The Evolution of Globalization
Around the turn of the century, critics of trade and capital-market liberalization had good reason to worry that emerging and developing economies would fall further behind the developing world. But the opposite happened, and now the world must worry about the trajectory of advanced economies and the fraying of multilateral arrangements.
LONDON – Few academic books have had more political influence than Joseph E. Stiglitz’s Globalization and its Discontents. First published in 2002, it became an instant international sensation and propelled its author, already a Nobel laureate economist, to rock-star status. That has been especially true in the emerging and developing world, where he now addresses sold-out arenas. After Discontents, globalization became a byword for all of the harm that has been visited upon emerging and developing economies by global trade and international financial institutions.