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Journal of Libertarian Studies Volume 18, no. 1 (Winter 2004), pp. 89–98 ©2004 Ludwig von Mises Institute www.mises.org
BOOK REVIEWS
Edited by N. Stephan Kinsella*
JOSEPH E. STIGLITZ. GLOBALIZATION AND ITS DISCONTENTS. NEW YORK: W.W. NORTON, 2002. PP. xxii + 282.
Globalization and its Discontents is an enjoyable and thoughtprovoking book. It is probably the most readable, well-argued, and subtle attack against globalization in the past few years. Although the author fights, in a rather dogmatic style with some shades of arrogance, against what he believes to be devious free-market attitudes, his prose is simple and accessible to a wide audience. But it is also deceptive. While the author emphasizes time and again that he is not leveling an attack against market principles and globalization in general, he advocates Keynesian policymaking (money printing and deficit spending) on virtually every page. It is an enjoyable book for the reader in search of the perfect world, and it suits the well-meaning anti-globalist who believes that since individuals make mistakes, it is wiser to give other individuals the right to interfere. Put differently, Stiglitz strongly believes that bad policymaking can be reduced by enlightened policymaking, both nationally and on a global scale. And that when international economic agencies do not behave properly, they must be reformed, made more transparent and accountable, and less dependent on special interests. The author believes that national leaders, by and large, pursue the well-being of their peoples. He also believes that international agencies, like the IMF and the World Bank, must ensure that global phenomena maintain a “human face,” and that national politicians be supported by somebody in charge when something goes wrong. Indeed, it is hard to see much economics in these conclusions (see in particular the final
General Counsel, Applied Optoelectronics, Inc. To submit reviews for this section, visit
BOOK REVIEWS
Edited by N. Stephan Kinsella*
JOSEPH E. STIGLITZ. GLOBALIZATION AND ITS DISCONTENTS. NEW YORK: W.W. NORTON, 2002. PP. xxii + 282.
Globalization and its Discontents is an enjoyable and thoughtprovoking book. It is probably the most readable, well-argued, and subtle attack against globalization in the past few years. Although the author fights, in a rather dogmatic style with some shades of arrogance, against what he believes to be devious free-market attitudes, his prose is simple and accessible to a wide audience. But it is also deceptive. While the author emphasizes time and again that he is not leveling an attack against market principles and globalization in general, he advocates Keynesian policymaking (money printing and deficit spending) on virtually every page. It is an enjoyable book for the reader in search of the perfect world, and it suits the well-meaning anti-globalist who believes that since individuals make mistakes, it is wiser to give other individuals the right to interfere. Put differently, Stiglitz strongly believes that bad policymaking can be reduced by enlightened policymaking, both nationally and on a global scale. And that when international economic agencies do not behave properly, they must be reformed, made more transparent and accountable, and less dependent on special interests. The author believes that national leaders, by and large, pursue the well-being of their peoples. He also believes that international agencies, like the IMF and the World Bank, must ensure that global phenomena maintain a “human face,” and that national politicians be supported by somebody in charge when something goes wrong. Indeed, it is hard to see much economics in these conclusions (see in particular the final
General Counsel, Applied Optoelectronics, Inc. To submit reviews for this section, visit