spread of, 183, 191–92, 216, 236, 299
global financial crisis, of 2008, xxxii–xxxiii, xxxvi–xxxvii, xliii, 4, 361, 368
causes of, 53, 353, 354–55, 367
G-20’s role in, 363
globalization and, 10, 341
short-term thinking and, 86
Washington Consensus discredited by, 344
global financial system, reform of, 321–28
globalization:
in aftermath of Trump, 375–82
description of, 107–8
in developed vs. developing countries, xxix–xxx
effect on knowledge, 410
future of, xxxvii–xlv, 75
governance and, xxiv–xxv, 313–15
historical context of, xxxi–xxxii, 60–61
history of, 399
humanization of, 119, 334–40
increased risks of, 10–11
interests and ideology and, 304–11
international public institutions and, 311–13
main institutions of, 108
need for better management of, xxiv, 4–5, 45–50, 303–4, 343–44
optimistic claims for, xvi, 31, 51
and overhauling of social system, xliv–xlv
overselling of, 7–15
potential benefits of, xix, xxiv, xxxi, 103, 118, 303, 335–36
poverty exacerbated by, 303, 336
protests over, xxxii, 101–2, 107, 332
reasons for controversy of, 102–19
in service economy, 83, 85, 88–89, 385–87
taxes and, 38
themes in discontent with, xxiv–xxx
transparency and, 315–17
see also trade
globalization with compensation, 391
global power, dispersion of, 58–60
global reserve system, xxxv–xxxvi, 91, 364, 400
global rules-based system, 411
global supply chains, xv, xxxiv, 61, 70, 378
global tax reform, 362–64
global warming, 11, 17, 80, 312, 371, 393
global war on terrorism, xxxii
gold, 125
Goldman Sachs, 117
golf carts, 69
Google, 85, 383
Gosplan, 259
governance, xxiv–xxv, xliv, 76–78, 80, 96, 116–18, 119, 308, 313–15, 343, 362–66, 439
government:
economic role of, 109, 111, 118, 150, 151, 169, 181–82, 185, 186, 196, 211, 217, 306–11, 313–15
IMF’s view of, 180, 211, 285–86
see also budgets, balancing of
gradualism, 232–33, 253, 258, 357–59
in China’s market transition, 273, 274, 276
in Poland’s market transition, 271, 276, 277, 359–60
Great Britain, 111, 112n, 136, 157, 173, 220, 267–68, 273, 384, 397, 408
AIIB supported by, 374
European Union left by, 4
railroads in, 352
Great Depression, xv, 75, 83, 90, 109, 113, 131, 151, 155, 169, 183, 191, 200, 299, 336, 337
trade war in, 63
Great Recession, 9, 14, 75, 87, 90, 345, 408, 425
Greece, 355, 364, 424
greenfield investments, 152
greenhouse gases, 17, 312, 393, 399
Greenspan, Alan, 202, 367
gross domestic product (GDP), measurement of, 395
growth strategies, 177
Guantanamo Bay, 71
Gucci, 62
Hague, 382
“haircuts,” 292
Harvard University, 111
Hatch-Waxman Act, 419
health care, xvii, 16–17
health issues, 26, 57, 312, 381
hedge funds, 241
helium plant, 268
Hollywood, 82
Homeland Security Department, U.S., 400–401
Hong Kong, 186, 187, 370
Hoover, Herbert, 199, 218
hot money, 115, 287, 324
capital market liberalization and, 161, 187
definition of, 105–6
effects of sudden withdrawal of, 105–6
human capital, 345
Human Development Index (HDI), 398
human rights, 382
Hungary, 243, 253, 275, 277, 360
Hussein, King of Jordan, 172
hyperinflation, 149, 233–34, 238, 271, 309
hypocrisy, Western, 104–5, 156–59, 263, 269, 332
Hyundai, 188
Ibrahim, Anwar, 216
ice cream manufacturers, 163
Iceland, 39, 290, 398
ideological shifts, 376
illiteracy, 137
IMF, see International Monetary Fund
immigration, 43–45
effects of, 417–18
imperfect competition, 11–12
imperfect information, 348–49
imperfect risk markets, 349
incentive compensation schemes, 35
income, global, 104
income, measurement of, 395
income distribution:
immigration and, 43
trade and, 43
income gap, 103–4, 121, 186
India, xviii, xxx, xxxvi, xlii, 12, 60, 77–78, 106, 137, 158, 188, 192, 218, 363, 370, 373
desertification in, 393
growth rate in, 344
“individual responsibility” system, 272, 275
Indonesia, 34, 65, 107, 116, 117, 137, 143, 166, 308, 322–23
in East Asia financial crisis, 183, 187, 190, 191, 205, 209–10, 211–12, 213, 219, 332, 354, 430
effects of IMF’s policies on, 172
industrial policies, xxviii–xxix, 425
inequality, xvii, xviii–xix, xxi, xxii, xliv, 52, 80, 83, 84, 244–46, 360, 366, 386, 387–92, 410, 426, 434
inflation, 104, 112, 121, 149, 151, 172, 197, 202, 214, 273, 274
causes of, 124, 227
Federal Reserve Bank and, 141
hyper-, 149, 233–34, 238, 271, 309
IMF’s concern with, 124, 130, 141, 144, 168, 176, 201, 252, 309, 320
in Russia’s market transition, 233–34, 235, 238, 245, 247–48, 260
unemployment and, 130–31, 176, 306
Wall Street’s view of, 262–63
inflation target, 367
information, 82, 102–3, 131, 301, 349
access to, see transparency
asymmetries of, 179
imperfect nature of, 169
information capital, 207
infrastructure, 345
institutional infrastructure, 230, 231, 271, 273, 309
international, 311–13
insurance, 10, 178
“intellectual lobbying,” 129
intellectual property rights (IPR), xxi, 4, 40–43, 81, 106, 333, 396, 416, 417
and immigration, 418
interest rates, 62, 91, 131, 136, 139, 153, 213, 291–92, 296, 327, 352–53, 425
in East Asia financial crisis, 187, 189–90, 191, 198, 202–6, 208, 220, 221, 224, 354
effects of raising of, 110–11, 115, 132, 150, 155, 161, 176, 178–79, 191, 198, 202–6, 212, 431–32
market determination of, 128, 161
Russia’s market transition and, 237, 238–39, 240, 247–48
intergovernmental institutions, 108
International Labor Organization (ILO), 108
international landmines treaty (1997), 103
International Monetary Fund (IMF), xxviii, xxxvi, 96, 101, 108, 119, 137, 250, 270, 284–302, 312, 331–32, 335, 345, 348, 362, 363, 424
accountability of client nations to, 127, 320–21
alternatives to programs of, 133–36, 181–82, 210, 215–19
annual consultations conducted by, 144
“bail-in” strategy of, 292–94
bankruptcy and, 290–92, 297–98, 325, 438
“before” and “after,” 191
Botswana and, 134
call for overhaul of, 183
cap
ital controls recommended by, 347
colonial attitude of, 137
conditions imposed by, see conditionality
consultations within client countries recommended for, 145
contagion and, 288
control of, 110, 116–18
creation of, 371, 373
developing countries’ disregard for, 134, 190, 298
in East Asia financial crisis, xxxv, 183–84, 185, 186–87, 189–91, 192–224, 298–302, 310, 318, 354, 355, 424, 431
ESAF program of, 124
Ethiopia and, 122–30, 138
exchange rates and, 286–88, 290–92, 298
explaining mistakes of, 221–22
financial community’s interests served by, 222, 296, 303–5, 318
global financial system reform and, 321–28
governance and, 313, 314
governance of, 365–66
government role as viewed by, 180
headquarters of, 120
ill effects brought by policies of, 136, 138, 150, 155, 165, 170, 172, 175, 183, 192–97, 213–21
inequality attacked by, 366
lack of transparency of, 129, 147–48, 315–17, 322, 438
in Latin American debt crisis, 353
as “lender of last resort,” 294–95, 438
market fundamentalist ideology of, 110–11, 114, 128, 132, 150, 151, 155, 160, 162, 167–68, 179, 226, 274, 277, 285–86, 304, 309, 318, 319
mission of, 109–11, 115, 120–21, 138, 144, 201–2, 284–85, 292–93, 304, 321
narrowing the focus of, 320–21
new agenda of, 295–302
“one-size-fits-all” approach of, 112, 131, 143–44
origin of, 109
politics and, 257
poverty exacerbated by, 113, 115, 116, 132, 170, 180
priorities and strategies of, 175–80
reforms at, 345, 367–68
relationship of client countries to, 132, 137–48
“resident representatives” of, 120–21
response to Globalization and Its Discontents by, 347
revolving doors in, 296
Russia’s market transition and, 226, 227, 232, 235–42, 247, 252, 255–56, 257, 258, 259, 260–61, 274, 275, 278, 279–80, 281, 283, 360
self-image of, 318–19
Special Drawing Rights and, 331
timing of programs of, see sequencing; targets
title of client nations’ representatives to, 147
title of head of, 137
trade deficits and, 289–90, 298
trade liberalization demanded by, 157–58
Treasury Department and, 142, 175, 195, 257
U.S. veto power in, xxv, 110, 195, 205, 314
VAT recommended by, 346
viewed as having failed in its mission, 113, 115
World Bank and, 111–12, 114, 120–21, 146, 147
International Red Cross, 108
International Trade Organization, 369
Internet, 85, 103, 152
investment, domestic, 61
investment agreements, 35–38, 71
invisible hand, 32, 168–69, 351
Iraq, xxx, xxxiii, 71, 368
Ireland, 38–39, 362
“irreversibility,” 212
Islamic guerrillas, in Philippines, 103
Italy, 112n, 377, 397
Jakarta, 166, 204
Jamaican milk market, 103
Japan, 61, 62, 112n, 114, 137, 142, 158, 168, 174, 185, 196, 205, 220, 228, 301, 306, 314, 334, 397
Java, 191
job creation, xxiv, 50, 61, 92, 153, 155, 167, 175, 181, 186, 326
private returns vs., 32
trade and, 8–9, 18, 20
job destruction, 9–10, 20, 50, 60–61, 92
and capital flows, 34
job retraining, 58, 419
Jordan, 26, 172
Jubilee movement, 108, 331–32, 338
jurisprudence, 419
Justice Department, U.S., Antitrust Division of, 265
Kantor, Mickey, 158
Kazakhstan, 252
Kennedy, John F., 19
Kenya, 128, 136, 142, 143, 240
kerosene subsidies, 172
Keynes, John Maynard, 109, 110, 114, 134, 194, 214, 285–86, 288, 336–37, 388
KGB, 259
Kim, Jim Yong, 366
Kissinger, Henry A., 205
Klaus, Vaclav, 270
kleptocracy, 278
knowledge, 410
Knowledge for Development, 398
Köhler, Horst, 322–23
Kolodko, Grzegorz W., 271, 359–60
Korea, Republic of (South Korea), 34, 138, 141–42, 150, 153n, 168, 174, 176, 291, 306, 354, 355
capital market liberalization in, 195–97, 431
in East Asia financial crisis, 183, 187–88, 191, 198, 200, 203, 210, 211, 213, 219, 220, 223, 224, 298, 299, 301, 430
economic growth of, 187–88, 195
Korean War, 187, 188
Krueger, Ann, 111
Krugman, Paul, 216
Kuala Lumpur, 211
Kuznets, Simon, 174
labor, cheap, 16–18
in China, 12, 19
in Mexico, 19
labor, movement of, 417
labor force participation, 83–84
“labor market flexibility,” 178
labor unions, 179, 310
Lagarde, Christine, 366
laissez-faire, 169
land reform, 175–76, 177, 181, 229
“large externalities,” 217, 324
Latin America, 104, 105, 107, 176, 183, 192, 197–98, 241, 246, 308, 310, 326–27, 344
debt crisis in, 326–27, 353, 440
increase in poverty in, 174, 427
response to economic problems in, 114, 214
stagnation and recession in, 180
strengthening ties with Europe and China, 72
Washington Consensus policies designed for, 149
see also specific countries
Latvia, 358–59, 360
lending, 10
Lenin, V. I., 228
Le Pen, Marine, xliv, 3, 49, 50, 420
leverage, 203, 205
Lewis, Arthur, 173–74
Lewis, Steve, 134
liberalization, 154–62, 351
of trade, 8, 114, 149, 155–60, 161, 178–79, 186, 195–96, 329, 441
types of, 154
see also capital market liberalization
life expectancy, xvii–xviii, 102, 104
liquidity, 110, 134, 292–93
Lithuania, 360
loans-for-share program, Russian, 250–51, 256, 257, 261, 281, 283
Long Term Capital Management, 241, 269
long-term savings, 35
Lula da Silva, Luiz Inácio, 93
lumber, 423
Luxembourg, 38–39
LuxLeaks, 38–39
Macau, 38
Mack, Connie, 141
macroeconomic externalities, 413
macroeconomics, 145, 153, 203, 218
definition of, 112, 124
IMF’s concern with, 112, 124, 138, 152, 173, 252
and problems specific to developing countries, 131
macromanagement, 354–55
Macron, Emmanuel, xxxvii
macroshock therapy, 359–60
macrostability, 186, 351
Maduro, Nicolás, 81
mafia capitalism, 225, 252, 266, 278, 289, 309
Mahathir bin Mohamed, 187, 212–13, 215, 216
Making Globalization Work (Stiglitz), 393, 406
Malaysia, 34, 163, 168, 195, 299, 306, 417
in East Asia financial crisis, 183, 187, 198, 211, 212–13, 215–17, 219
IMF program avoided by, 215–16, 219
Manchester, England, 89
“Manifest Destiny,” 121
Manufacturers Hanover, 127
manufacturing, xli, 4, 9, 13, 21, 56–58, 83, 88, 357, 376, 385, 400
in Ger
many, 407
market economy, transition to, 112, 113, 180, 270–83, 303, 342, 359–61
of China, 104, 184, 228–29, 270, 271–74, 276
of Poland, 243, 247, 270–71, 275, 276, 277, 359–60, 361, 436–37
of Russia, 104, 225–26, 270, 274, 275, 276, 277, 359–61, 434, 437
of Taiwan, 229
see also privatization
market fundamentalism (free-market ideology), xvi, xl, 112, 153–54, 196, 207, 230, 279, 308, 309, 405
as IMF ideology, 110–11, 114, 128, 132, 150, 151, 155, 160, 162, 167–68, 179, 226, 274, 277, 285–86, 304, 309, 318, 319
invisible hand and, 168–69
replacement analysis for, 338
and trade agreements, 49
2008 crisis caused by, 353, 354
market imperfections, 110, 111, 114, 131, 151, 169, 285, 287, 294, 307
marketing boards, 170–71
market power, concentration of, 85
market reform, Bolshevik approach to, 253–56
markets, marketplace, 336
essential ingredients of, 230–31
government’s role in, 109, 111, 118, 150, 151, 169, 181–82, 185, 186, 196, 211, 217, 306–11, 313–15
models of, 306
“overshooting” by, 287
Marx, Karl, 306
Marxism, 226, 279
Mau-Mau revolt, 136
McNamara, Robert, 111
media power, 255–56
Mengistu Haile Mariam, 122, 123, 428
mercantilism, 16
Mercedes, 244–45
Mexico, xxxiii, xxxiv, 11, 26, 62, 66, 73, 102, 181, 189, 212, 214, 374, 375, 411, 430, 431
cheap labor in, 19
immigration from, 43
roads in, 352
tariffs of, 23–24, 55
trade surplus with U.S., 70
Trump’s proposed wall with, 4
Trump’s threat of tariffs against, 371
Walmart in, 406
Michigan, 13
Microsoft, 43, 85
middle class, 255
in China, xviii, xlii
erosion of, 4, 179, 191, 225, 245, 282
Middle East, 26, 172, 365
Milanović, Branko, xviii, 359, 396
military spending, 125, 233
milk imports, 103
minimum wage, 37
mining concessions, 167
Miyazawa Initiative, 205
Mobile, Ala., 418
Moldova, 243, 258
monetary policy, 8, 9, 109, 112, 114, 115
monopolies, 152, 170, 190, 232, 384
higher prices and, 163–64
Montreal Protocol (1987), 312
Morocco, 26, 117, 150–51
mortality rates, xvii
mortgages, 34, 151
Moscow, 244, 248, 260
multilateralism, 78
multinational corporations, 4, 11, 18, 19–20, 21, 26, 27, 28–29, 31, 74, 95, 164, 362, 392
rule of law and, 80
multipolarization, 379, 389–90
Museveni, Yoweri, 136, 171
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