(2) Stiglitz, Joseph - Making Globalization Work.pdf - polityka - suckeefcukee

ALSO BY JOSEPH E. STIGLITZ

MAKING

GLOBALIZATION

WORK

The Roaring Nineties

Globalization and Its Discontents

JOSEPH E. STIGLITZ

W. W. NORTON & COMPANY

NEW YORK LONDON

For Anya, forever

Printed in the United States of America

First Edition

For information about permission to reproduce selections from this book, write to

Permissions, W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, NY 10110

Manufacturing by The Maple-Vail Book Manufacturing Group

Book design by Chris Welch

Production manager: Amanda Morrison

Library of Congress Cataloging-in-Publication Data

Stiglitz, Joseph E.

Making globalization work / Joseph E. Stiglitz. — 1st ed.

p. cm.

Includes bibliographical references and index.

ISBN-13: 978-0-393-06122-2 (hardcover)

ISBN-10: 0-393-06122-1 (hardcover)

1. Globalization—Economic aspects. I. Tide.

HF1359.S753 2006

337—dc22

2006020633

W W. Norton & Company, Inc., 500 Fifth Avenue, New York, N.Y. 10110

www.wwnorton.com

W. W. Norton & Company Ltd., Castle House, 75/76 Wells Street, London WIT 3QT

1 2 3 4 5 6 7 8 9 0

CONTENTS

Preface ix

Acknowledgments xix

CHAPTER I Another World Is Possible 3

CHAPTER 2 The Promise of Development 25

CHAPTER 3

Making Trade Fair 61

CHAPTER 4

Patents, Profits, and People 103

CHAPTER 5

Lifting the Resource Curse 133

CHAPTER 6 Saving the Planet 161

CHAPTER 7 The Multinational Corporation 187

CHAPTER 8 The Burden of Debt 211

CHAPTER 9 Reforming the Global Reserve System

CHAPTER I0 Democratizing Globalization 269

Notes 293

Index 339

PREFACE

M y book Globalization and Its Discontents was written just

after I left the World Bank, where I served as senior vice

p resident and chief economist from 1997 to 2000. That

book chronicled much of what I had seen during the time I was at the

Bank and in the White House, where I served from 1993 to 1997 as a

member and then chairman of the Council of Economic Advisers under

President William Jefferson Clinton. Those were tumultuous years; the

1997-98 East Asian financial crisis pushed some of the most successful

of the developing countries into unprecedented recessions and depres-

sions. In the former Soviet Union, the transition from communism to

the market, which was supposed to bring new prosperity, instead

brought a drop in income and living standards by as much as 70 per-

cent. The world, in the best of circumstances, marked by intense com-

petition, uncertainty, and instability, is not an easy place, and the

developing countries were not always doing the most they could to

advance their own well-being. But I became convinced that the

advanced industrial countries, through international organizations like

the International Monetary Fund (IMF), the World Trade Organization

(WTO), and the World Bank, were not only not doing all that they

could to help these countries but were sometimes making their life more

difficult. IMF programs had clearly worsened the East Asian crisis, and

PREFACE

Preface

the "shock therapy" they had pushed in the former Soviet Union and its

satellites played an important role in the failures of the transition.

I covered many of these topics in Globalization and Its .Discontents. I

felt I had a unique perspective to bring to the debate, having seen poli-

cies being formulated from inside the White House, and from inside

the World Bank, where we worked alongside developing countries to

help develop strategies to enhance growth and reduce poverty. Equally

important, as an economic theorist, I spent almost forty years working

to understand the strengths, and limitations, of the market economy.

My research had not only cast doubt on the validity of general claims

about market efficiency but also on some of the fundamental beliefs

underlying globalization, such as the notion that free trade is necessar-

ily welfare enhancing.

In my earlier book, I described some of the failures of the interna-

tional financial system and its institutions, and showed why globaliza-

tion has not benefited as many people as it could and should have. And I

sketched out some of what needs to be done to make globalization work—

especially for the poor and developing countries. The book included

some proposals for reforming the world financial system and the

international financial institutions that govern it, but space did not

allow me to flesh out these proposals.

Just as my time in the White House and at the World Bank put me

in a unique position to understand globalization's problems, so too has it

provided me with the basis for this sequel. During my years in Washington,

I traveled the world and met many government leaders and officials,

as I studied the successes and failures of globalization. After I left

Washington to return to academia, I remained involved in the

globalization debate. In 2001, I received the Nobel Prize for my earlier

theoretical work on the economics of information. Since then, I have

visited dozens of developing countries, continued my discussions with

academics and businesspeople, with prime ministers, presidents, and

parliamentarians on every continent, and been involved in fora debat-

ing development and globalization involving every segment of our

global society.

of Economic Advisers and as a member of his cabinet. I declined,

because I thought that the task of designing policies and programs that

would do something about the abject poverty which plagued the less

developed world was a far more important challenge. It seemed terri-

bly unfair that in a world of richness and plenty, so many should live

in such poverty. The problems were obviously difficult, but I felt con-

fident something could be done. I accepted the World Bank's offer, not

only because it would give me new opportunities to study the problems

but because it would provide me a platform from which I could sup-

port the interests of the developing countries.

In my years at the World Bank, I came to understand why there was

such discontent with the way globalization was proceeding. Though

development was possible, it was clear that it was not inevitable. I had

seen countries where poverty was increasing rather than decreasing,

and I had seen what that meant—not just in statistics but in the lives

of the people. There are, of course, no magic solutions. But there are a

multitude of changes to be made—in policies, in economic institu-

tions, in the rules of the game, and in mindsets—that hold out the

promise of helping make globalization work better, especially for the

developing countries. Some changes will occur inevitably—China's

entry into the global scene as a dominant manufacturing economy and

India's success, in outsourcing, for instance, are already forcing changes

in policies and thinking. The instability that has marked global finan-

cial markets during the past decade—from the global financial crisis of

1997-98 to the Latin American crises of the early years of the new mil-

lennium, to the falling dollar beginning in 2003—has forced us to

rethink the global financial system. Sooner, or later, the world will have

to make some of the changes I suggest in the following chapters; the

question is not so much whether these or similar changes will occur, but

when—and, more important, whether they will occur before another

set of global disasters or after. Haphazard changes that are done quickly

in the wake of a crisis may not be the best way to reform the global eco-

nomic system.

The end of the Cold War has opened up new opportunities and

removed old constraints. The importance of a market economy has

now been recognized and the death of communism means that govern-

When I was about to leave the White House for the World Bank,

President Clinton asked me to stay on as the chairman of his Council

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