Maria Vanko

Class Year


Document Type

Book Review

Publication Date

Spring 2006


Joseph Stiglitz and Andrew Charlton recently released a book that aims to bridge the gaps felt by both developed and developing countries. Fair Trade For All presents a broad agenda by which trade policies can integrate developing countries into the world market. With the presumption that trade is good for development, Stiglitz and Charlton suggest a carefully managed trade liberalization agenda. They criticize the Washington Consensus’ simple prescription of rapid liberalization and privatization of markets as causing instability and inequality, and instead propose an alternative model that emphasizes fairness. They contend that the assumption that broad market liberalization makes countries better off is based upon nonexistent variables such as full employment, perfect capital and risk markets, and perfect competition that most developing countries lack.