Globalization and Its Discontents (2002) by Nobel laureate economist John E. Stiglitz critiques the International Monetary Fund’s (IMF) policies from the 1970s to the early 2000s. Drawing from his experience as a senior vice president at the World Bank, Stiglitz argues that the Washington Consensus, formed between the IMF, the US Treasury, and the World Bank, has harmed global economic stability. He critiques the IMF’s adherence to market fundamentalism and its detrimental effects on developing countries. Through case studies, Stiglitz illustrates how IMF policies failed in Asia, Russia, and elsewhere, while countries like China and Poland thrived without its assistance. The book advocates for a reform of the IMF, emphasizing the need for practical, transparent policies informed by Keynesian economics.
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