Popular discontent with the economic process known as globalization is growing not only in developing countries, for which globalization has had consequences harmful, but also in the West, as shown by the large street demonstrations which take place every time the World Trade Organization (WTO), the World Bank or the International Monetary Fund (IMF) hold an important meeting. These protests can no longer be seen as the work of a small, disgruntled minority. In Globalization and Its Discontents, critiques of globalization and the role of Western financial and business institutions in promoting it receive considerable support from an insider who knows what he's talking about. This book is a sustained and often devastating critique of the IMF's role in globalization and is only slightly less critical of the economic policies and assumptions of the U.S. government. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Stiglitz relentlessly offers example after example of situations in which the IMF's rigid insistence that its policies were the only correct ones to pursue, despite evidence to the contrary led to disastrous results everywhere around the world, from East Asia to Latin America and Russia. Globalization is the process that has led to closer integration of all nations of the world through reductions in transportation and communication costs and the removal of artificial barriers to the movement of goods, services, capital and resources. people across borders. There is no doubt, as Stiglitz points out, that globalization has brought many benefits. Open international trade has helped many developing countries grow much faster than they otherwise would have. The standard of living has increased and life expectancy has increased. However, in many parts of the world, globalization has also not brought the expected economic improvements. More people live in poverty in 2003 than in the early 1990s, even though total global income has increased during the same period. Nor has globalization brought economic stability, as the crises in Latin America and Asia have shown. The IMF was established in 1944 with the mission of ensuring global economic stability. Stiglitz believes he has failed in his mission. Not only have economic crises become more frequent over the past twenty-five years, but in many cases the policies promoted by the IMF have actually made the situation worse, especially for the poor. The IMF also failed to accomplish its mission in the 1990s, which was to oversee the transition to a market economy in former communist countries. Stiglitz's fundamental criticism is that the IMF is committed to a rigid ideological agenda that is not always appropriate to the situation. He calls this the “Washington Consensus.” This consensus, which emerged during the Reagan era in the 1980s, values ​​the free market above all. It emphasizes budgetary austerity, privatization and market liberalization. Keep in mind: this is just a sample. Get a personalized article from our expert writers now. Get a Custom Essay According to Stiglitz, when consensus first emerged it had considerable meaning, but as the years went by it came to be applied as an end in itself rather than as a means to ensure equitable and sustainable growth in...