IGS 10a Lecture Notes - Lecture 19: Jagdish Bhagwati, Joseph Stiglitz, Southeast Asia
26 Aug 2016
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You can"t buy goods on world market or pay back debts in hard currencies. Imf advises on how to keep currencies viable: can come in and lend money for a little bit. Studied in mumbai before further work at cambrdige and mit. Long-standing advisor to indian governments that were liberalizing their economies (globalization/liberation of indian economy) Big proponant of free markets, as much global trade as possible. Not a walstreet banker- he"s arguing for greater globalization to make developing world richer (not the west) Joseph stiglitz: nobel-prize winning american economist, also teaches at columbia. Was chief economist at the world bank. Two different poles (stiglitz on left, bhagwati on right) on how liberal economy should be. Imf was not involved in american mortgage crisis. Imf did get in trouble in big currency crisis of 1990s (hit russia, asia, brazil) overvalued currency suddleny crashed down and left countries unable to pay their debts.
