Our world is changing. Globalisation is not working. It is hurting those it was meant to help. And now, the tide is turning . . .Explosive and shocking, Globalization and Its Discontents is the bestselling expose of the all-powerful organisations that control our lives - from the man who has seen them at work first hand. As chief economist at the World Bank, Nobel Prize-winner Joseph Stiglitz had a unique insider's view into the management of globalisation. Now he speaks out against it- how the IMF and WTO preach fair trade yet impose crippling economic policies on developing nations; how free market 'shock therapy' made millions in East Asia and Russia worse off than they were before; and how the West has driven the global agenda to further its own financial interests. Globalisation can still be a force for good, Stiglitz argues. But the balance of power has to change. Here he offers real, tough solutions for the future.

For dozens of developing countries, the financial upheavals of the 1980s have set back economic development by a decade or more. Poverty in those countries have intensified as they struggle under the burden of an enormous external debt. In 1988, more than six years after the onset of the crisis, almost all the debtor countries were still unable to borrow in the international capital markets on normal terms. Moreover, the world financial system has been disrupted by the prospect of widespread defaults on those debts. Because of the urgency of the present crisis, and because similar crises have recurred intermittently for at least 175 years, it is important to understand the fundamental features of the international macroeconomy and global financial markets that have contributed to this repeated instability. Developing Country Debt and the World Economy contains nontechnical versions of papers prepared under the auspices of the project on developing country debt, sponsored by the National Bureau of Economic Research. The project focuses on the middle-income developing countries, particularly those in Latin America and East Asia, although many lessons of the study should apply as well to other, poorer debtor countries. The contributors analyze the crisis from two perspectives, that of the international financial system as a whole and that of individual debtor countries. Studies of eight countries—Argentina, Bolivia, Brazil, Indonesia, Mexico, the Philippines, South Korea, and Turkey—explore the question of why some countries succumbed to serious financial crises while other did not. Each study was prepared by a team of two authors—a U.S.-based research and an economist from the country under study. An additional eight papers approach the problem of developing country debt from a global or "systemic" perspective. The topics they cover include the history of international sovereign lending and previous debt crises, the political factors that contribute to poor economic policies in many debtor nations, the role of commercial banks and the International Monetary Fund during the current crisis, the links between debt in developing countries and economic policies in the industrialized nations, and possible new approaches to the global management of the crisis.

A dramatic transformation of global power is under way, one only dimly recognized by most Americans. As economics and trade now loom larger than nuclear stockpiles or Cold War ideology, those countries with the fastest growing economies have begun to rewrite the rules of power and influence in the world. These nations are the Big Emerging Markets, and for too long we have failed to recognize their importance. We can no longer afford that luxury. The Big Ten is the essential guide to the ten most important Big Emerging Markets. Jeffrey E. Garten, the Dean of the Yale School of Management and the former Under Secretary of Commerce for International Trade, explains who they are, why they have burst onto the world scene, and how they will reshape the world in the twenty-first century. The ten countries to watch are spread across the globe: Mexico, Brazil, and Argentina in the Americas; China, India, Indonesia, and South Korea in Asia; Poland and Turkey in Europe; and in Africa, South Africa. The Big Ten are bigger than most people realize: they are home to half the world's population, and the United States exports more products to these countries than to Europe and Japan combined. They also wield immense political influence in many of the world's most critical regions. Moreover, American industrial firms, mutual funds, and pension plans have begun to invest heavily in these dynamic economies, making our own prosperity increasingly dependent on theirs.While the Big Ten offer new opportunities for the United States, Garten observes their potential political instability could create economic havoc around the world. In addition, they pose powerful ethical and strategic dilemmas. The BEMs do not share our values regarding human rights, child labor, corruption, or environmental degradation, and our growing contacts with these societies are sure to violate our notions of fairness and our moral sensibilities. And as the Big Ten grow and mature as regional powers, they will pose unprecedented challenges to American global leadership.Drawing on his first-hand experiences at the highest levels of government, finance, and academia, Garten advances a comprehensive plan for America to meet the challenges of this emerging new world. he addresses the critical questions facing American policy makers, business executives, educators, and concerned citizens, and he outlines the bold changes that will be necessary if we are to control our national destiny in the decades to come. The Big Ten will help readers understand the importance of NAFTA, the rise of China, the connection between trade and human rights, and the imperatives for American foreign policy, business, and higher education. Packed with powerful insights and real-life stories from the front lines of international commerce, The Big Ten will redefine the way we think about America's global role in the twenty-first century.

" Private sector activity is crucial for development. It shapes the investment climate, mobilizes innovation and financing in areas such as global health, and can either cause or mitigate social and environmental harm. Yet so far, the international development debate has not focused on the role of the private sector. This volume—written by members of the private sector, philanthropic organizations, and academia—investigates ways to galvanize the private sector in the fight against global poverty. Using a bottom-up approach, they describe how the private sector affects growth and poverty alleviation. They also review the impediments to private capital investment, and discuss various approaches to risk mitigation, including public sector enhancements, and identify some specific new plans for financing development in neglected markets, including an equity-based model for financing small-to-medium-sized enterprises. From the top-down, the authors look at the social and environmental impact of private sector activities, investigate public-private partnerships, explore new perspectives on the role of multinationals, and discuss an in-depth case study of these issues as they relate to global public health. In addition to providing a broad overview of the current issues, this forward-looking volume assesses the action-oriented initiatives that already exist, and provides templates and suggestions for new initiatives and partnerships. Contributors include David DeFerranti (Brookings Institution), Timothy Freundlich (Calvert Social Investment Foundation), Ross Levine (World Bank), Sylvia Mathews (Gates Foundation), Jane Nelson (Harvard University's Kennedy School of Government), Alan Patricof (APAX Partners), Warrick Smith (World Bank), and Julie Sunderland (APAX Partners). "

Roughly once a year, the managing director of the International Monetary Fund, the US treasury secretary and in some cases the finance ministers of other G-7 countries will get a call from the finance minister of a large emerging market economy. The emerging market finance minister will indicate that the country is rapidly running out of foreign reserves, that it has lost access to international capital markets and, perhaps, that is has lost the confidence of its own citizens. Without a rescue loan, it will be forced to devalue its currency and default either on its government debt or on loans to the country's banks that the government has guaranteed. This book looks at these situations and the options available to alleviate the problem. It argues for a policy that recognizes that every crisis is different and that different cases need to be handled within a framework that provides consistency and predictability to borrowing countries as well as those who invest in their debt.

In this study, the author provides a critical assessment of the official sector's efforts to more effectively manage financial crises in emerging markets. Professor Eichengreen reviews international initiatives on both the crisis prevention and crisis resolution fronts.