Posted by: Dirk | February 10, 2010

Globalization and its reforms

Let me remind you of Joseph Stiglitz’ conclusion in Globalization and Its Discontents from 2002. On p.236 (Penguin edition) he starts under the headline “What is needed” to give list of proposals:

among the key reforms required are the following:

  1. acceptance of the dangers of capital market liberalizations …
  2. bankruptcy reforms and standstills …
  3. less reliance on bailouts …
  4. improved banking regulation …
  5. improved risk management …
  6. improved safety nets …
  7. improved response to crises …

This list is very impressive. If we would have fixed any of these things, the mess we are in would probably have been smaller. I don’t care whether he won a Nobel, but if you want to ignore Joe Stiglitz, you better have some reason because this list looks pretty impressive. Here is his latest column at the FT calling for more regulation now.

p.s.: I did not blog on the Greek “crisis” because of this and this: too small to matter.


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