# Quote — Joseph E. Stiglitz, Making Globalization Work

> 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.

- Author: [Joseph E. Stiglitz](https://www.leafyquotes.com/joseph-e-stiglitz.md)
- Book: [Making Globalization Work](https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work.md)
- Source: [Wikiquote](https://en.wikiquote.org/wiki/Joseph_Stiglitz#Making_globalization_work_(2006)) ([CC BY-SA 4.0](https://creativecommons.org/licenses/by-sa/4.0/))
- Quote page: https://www.leafyquotes.com/joseph-e-stiglitz/making-globalization-work/the-problem-is-easy

## More from this book

> 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)