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Book Review

Book Review J. E. Stiglitz. Globalization and Its Discontents . New York: Norton, 2002. ISBN 0‐393‐05124‐2 (192 pp., $24.95). G. Soros. George Soros on Globalization. New York: Public Affairs, 2002. ISBN 1‐58648‐125‐8 (160 pp., $20). A former commissioner of major league baseball unwittingly illustrated one of the major problems of the global economic order. Commissioner Bowie Kuhn piled up personal debt and suffered financial setbacks until insolvency loomed on the horizon. His lawyers advised him to buy a house in Florida, a very big house, with no furniture. Although his other assets would be divided among his creditors, the bankruptcy laws allowed Commissioner Kuhn to keep the full value of his multimillion‐dollar Florida house. Like Commissioner Kuhn, countries that suffer financial setbacks, and the banks that loan to them, may try to manipulate an expected bailout package rather than clean up their respective financial houses. Two recent books analyze how the International Monetary Fund (IMF), the World Bank, and the U.S. Treasury handled the crises associated with the free flow of global financial capital. Both Joseph Stiglitz and George Soros define globalization in terms of the marked increase in international capital flows and the increase in world trade. They are http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Analyses of Social Issues & Public Policy Wiley

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Publisher
Wiley
Copyright
Copyright © 2003 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1529-7489
eISSN
1530-2415
DOI
10.1111/j.1530-2415.2003.00029.x
Publisher site
See Article on Publisher Site

Abstract

J. E. Stiglitz. Globalization and Its Discontents . New York: Norton, 2002. ISBN 0‐393‐05124‐2 (192 pp., $24.95). G. Soros. George Soros on Globalization. New York: Public Affairs, 2002. ISBN 1‐58648‐125‐8 (160 pp., $20). A former commissioner of major league baseball unwittingly illustrated one of the major problems of the global economic order. Commissioner Bowie Kuhn piled up personal debt and suffered financial setbacks until insolvency loomed on the horizon. His lawyers advised him to buy a house in Florida, a very big house, with no furniture. Although his other assets would be divided among his creditors, the bankruptcy laws allowed Commissioner Kuhn to keep the full value of his multimillion‐dollar Florida house. Like Commissioner Kuhn, countries that suffer financial setbacks, and the banks that loan to them, may try to manipulate an expected bailout package rather than clean up their respective financial houses. Two recent books analyze how the International Monetary Fund (IMF), the World Bank, and the U.S. Treasury handled the crises associated with the free flow of global financial capital. Both Joseph Stiglitz and George Soros define globalization in terms of the marked increase in international capital flows and the increase in world trade. They are

Journal

Analyses of Social Issues & Public PolicyWiley

Published: Dec 1, 2003

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