Tuesday, November 11, 2008

Book Recommendation: Making Globalization Work

I completed Joseph Stiglitz's Making Globalization Work this week. I found it a very interesting and well compiled book. Globalization is a very complicated issue and there are many sides to each action and story. Stiglitz has been able to analyze the issues concisely with remarkable clarity. This book is bereft of feel good examples that abound in "The World is Flat" and it uncovers the ugly face of global dynamics in today's world. It tells the things as they are and as it is. Surprisingly, Stiglitz is a very harsh critic of the American way of handling the globalization and amply illustrates how the poor and powerless are being trampled upon in this race. He offers suggestions and solutions too.

Some of the things that I liked:
  • Why and how patents are misused by powerful corporations? Examples of Neem and Basmati rice are very interesting.
  • Why do policies of IMF and World Bank spell disaster for developing nations?
  • How vested interests arm twist those desiring a free and fair world?
  • What is the case for developing countries asking for status-quo on farm subsidies?
  • Why does Euro not want to be the currency of reserve of developing countries (unlike the dollar)?
  • Why are poor denied basic medication and how their assets are monopolized and stolen by the rich few?
  • Finally, what is the toll consumption is having on our environment?
It is said that the enlightened ones can look at situations objectively and their faults without emotion. Stiglitz stands out in the way he has looked at the various facts - being an eminent economist and a Nobel prize winner is testimony of the remarkable clarity of thoughts he presents. A must read!

No comments: