This book should be read by anyone interested in the impacts of globalization. Joseph Stiglitz, author and Nobel Prize winner for economics gives his first hand experience of life in the World Bank and the major failings of both the World Bank and the IMF’s programs. This is a fantastic, easy-to-follow book for anyone who wants to understand more about economics and the role of global financial institutions.
Stiglitz makes a strong stand and articulates the original roles of the public institutions such as the IMF, the World Bank and the WTO, criticizing how they do not live up to their supposed mandates. He exposes the disastrous policies of the IMF which had led countries after countries, on its crusade to impose the Gospel of Market-Fundamentalism, into desolation and devastation. For those who have training in economics, this is a very good book to show how economic thinking is applied to real world situations. For those who do not know much about economics, this book slowly will yield significant dividends in understanding our world and the huge stakes involved in the process of globalization. That said, not every reader would agree with the analysis here, but to form an educated opinion it is essential to understand both sides of a debate.