. These include the failure of shock therapy and transition economics, the limits of capital market liberalization, the myopia of the Washington consensus, the role of knowledge in markets, the process of developing market institutions, and the primacy of openness and worker participation.
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