Stiglitz, Joseph E. (2003). Globalization and its Discontents. New York: W.W. Norton & Company.
“Today, globalization is being challenged around the world….for millions of people globalization has not worked. Many have actually been made worse off, as they have seen their jobs destroyed and their lives become more insecure. They have felt increasingly powerless against forces beyond their control. They have seen their democracies undermined, their cultures eroded”. (Stiglitz, 2003, p. 248)
There are at least two main reasons that past reformist approaches to IMF-imposed austerity measures, market deregulation, trade liberalization, and privatization—some of the core tenets of neoliberal globalization—have largely fizzled out. One is that institutions such as the IMF are thoroughly undemocratic, unrepresentative and accountable, just as they are maniacally ideological, unresponsive and thus resistant to change. Another is that some of the proposed reforms are almost worse than what is to be reformed—or they can…
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