Tuesday, May 14

Please review the pages we read today a bit (as well as p. 12, which we skipped), and then pick up at the top of p. 14 and read through p. 19. I know! I said only through p.18 in class today--but if we carry on through p. 19, the reading will, I think, be more meaningful--and connect in some fairly obvious ways with our work of last week. And so give us more to talk about. (You could skip the last paragraph on p. 15, which continues to p.16, if you wanted to save a bit of time.)


Here are some suggested points to take a look at as you read and summarize:

According to Stiglitz, which countries--and which institutions within their governments--largely "run the show" at both the I.M.F. and the World Bank? (p.12)

What is the big ideological change that occurred at both the I.M.F. and the World Bank during the 1980s (p. 13) And how, according to Stiglitz, has the I.M.F. in particular changed since its founding? What does he mean by his statement that J. M. Keynes "would be rolling over in his grave were he to see what has happened to his child?" (pp. 12-13)

According to Stiglitz, why has neither institution been very interested in adapting its policies to the particular needs of different individual countries? (p. 14-15 and previous)

Why does Stiglitz say (p. 15) that the I.M.F. has failed in its mission?

What difference does Stiglitz see between the ways that the U.S. and other now-developed countries built up their own economies, and the ways they now demand that poor and developing countries build up theirs?
(pp. 16-17)

What are some examples of destructive, mistaken policies Stiglitz accuses the I.M.F. and the World Bank of pursuing? (pp.16-18)

What picture of I.M.F. and World Bank governance and priorities does Stiglitz give? And what are some familiar names and institutions? (pp. 18-20)

Of course, there may be other points you find interesting, and we can talk about those, too. But if you can answer these questions, I think you'll largely "have your arms around" the main points.