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EU policies stated clearly,
Rezension bezieht sich auf: Globalization and Its Discontents (Taschenbuch)
This is a very readable book by one of the authors of 'asymmetric information'. The book describes the disastrous consequences of the neo-classical equilibrium rules imposed on the world by the World Bank and IMF, and their reenforcement by the US Treasury and the EU. The book is written in measured, nonideological style by a theorist and practitioneer who understands that the standard model is wrong. That theory, neo-classical equilibrium theory or 'general equilibrium theory', teaches that unregulated free markets are optimal, that they provide the highest efficiency and the best of all possible worlds. When there is a problem then the standard advice (since Friedman-Reagan-thatcher) is to deregulate (even public water supplies are now sold to global industries). But to the contrary, there is not one whit of hard empirical evidence that that viewpoint holds a drop of water. The recent empirical evidence is instead that financial markets in particular, and highly liquid markets in general, are dynamically unstable, do not admit equilibrium of any kind: Adam Smith's regulating Invisible Hand does not exist in liquid markets.
Stiglitz provides us with one practical example after the other of the instability of deregulated markets. That is the value of this book. The author could have begun better by explaining to us just who/what are the supra-national, bureaucratic powers known as the IMF, the World Bank, the World Trade Organization, how are they financed and who holds holds the power. This would have been useful, especially as Americans are now told that their democratically-elected (excepting the current occupant) government should adhere to the nondemocratically-imposed rules of the WTO. And ithe EU, the Agiculture Minister announces to us that EU agriculture policies are in violation of IMF rules. Stiglitz might also have explained to us what exactly is the EU, aside from being just one more globalizing, nondemocratic organization. Most Europeans, safe to say, haven't the faintest idea exactly what is the EU, and apparently the bureaucrats who run it want to keep it exactly that way.
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