Joseph Stiglitz Page
KEY DOCUMENTS
http://www.globalpolicy.org/socecon/bwi-wto/wbank/stigindx.htm

Joseph E. Stiglitz is especially well-known as a critic of the reigning international economic policies and the institutions that enforce them – the International Monetary Fund, the World Bank and the United States Treasury Department. After a distinguished academic career on the faculty of MIT, Yale and Stanford, Stiglitz joined the Clinton administration in 1993 as member of the Council of Economic Advisors. He later was named the Council’s Chairman. In 1997 he took the post of Senior Vice President and Chief Economist at the World Bank Though a consummate political insider, Stiglitz grew increasingly disillusioned with the failures of neo-liberal policy and began to voice his thinking in public speeches. Increasingly outspoken, he eventually was ousted from his World Bank post, allegedly on orders from US Treasury Secretary Larry Summers. Since leaving the bank, Stiglitz has sharpened his criticism further, making embarrassing revelations about the role of the IMF in the Russian loan scandal, among other things. In mid 2001, he joined faculty of Columbia University and on 10 October 2001, it was announced that he would be awarded the Nobel Prize in Economic Science.
This section contains articles about Stiglitz’s stormy career at the World Bank, texts of some of his speeches and policy papers, media interviews and other materials. Of the many senior staff who have resigned in disgust from the World Bank over the years, Stiglitz has provided us with a deep and intelligent critique.

Key Documents | Articles by Stiglitz | Articles on Stiglitz | Links


Key Documents


What I Learned at the World Economic Crisis (April 6, 2000)
Former World Bank Chief Economist Joseph Stiglitz, explains concisely why protestors in Washington have legitimate reasons for accusing the IMF and others of irresponsible development policy. (New Republic)

The Globalizer Who Came In From the Cold (October 10, 2001)
An article based on former Senior Vice President of the World Bank and Nobel Prize winner 2001 Joe Stiglitz’s knowledge of the Bank and the IMF’s “poverty reduction strategy”. A one-size-fits-all strategy, which in fact “undermines democracy” and does more harm than good. (Observer)


Articles by Stiglitz
Protectionism Made in the USA (April 2002)
Joseph Stiglitz discusses how the US applies double standards in terms of international trade, globalization and fiscal policy. (Project Syndicate)
Argentina, Shortchanged (May 12, 2002)
Many economists reason that Argentina’s economic crisis resulted from the failure to implement IMF policies correctly and vigorously. Joseph Stiglitz disagrees, arguing that completely following the IMF plan would have worsened and expedited the crisis. (Washington Post)
Overseas Aid is Money Well Spent (April 14, 2002)
Joseph Stiglitz calls attention to successful, income-generating projects created from international aid. He proposes that donors should channel funds through NGOs instead of punishing poor people in countries whose governments have mismanaged foreign aid. (Financial Times)
Global Greenbacks (March 22, 2002)
Joseph Stiglitz discusses a new form of global money that would release the pressure on developing countries to hold reserves in US dollars and Treasury bills. (Economic Times)
Globalism's Discontents (January 14, 2002)
Joseph Stiglitz discusses the pros and cons of globalization, and calls for social justice. He argues that successful globalizing countries determine their own pace of change, share the benefits equitably and reject the basics of the “Washington Consensus”. (American Prospect)
Lessons From Argentina's Debacle (January 10, 2002)
Nobel Prize winner Joseph Stiglitz argues that the International Monetary Fund encourages failing policies, and that countries like Argentina ends up paying the price. This crisis can teach important lessons, such as the growing need for reform of the IMF and the global financial system. (Straits Times)
Competing Over Competition Policy (August, 2001)
Joseph Stiglitz discusses the Bush Administration’s move toward establishing protection for the US steel industry in the context of increasing monopolization in industry. He praises the EU for its integrity in blocking the GE-Honeywell merger and argues that a corporatist market economy too frequently masquerades as a free market economy. Based on Alcoa’s example, Stiglitz argues: “what makes for good profits—creating global monopolies—does not make for good public policy.” (Project Syndicate)
Thanks for Nothing (October, 2001)
Joseph Stiglitz describes the dark side of globalization, as a process driven by the North for the North, resulting in global instability and increased inequality. By using Ethiopia as an example, Stiglitz shows the ways in which IMF policies can go wrong and emphasizes the need for reform. (Atlantic Monthly)
Protest and the Secret World of Financial Aid (October 2001)
Nobel-prize winner Joseph Stiglitz discusses here the failures of the current global financial system. He proposes a six-part reform strategy that calls for the democratization of and increased transparency in the governance of the IMF, WTO, and World Bank. (The Banker)
Nobel Laureate Encourages Global Justice Movement (October 15, 2001)
Joseph Stiglitz points out the unfairness of trade agreements, especially when it comes to developing countries. The Nobel Prize winner in economics asserts that the global justice movement must go on. (Inter Press Service)
The IMF’s Missed Opportunity (September, 2001)
Joseph Stiglitz argues that the International Monetary Fund lost an ideal opportunity to re-examine its dogmatic ideology when it named Ann Krueger as First Deputy Managing Director. Instead, the appointment just reinforces the adherence to failed past policies. (Project Syndicate)
Democratic Development as the Fruits of Labor (January 24, 2000)
After criticizing the IMF and World Bank for inaccurately evaluating development, former World Bank Chief Economist, Joseph Stiglitz stresses the need for a more democratic policy making team, to incorporate specifically the working class, i.e. labor unions into the discussion of development strategy.
The World Bank at the Millennium (November 1999)
An article by Joseph Stiglitz from the Economic Journal, of the UK's Royal Economic Society. Links to Stiglitz's web page on the World Bank's site that provides a number of articles and statements, including "Joe's Conference Watch."
Lessons of the Asia Crisis (December 4, 1998)
Joseph Stiglitz in a Financial Times article points out what can be learned from the Asian financial crisis.
"Toward the Post-Washington Consensus" (January 7, 1998)
A speech delivered by Joseph Stiglitz, Senior Vice President and Chief Economist of The World Bank, for the 1998 WIDER Annual Lecture in Helsinki. Because of its sharp criticism of the "Washington Consensus" that has shaped policy for two decades, the speech drew a lot of attention.


Articles on Stiglitz
A Different IMF Agenda During the Crisis (June 4, 2002)
Joseph Stiglitz was chief economist of the IMF during the height of the Asian financial crisis. He verifies that IMF programs failed in all countries yet, “instead of helping the crisis-hit countries deal with the problem and save them from greater devastation, the IMF turned out to be the main bill collector for the G- 7.” (Business Times, Malaysia)
Rebel With a Cause (May 23, 2002)
Since his resignation from the World Bank, Joseph Stiglitz has not “quieted down” his criticism of international institutions. Rather, Stiglitz continues to raise awareness of the “dire consequences” of IMF policies, free trade and privatization. (Nation)
IMF Repeating Asian Mistake in Argentina, Says Stiglitz (March 22, 2002)
Joseph Stiglitz discusses the IMF’s role in Argentina’s economic crisis. According to Stiglitz, the focus should be on increasing output in Argentina rather than trying so hard to attract foreign markets. (Reuters)
Renowned US Economists Denounce Corporate-Led Globalization (November 18, 2001)
Nobel Prize winner Joseph Stiglitz, and internationally acclaimed economist Paul Krugman criticize the World Bank, IMF and World Trade Organization. They argue that these organizations pursue hypocritical, dogmatic and undemocratic policies influenced by big business. (Grassroots Globalization Network)
FTAA (Free Trade in the Americas) Is a Threat, Warns Nobel Laureate (October 29, 2001)
Joseph Stiglitz criticizes US economic domination of Latin America and opposes “dollarization.” He argues that Latin American countries will not benefit from international financial institutions and free trade agreements as long as the US uses its power in a discriminatory way.(Inter Press Service )
IMF Short-Changes Hapless Developing Nations: Report (July 6, 2001)
After interviewing former World Bank chief economist Joseph Stiglitz and examining confidential IMF documents, Columnist Gregory Palast realizes that developing countries that ask the IMF for financial assistant often end up losing more capital, while Western banks and the US Treasury gain more financial power. (Star)
IMF's Four Steps to Damnation (April 29, 2001)
Joseph Stiglitz, a former chief economist of the World Bank, explains how the IMF/World Bank plans worsen the social and economic situation in developing countries. (Observer)
A Fork in the Road to Riches (June 25, 2000)
The idea of allowing developing countries to choose their best path for development is not welcomed by the World Bank. “Experimentalists” like Kanbur and Stiglitz, who believe that governments can set their own path and pace to the market, both ended up going back to their cozy academia. (New York Times)
Joseph Stiglitz. The Progressive Interview. (June, 2000)
Professor Joseph Stiglitz, Nobel Price Winner and former Senior Vice President of the World Bank, gives his opinion on the International Monetary Fund and the World Bank. Stiglitz discloses their dogmatic doctrine and ignorance towards opposing views. (Progressive)
The Burghers of Wall St Stand Accused (May 25, 2000)
This article from the Australian Financial Review details renegade economist Joseph Stiglitz' views on the World Bank and the IMF. It provides further background information on the whole controversy surrounding his resignation.
Silencing Joseph Stiglitz (May 2, 2000)
Joseph Stiglitz, an outspoken economist who long opposes the "Washington consensus" imposed by the IMF with World Bank support, comments on the recent protests in Washington during the IMF-World Bank meetings. (Salon News)
Countries that Ignore IMF Fare Better Off - Stiglitz (April 19, 2000)
A day after protestors left Washington, former Chief economist for the World Bank, Joseph Stiglitz continued in the protestors spirit, delivering a speech, which harshly criticized IMF development policies. (Reuters)
Sound the Alarm (April 17, 2000)
An interview with economist James Stiglitz uncovers further criticism of global financial architecture, particularly the IMF, and begs the question of its reform. (Barron's)
World Bank Dissident Invokes Asian Workers' Woes (January 10, 2000)
Outgoing World Bank Chief Economist, Joseph Stiglitz, charges that the IMF, the World Bank and the US Treasury helped investors at the expense of workers in the Asian economic crises. (Interpress Service)
World Bank Economist Felt He Had to Silence Criticism or Quit (December 2, 1999)
Resigning from the World Bank, Stiglitz raises important questions concerning the "intellectual gap between" the latest thinking on sustaining growth in developing nations and what is still practiced at the World Bank and other Washington based organizations.(New York Times)
World Bank Aid Strategy Flawed says Stiglitz (November 29, 1999)
Departing World Bank chief economist, Joseph Stiglitz, speaks out against World Bank and IMF policies in an article in The Economic Journal, published by the UK's Royal Economic Society. (Financial Times)
Unemployed Can't Bank on Stiglitz: More of the Same From the World Bank (February 14, 1999)
Report on South African NGOs' meeting with Joseph Stiglitz, World Bank Chief Economist and Vice President, during his recent visit to South Africa.
"Bank Admits HIPC Conditions Wrong" (March 1998)
An article by the Jubilee 2000 Coalition, a group of more than 60 European and African organizations calling for the cancellation of all unpayable debt owed by the world's poorest countries.


Links
The World Bank's Page on Stiglitz
Speeches and essays made during his time at the World Bank are available here.