Book Review: Making Globalization Work

Making Globalization Work
by Joseph Stiglitz

Stiglitz reasons that most problems of globalization are related to exploitation of powerless or less powerful by the more powerful, specially US and to some extent Europe. He also blames international financial institutions like IMF for their dogmatic beliefs and resultant mismanagement of crisis in developing countries. So far so good. The solutions proposed by Stiglitz are mainly moral appeals to the powerful to recognize their self interested pursuits and sacrifice for the poor to make the world a more fair and just place, which he asserts will make even the developed countries better off in the long run. Though he has indicated some efforts by east Asian countries to form institutions for self help, his appeal to reform global institutions depends squarely on the goodwill of developed nations. The governments in all countries have their local voters to protect who naturally and, almost always, have a local point of view.It would be better if they all could think globally. But, how do we exhort them to think globally? Here, Stiglitz has missed the power of the reach of global media. Perhaps, the images of a immensely suffering poor can do more than rational appeals to make people think beyond their local interests. I think he has also paid less attention to the changes which can be brought about by collective action of the developing countries.If Non Aligned movement can be rejuvenated, if the developing countries bargain collectively at world forums, if they can stand up to the threats by US and Multi national corporations, may be they can tilt the balance in their favor. However, this criticism is in no way intended to belittle the vast canvas of Stiglitz's project, his ability to judge the reasons of what plagues globalization and courage to propose solutions which are sane and desirable but may not be to the liking of the powerful and take a very very long time to get implemented considering the basically self interested nature of human beings and nations. I whole heartedly recommend the book to everybody interested in the well being of the poor of the world.