Kazranris Using dynamic panel data methods with an updated dataset for the period —, we assess the finance—inequality—poverty nexus by taking the separate and simultaneous impacts of banks and stock markets into account. Despite these good examples, our stigkitz of the impact of the Principles is negative. Does financial development reduce income inequality and poverty? Stiglihz, Mabid Ali M. Despite these opportunities, the modest scale of the funds backed by the Principles, and the uneven implementation of the Principles, produces substantial risks of failure, in every country. Due to human interference with the planet, at critical moments, the system has to show a crucial quality of resilience whether through renovation or adaptation.
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Its strength is the comparative, case study approach: Russia did it this way, China did it this other way; Brazil did it this way, Poland did it this other way. Sort of like an MBA in macro-economics in other words, where instead of looking at case studies of corporations you lo0k at case studies of countries. The main downer was the somewhat bash IMF tone, and Stiglitz gets somewhat repetitive towards the last couple of chapters.
I liked it. I thought it was a nice summary. Many many enterprises have floundered on foreign shores, unable to adapt to the different ways of thinking there.
Look at the evidence and the data. When prescribing a certain development route, compare apples with apples. Countries are not alike, and financial crises are not alike. What worked in one situation may not work in another. The IMF, however, would beg to disagree. The best example I have of this from the book is classical economists thinking that foreign lenders rush in where indigenous angel investors fear to tread: they think that raising interest rates in a severe recession is good because while it might destroy internal business confidence and turn solvent companies insolvent, foreign investors attracted by the higher returns will come in droves to lend to the impoverished, bankrupt businesses.
Err… really? And social trust once destroyed does not come back overnight. Imagine doing business with your ex who cheated on you. Attitudes to employment, to entrepreneurship, to investing and using capital, these are not just things you can learn from a book. The workings of banks, the NYSE, the insurance companies, the businesses, all of these are culturally embedded in social mores and beliefs, culture in other words.
That kind of soft skills and hard wiring take generations to take root. What Others Thought NYRB : Stiglitz has presented, as effectively as it is possible to imagine anyone making it, his side of the argument, including the substantive case for the kind of economic development policies he favors as well as his more specific indictment of what the IMF has done and why.
His book stands as a challenge. It is now important that someone else—-if possible, someone who thinks and writes as clearly as Stiglitz does, and who understands the underlying economic theory as well as he does, and who has a firsthand command of the facts of recent experience comparable to his—-take up this challenge by writing the best possible book laying out the other sides of the argument.
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