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    Globalization - Chapter 7

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    Jon Glover
    This document contains 18 questions about Chapter 7 of the book "Globalization and Its Discontents" by Joseph E. Stiglitz. The questions examine Poland and China's transition from communism to market economies as alternatives to the "shock therapy" approach advocated by the Washington Consensus and pursued in Russia. Key points covered include China pursuing gradual reforms over privatization; township and public enterprises playing an important early role in China; and gradualist countries like China and Poland seeing more success than Russia, which followed shock therapy.

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    Globalization - Chapter 7

    Uploaded by

    Jon Glover
    58 views2 pages
    This document contains 18 questions about Chapter 7 of the book "Globalization and Its Discontents" by Joseph E. Stiglitz. The questions examine Poland and China's transition from communism to market economies as alternatives to the "shock therapy" approach advocated by the Washington Consensus and pursued in Russia. Key points covered include China pursuing gradual reforms over privatization; township and public enterprises playing an important early role in China; and gradualist countries like China and Poland seeing more success than Russia, which followed shock therapy.

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    Details from the Economics of Globalization class at Jacksonville University, ECON410.

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    This document contains 18 questions about Chapter 7 of the book "Globalization and Its Discontents" by Joseph E. Stiglitz. The questions examine Poland and China's transition from communism to market economies as alternatives to the "shock therapy" approach advocated by the Washington Consensus and pursued in Russia. Key points covered include China pursuing gradual reforms over privatization; township and public enterprises playing an important early role in China; and gradualist countries like China and Poland seeing more success than Russia, which followed shock therapy.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    58 views2 pages

    Globalization - Chapter 7

    Uploaded by

    Jon Glover
    This document contains 18 questions about Chapter 7 of the book "Globalization and Its Discontents" by Joseph E. Stiglitz. The questions examine Poland and China's transition from communism to market economies as alternatives to the "shock therapy" approach advocated by the Washington Consensus and pursued in Russia. Key points covered include China pursuing gradual reforms over privatization; township and public enterprises playing an important early role in China; and gradualist countries like China and Poland seeing more success than Russia, which followed shock therapy.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Globalization and Its Discontents

    Joseph E. Stiglitz

    Chapter 7 – Better Roads to the Market

    Explain how Poland provides an example of alternative strategies to those advocated by the Washington
    Consensus. To what extent did Poland use “shock therapy”? To what extent did it pursue the gradualist
    approach? (pp. 180-181)

    Explain how China provides an example of alternative strategies to those advocated by the Washington
    Consensus. To what extent did China use “shock therapy”? To what extent did it pursue the gradualist
    approach? (pp. 180-187)

    According to Stiglitz, “The contrast between China’s strategy and that of Russia could not be clearer.”
    What are the differences between the two strategies? (p. 182)

    Describe China’s process of creative destruction. (p. 183)

    In its quest for both stability and growth, what objectives did China put ahead of privatization and
    restructuring existing enterprises? Why? (pp. 184-185)

    Provide examples of why Stiglitz claims “The ultimate irony is that many of the countries that have taken
    a more gradualist policy have succeeded in making deeper reforms more rapidly.” (p. 185)

    What was the role of township and public enterprises in the early years of China’s economic transition?
    What was the IMF’s attitude toward these enterprises? (p. 185)

    Poland and China show that there were alternative transition strategies to the ones adopted in Russia.
    Why might those strategies not work in Russia? What are the differences in political, social, and
    historical context between Poland, China, and Russia? (p. 186)

    What is the excuse of the shock therapists and why is Stiglitz not convinced by it? (p. 187)

    If the transition from communism to a market economy is perceived as a race between the tortoise and
    the hare, which countries are examples of tortoises (i.e., adopting gradualist policies) and which
    countries are examples of hares (i.e., adopting shock therapy)? Who one the race? Which approach has
    been more successful? (p. 187-188)

    What is the one benefit of Russia’s 1998 crisis? How and why it is a benefit? (p. 189)

    What should Russia encourage that goes beyond its focus on macrostabilization? How have IMF policies
    helped or hindered this effort? (p. 190)
    Explain why Stiglitz says Russia needs to impose a federalist government structure “that provides
    compatible incentives at all levels.” (p. 190)

    What does Stiglitz say is “one factor essential to establishing a good business climate,” and why does he
    say it will “prove particularly difficult to achieve given what has happened over the past decade?
    (p. 191)

    What changes does Stiglitz suggest for Russia’s tax policy? (p. 191)

    Provide a brief summary of the “bleak picture of Russia in transition.” (p. 193)

    *****

    Globalization and Its Discontents – Joseph E. Stiglitz – Chapter 7 Questions

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