Critical Book Review Research Paper Example | Topics and Well Written Essays - 1500 words - 1

Critical Book Review - Research Paper Example He uses personal experience as the chairman of the council of economic advisors under the presidency of bill Clinton from the year 1993 and as the chief economist at the World Bank from 1997 to make his arguments. During this period, Stiglitz became disenchanted with the International Monetary Fund and other international institutions which he regarded as acting against the interests of the poor developing countries in favor of the developed world. He argues that the economic policies of the International Monetary Fund are based on unsound neoliberal assumptions that are only beneficial to the developed economies. The main precept of the book is that pro-globalization policies have the potential of benefitting all countries if properly undertaken and properly incorporated into the individual characteristics of each particular country. Otherwise the objectives of globalization will not be realized as it will only continue to serve the interests of the developed world leaving the developing countries lagging behind in all aspects. Globalization should therefore be embraced by all countries on their own unique terms. These countries should consider their own culture, history, and traditions while embracing globalization in order to ensure that it doesn’t work against them. The adoption of poorly designed or emulated pro-globalization policies often has the effect of being costly to the concerned countries. The resultant effect is increase in the levels of instability which renders such countries more susceptible to reduced growth, external shocks and increase in the levels of poverty. He goes on to argue that globalization has not been fairly pushed to benefit all because the policies of liberalization were haphazardly implemented in the wrong order using inadequate and at times wrong economic principles. The consequences of this as he has pointed out is that terrible results are now being felt including