"Nobel Prize-winning economist and ex-World Bank official Stiglitz is the leading mainstream critic of the free-trade, free-market "Washington Consensus" for developing countries. In this follow-up to his best-selling Globalization and its Discontents, he and Charlton, a development expert, present their vision of a liberalized global trade regime that is carefully geared to the interests of poorer countries. They recap a critique, much of it based on Stiglitz's academic work, of orthodox trade theories, noting the real-world constraints and complications that undermine the assumption that unregulated free trade is always a boon, and analyze the bias towards developed countries in previous trade agreements. They call for the current round of trade negotiations to refocus on principles of equity and social justice that accord developing countries "special and differential treatment." The authors present detailed policy prescriptions, including measures to open developed countries to...

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