Globalization and Its Discontents - WikipediaMany neoliberal economists, confronted with surging support for populists in Europe and the US, remain convinced that everyone really is benefiting from globalization; they just don't know it. But if the problem is one of psychology, not economics, income data suggest that it is the neoliberals who would benefit from therapy. It seemed a mystery: people in developing countries had been told that globalization would increase overall wellbeing. So why had so many people become so hostile to it? Opinion polls, including a careful study by Stanley Greenberg and his associates for the Roosevelt Institute, show that trade is among the major sources of discontent for a large share of Americans. Similar views are apparent in Europe. How can something that our political leaders — and many an economist — said would make everyone better off be so reviled?
Globalization and its New Discontents
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The book draws on Stiglitz's personal experience as chairman of the Council of Economic Advisers under Bill Clinton from and chief economist at the World Bank from - To browse Academia.
Read this article in German. The world economy is in even worse shape than it was 25 years ago, argues Stiglitz. Unfettered globalisation has wreaked havoc further afield and more intensely than he had predicted. The plethora of economic meltdowns since the late s — in Argentina , Russia , East Asia , the global financial crisis , the euro crisis — illustrates that no country, region or bloc has been spared the instability inherent in our current, neoliberal stripe of globalisation. Nor will they be in the future, either, Stiglitz warns, unless the rules governing globalisation are fundamentally rewritten. Hardest hit was, and is, the poverty-stricken Sub-Sahara, which has a per capita income of just 2.
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