The former chief economist of World Bank through this book explains the faulty methods and the miscued logics that World Bank and International Monetary Fund use for eliminating poverty from the world. He sheds considerable light on the selfish steps of the United States of America which put a negative impact on the growth of the developing and underdeveloped nations.
The author who is also a Nobel Prize winner for Economics (2001) has negated various economics theories citing real-world examples. The book encompasses real examples from across the globe which gives it a crucial global outlook. Stiglitz’s language is sharp in criticising the lean logics of the West that are partially responsible for the slow growth of developing nations.
Stiglitz also sheds light on many economic mishappenings that happened during his term. The infamous East Asia Crisis is presented in a completely different manner and provides real insight, unlike textbooks. He reveals that the devaluation of Baht (currency of Thailand) was not just because of the faulty policies of the then Thai government but also because of the misjudged practices and imposition of financial institutions like International Monetary Fund and the World Bank. This is not the first instance that he decodes but many such have been highlighted in this masterpiece.
Although he highlights the shortcomings of globalization, in the final chapter of the book (The Way Ahead), he takes a pragmatic note and says that globalisation in itself is not bad but it has been customised by the developed world for its own gain.
The jest of this book is that the principle ‘Trade is fair, but import is bad’ which the Western nations have adopted to flourish the arms of their revenue and dump their surplus in developing nations has made the economic growth of the third world sluggish.
Undoubtedly, the book is an eye-opener not just for the economics students but also a must-read for those as well who are interested in global affairs.