# Making Globalization Work - Author: [Joseph E. Stiglitz](https://www.leafyquotes.com/joseph-e-stiglitz.md) - Quotes: 21 - Book page: https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work ## Quotes > Limited liability should not be sacrosanct. Like property rights—including intellectual property—it is a creation of man, to provide appropriate incentives; when that artifice fails to fulfill its social function, it needs to be modified. p. 207 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/limited-liability-should.md) > The era of multilateral trade liberalization seems to be nearing an end (at least for a while), as well-founded disillusionment in the developing countries combines with growing protectionist sentiment in the developed world. p. 81 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/the-era-of-multilateral.md) > When I was at the World Bank, it would often be said in the face of obvious failure that our strategy was correct, it just wasn't implemented well. p. 52 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/when-i-was.md) > I have argued that simply as a matter of fairness in trade, it is intolerable for one country to provide, in effect, emission subsidies to its firms. [...] Europe must use the foundations of the international trade law we have created to force any recalcitrant country, any rogue state—including the United States—to behave responsibly. p. 185 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/i-have-argued.md) > New technologies (reinforced by new trade rules) are enhancing the market power of incumbent, dominant firms, such as Microsoft, which are all from the developed world; for the first time, in a key global industry, there is a near-global monopolist. p. 58 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/new-technologies-reinforced.md) > The job of the Western trade negotiators is to get a better trade deal for their country's interests—for example, gaining more market access and stronger intellectual property rights—without giving up agriculture subsidies or nontariff trade barriers. Fairness is not in the lexicon of these trade negotiators. p. 131 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/the-job-of-the.md) > Innovation is important; it has transformed the lives of everyone in the world. And intellectual property laws can and should play a role in stimulating innovation. However, the contention that stronger intellectual property rights always boost economic performance is not in general correct. It is an example of how special interests—those who benefit from stronger intellectual property rights—use simplistic ideology to advance their causes. p. 106 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/innovation-is-important.md) > Instead, unchecked by competition [by the USSR] to "win the heart and minds" of those in the Third World, the advanced industrial countries actually created a global trade regime that helped their special corporate and financial interests, and hurt the poorest countries of the world. [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/instead-unchecked-by-competition.md) > In the long run, the most important changes required to make globalization work are reforms to reduce the democratic deficit. p. 284 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/in-the-long.md) > If there is to be support for trade globalization in the developed world, we must make sure that the benefits and costs are more evenly shared, which will entail more progressive income taxation. p. 100 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/if-there-is.md) > Intellectual property does not really belong in a trade agreement. p. 116 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/intellectual-property-does.md) > The problem is easy to state: developing countries borrow too much—or are lent too much—and in ways that force them to bear most or all of the risk of subsequent increases in interest rates, fluctuations in the exchange rate, or decreases in income. Given this, it is not surprising that they often cannot repay what is owed. [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/the-problem-is-easy.md) > One of the reasons that basic research is advanced most by not resorting to intellectual property is that while doing so would have questionable benefits, the costs are apparent. [...] Interestingly, even in software, this system of open collaboration has worked. Today we have the Linux computer operating system, which is also based on the principle of open architecture. p. 112 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/one-of-the.md) > Perhaps the most successful global monopoly is Microsoft, which has succeeded in gaining global market power not only in PC operating systems but in key applications such as browsers. [...] Microsoft's monopoly power leads not only to higher prices but to less innovation. [...] The failure to develop a global approach to global cartels and monopolies is yet another instance of economic globalization outpacing political globalization. p. 202 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/perhaps-the-most.md) > The IMF has been encouraging, sometimes even forcing (as condition of assistance), countries to have their central banks focus only on inflation. Europe succumbed to these doctrines. Today, throughout Euroland, there is unhappiness as the European Central Bank pursues a monetary policy that, while it may do wonders for bond markets by keeping inflation low and bond prices high, has left Europe's growth and employment in shambles. p. 280 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/the-imf-has.md) > In part, free trade has not worked because we have not tried it: trade agreements of the past have been neither free nor fair. They have been asymmetric, opening up markets in the developing countries to goods from the advanced industrial countries without full reciprocation. p. 62 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/in-part-free.md) > The global financial system is not working well, and it is especially not working well for developing countries. Money is flowing uphill, from the poor to the rich. [...] With nearly two-thirds of reserves being held in dollars, the United States is, in this sense, the major recipient of these benefits. If the interest rate America has to pay is just one percentage point lower than it otherwise would be on these $3 trillion of loans from poor countries, what America received from the developing countries via the global reserve system is more than it gives to the developing countries in aid. [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/the-global-financial.md) > The natural resource curse is not fate; it is choice. The exploitation of natural resources is an important part of globalization today, and in some ways the failures of the resource-rich developing countries are emblematic of globalization's failures. p. 149 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/the-natural-resource.md) > For much of the world, globalization as it has been managed seems like a pact with the devil. A few people in the country become wealthier; GDP statistics, for what they are worth, look better, but ways of life and basic values are threatened. For some parts of the world the gains are even more tenuous, the costs more palpable. Closer integration into the global economy has brought greater volatility and insecurity, and more inequality. It has even threatened fundamental values. > > This is not how it has to be. We can make globalization work, not just for the rich and powerful but for all people, including those in the poorest countries. The task will be long and arduous, We have already waited far too long. the time to begin is now. [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/for-much-of-the.md) > The United States and Europe have perfected the art of arguing for free trade while simultaneously working for trade agreements that protect themselves against imports from developing countries. [...] Western negotiators almost take it for granted that they can control what gets discussed, and determine the outcomes. p. 78 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/the-united-states.md) > TRIPs imposed on the entire world the dominant intellectual property regime in the United States and Europe, as it is today. I believe that the way that intellectual property regime has evolved is not good for the United States and the EU; but even more, I believe it is not in the interest of the developing countries. p. 117 — [Quote page](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/trips-imposed-on-the.md)