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1、fourrudofEconomicLiteratureVol.XLI(September2003)pp.885-899GlobalizationandthePoliticsofIntemationalFinance:TheStiglitzVerdictlKAUSHIKBASU^1.IntroductionofEconomicAdvisers.*^FromtherehewenttotheWorldBankasseniorvicepresidentJosephStiglitz'srecentbook.Globali-andchiefe
2、conomist.PopulargloballyforzationandItsDiscontents,defieseasycate-chamoioninEthecauseofthedisadvant^ffidgorization.Itis,inpart,anacademicmono-anddispossessedandfornotholdingbackgraphmeanttobereadbyprofessionaloncriticizingtheU.S.Departmentofeconomistsandtheseriousgrad
3、uatestu-TreasuiyandSieIMF,hebecameunpopulardent;butitisalso,inpart,adiatribeagainstinthebastionsofpowerinWashingtonfortheinjusticesofglobalfinanceandpolitics.theveiysamereasons.SoonafterleavingItiswrittenattimesfromtheivorytower,theWorldBankandjoiningColumbiacontempla
4、tingthevastpanoramaofintema-University,hewontheNobelPrizeineco-tionaleconomicrelationswitharesearcher'snomics,sharedwithCeorgeAkerlofandtrainedbutdistantvision;butitalsoreadsinMichaelSpence.Personally,hehaslittletoplaceslikearabble-rousingcallfromanbedisappointedabout
5、intheworld.Andthatactivistwhohasnotimeforthenicetiesofisexactlyw^tgivespoignancyandmoralmodelsandregressions.Withatitlethatforcetohisdisappointment,andstrengthtorhymeswithSigmundFreud'sclassicmono-hisargument.graph,thistooisabookwhereanacademic,whohasdonepioneeringwor
6、kinhisfield,Movingfromtheworldoftheoreticalcutsloosefromthebindsofhisdisciplinemodelsandthestudyofmarketequilibria,andassessestheworldwithpassion,con-heencounteredinWashingtonaworldofcem,andalsodisappointment.financeandmarkets,whichdidnotcorre-spondtothetheoreticalcon
7、structsofmod-Itisthedisappointmentthatmakesthisemeconomics.Thiswastrueevenwhenonesuchacompellingbook.Sdgjitzhasseenitconsideredthemostrealistictheoreticalall.In1993hemovedoutofthegrovesofmodels,whichbrokerankswiththeortho-academetojoinPresidentClinton'sCouncildoxyofth
8、eso-caUedtraditional"ChicagoSchool"andallowedforimperfectinforma-1GlobalisationandItsDiscontents.ByJosephStiglitz.tion,multi