NOBEL LAUREATE JOSEPH STIGLITZ: THE CRITIQUE OF “MARKET FUNDAMENTALISM” OF THE GLOBALIZATION AND POLICY OF THE INTERNATIONAL MONETARY FUND

The article gives a survey of the critique of “market fundamentalism”, the actual model of globalization and policy of the International Monetary Fund, presented in the Joseph Stiglitz’s works. The author especially refers to the Stiglitz’s analysis of the goals and consequences of the so-called Washington consensus, conceptual and pragmatic frame of the IMF policy, as well as to privatization in transitional countries, liberalization of foreign trade and capital market, financial and economic crisis in East Asia, the role of IMF in transition of Russia, and to existing model of globalization. At the end of his article, the author gives a survey of some additional aspects of Stiglitz’s critique, as former critique of neoliberal model and recent tendencies in economy of Latin America, which confirm the validity of Stiglitz’s theses, and finally the survey of renewed actuality of the Keynes economic doctrine.