Globalization and its Discontents by Joseph Stiglitz brings to light many different arguments about the way globalization is being handled by different government agencies especially the International Monetary Fund, and the World Bank. It is Stiglitz argument that globalization is failing to help many of the countries who are supposed to be benefiting from globalization and this new wave of capitalism. Stiglitz argues that the IMF is to blame for many of globalizations short comings. He believes this is because the IMF lacks key information that is needed to make the decisions they have to make, and therefore there economic policies are flawed and fail to help the countries who need the most help. Instead IMF policies have actually been proved to hurt more then they help developing nations and benefit the richer economies of the world. Stiglitz highlights many policies that are greatly flawed including Trade liberalization, high interest rates, privatization, liberalizing capital markets and fiscal austerity. Each of these policies are formed on the basis of ideology instead of good economic analysis Stiglitz argues. The IMF uses a "cookie cutter" approach to solve the problems of developing nations, which over the years has been proven to fail. And by pushing high interest rates on these developing countries it makes it that much harder for them to do well with the money borrowed. Often countries never see the benefit of money lent by the IMF, and end up changing there ways to fit IMF standards and open the doors to more outside products. They then end up in great amounts of debt to credit lenders.
             Worse then bad policies stiglitz argues that the IMF often shows a darker side, working to help the interests of creditors, and of the rich investors and elites. This is sad considering that globalization was supposed to bring hope to the peasants and working class of the world. Stig
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